Market Entry Strategies and Emerging Opportunities in the Car Rental Industry in South Korea
The South Korean car rental industry registered a CAGR of 8.41% during the review period and valued KRW9.8 trillion in 2011. Economic growth and government initiatives to increase tourism remain the key industry drivers for car rental industry in the country. The industry is projected to value KRW14.0 trillion by 2016, registering a CAGR of 7.30% over the forecast period. The South Korean car rental industry was primarily driven by the rising volume of leisure and business tourists. Leisure tourist volumes increased from 90.8 million in 2007 to 114.0 million in 2011, registering a CAGR of 5.85% during the review period.
Key highlights of this title
- The car rental industry in South Korea registered a CAGR of 8.41% during the review period, and valued KRW9.8 trillion in 2011. The industry is projected to value KRW14.0 trillion by 2016 and record a CAGR of 7.30% over the forecast period (2012–2016).
- The growing volume of leisure and business passengers drove the demand for rental cars in South Korea.
- Marketing and sales strategies plays key role in differentiating the service offerings in South Korea.
- Companies are entering into mergers and acquisitions (M&As) in order to broaden their market presence and expand their market shares.
- As a part of their marketing strategy, rental companies are building alliances and partnerships with leading airlines to aid loyalty programs.
- Franchise and licensing models have been proven to be a key expansion strategy in the South Korean car rental industry.
- This report provides an extensive analysis of the car rental industry in South Korea
- It details historical values of the car rental market in South Korea for 2007–2011, along with forecast figures for 2012–2016.
- It offers detailed analysis of the factors driving the growth of car rentals, and the key emerging trends in South Korea.
- The report details the key trends, regulatory environment, market entry strategies and marketing and growth strategies in South Korea.
- It provides key companies operating in car rental industry in South Korea.
Reasons to Purchase
- Take strategic business decisions using top-level historic and forecast market data related to the car rental industry in South Korea and each sector within it.
- Understand the demand and supply-side dynamics within the car rental industry, along with key market trends and growth opportunities.
- Assess the competitive landscape in the car rental industry in South Korea, and formulate effective market-entry strategies.
- Identify the growth opportunities and industry dynamics within the car rental industry.
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