Table of Contents
Overview
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- What you need to know
- Covered in this Report
- Included
- Excluded
Executive Summary
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- The market
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- Figure 1: Best- and worst-case forecast of the market value of car rental and time sharing, China, 2013-23
- Companies and brands
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- Figure 2: Market share of car rental companies, by value, 2015-17
- Figure 3: Market share of time sharing companies, by value, 2015-17
- The consumer
- Consumers rent most for domestic self-drive tour and family and friends visit
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- Figure 4: Car renting purposes, February 2018
- Consumers with low income rent more to visit family and friends
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- Figure 5: Purposes of renting car, by personal monthly income, February 2018
- B2C is the most popular platform
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- Figure 6: Most used car rental platform in the past 12 months, February 2018
- Convenience matters most
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- Figure 7: Important car renting factors – TURF Analysis, February 2018
- Premium feeling depends on the renting purposes
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- Figure 8: Features for premium rental car experience, by renting purposes, February 2018
- What we think
Issues and Insights
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- Offer a more family-friendly renting solution
- The facts
- The implications
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- Figure 9: Colour in a car
- How can car renting companies answer consumers’ call for convenience?
- The facts
- The implications
- How to win over car renters in tier one cities?
- The facts
- The implications
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- Figure 10: Smart concept on Shanghai CES 2018
The Market – What You Need to Know
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- Chinese car rental and time sharing market will double in five years’ time
- Time sharing market grows much faster than car rental market
- Growing tourist market, changing attitudes towards car ownership and government policies contribute to the increase
Market Size and Forecast
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- Time sharing market is growing much faster than car rental market, but its market value is still insignificant
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- Figure 11: Car number and growth rate of rental car and sharing car in China, 2012-17
- Figure 12: Market value of car rental and time sharing in China, 2012-17
- Double the market value in five years’ time
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- Figure 13: Best- and worst-case forecast of the market value of car rental and time sharing, China, 2013-23
Market Drivers
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- Rapid growth of the domestic tour market
- Renting cars may have the ability to replace private ownership among the younger generation
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- Figure 14: Mention rates on selected attitudes towards car ownership, by generation, December 2017
- Government restriction on distribution of local plate
Key Players – What You Need to Know
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- Intense competition among first tier companies
- Luxury models and free rental deposit as strategies
- Improving convenience level is the main innovation trend
Market Share
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- Car Inc., eHi and Shouqi account for top three market share of the car rental companies
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- Figure 15: Market share of car rental companies, by value, 2015-17
- EvCard, GoFun and Pandauto account for 70% of time sharing market together
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- Figure 16: Market share of time sharing companies, by value, 2015-17
Competitive Strategies
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- Providing luxury models
- Free rental deposit
- Cooperation with car manufacturers
Who’s Innovating?
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- Pick-up and return on customers’ site
- Licence translation service
- Autonomous driving
- Aerial Vehicle
The Consumer – What You Need to Know
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- Domestic self-drive tour and visiting family or friends are the top two renting purposes
- B2C and agent are the most welcomed renting platforms for consumers
- Convenience is a key factor for consumers’ satisfaction
- Automatic recommendation and on-site pick-up and return are the top two factors to make consumers to feel premium
Car Renting Purposes
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- Domestic self-drive tour and visiting family and friends are the most mentioned renting occasions
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- Figure 17: Car renting purposes, February 2018
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- Figure 18: Car renting purposes, by marital status, February 2018
- Married couples with children rent more than those who live with parents
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- Figure 19: Renting for domestic self-drive tour, by living situation, February 2018
- Consumers with low monthly income tend to rent more to visit family and friends
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- Figure 20: Purpose of renting car, by monthly personal income, February 2018
- Figure 21: Purpose of renting car, by education level, February 2018
- Different groups of people rent cars for different purposes
- High penetration rate in the tier one cities
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- Figure 22: Car renting purposes, by city tier, February 2018
- Renting for overseas tour is welcomed by consumers with postgraduate or above degree
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- Figure 23: Renting for overseas self-drive tour, by education, February 2018
Preference for Car Rental Platforms
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- B2C platform is the most used platform, followed by agent, C2C and time sharing platforms
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- Figure 24: Most used car rental platform in the past 12 months, February 2018
- Older males prefer B2C and younger females like agent platforms
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- Figure 25: Frequency of using car rental platforms in the past 12 months, by gender and age, February 2018
- B2C platforms are more welcomed in tier one cities and agent platforms are more welcomed by tier two and three consumers
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- Figure 26: Car rental platforms usage frequency, by city tier, February 2018
- The higher the education, the more likelihood of using B2C and time sharing platforms
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- Figure 27: Car rental platforms using frequency, by education, February 2018
Important Factors in Choosing Rental Cars
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- Divided opinions on choosing rental cars
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- Figure 28: Important factors in choosing rental cars, February 2018
- It is convenience that matters
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- Figure 29: Important car renting factors – TURF Analysis, February 2018
- Tier one cities like new car models and tier two cities like simple renting process and value for money
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- Figure 30: Important factors in choosing rental cars, by city tier, February 2018
- C2C platform users look for one-stop solution, new models and search engines ranking
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- Figure 31: Important factors on choosing rental car, by rental platforms used, February 2018
Importance of Rental Car Features
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- Low rental price, sufficient seats and built-in GPS are the top three important features for consumers
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- Figure 32: Important levels of rental cars’ features, February 2018
- Different genders have different preferences
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- Figure 33: Gap between female and male renters on the preferred car rental features who claim “it is very important”, February 2018
- New energy car market is in tier one cities and tier two cities prefer fancy models with low prices
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- Figure 34: Gap between the claim rates of tier one and tier two city respondents on the preferred car rental features that are ‘very important’, February 2018
- Consumers who rent for overseas trip look for advanced cars
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- Figure 35: Claim rates on selected rental car features that are ‘very important’, by rental purposes, February 2018
Features of Premium Car Renting Experience
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- Divided opinions on premium car renting experience
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- Figure 36: Features of premium rental car experience, February 2018
- Automatic recommendation and on-site services are key to premium car renting experience
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- Figure 37: Features for premium rental car experience – TURF analysis, February 2018
- On-site pick-up and return is important for consumers from big cities to feel premium
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- Figure 38: On-site pick-up and return services, by city, February 2018
- Different renting purpose leads to different perceptions of premium
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- Figure 39: Features for premium rental car experience, by renting purposes, February 2018
Attitudes towards Car Renting
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- General positive attitudes towards car renting
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- Figure 40: Attitudes towards car renting, February 2018
- Four types of car renters
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- Figure 41: Attitudes towards car renting, February 2018
- Experience seekers
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- Figure 42: Hard features important when choosing rental cars, by car renter type, February 2018
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- Figure 43: Soft features important when choosing rental cars, by car renter type, February 2018
- Order pursuers
- Never-the-pilots
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- Figure 44: Percentage of four types of consumers on agent platform usage, February 2018
- Buddhist-style renters
Meet the Mintropolitans
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- Mintropolitans fancy luxury car models with sufficient seats
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- Figure 45: Car renting purposes, by consumer classification, February 2018
- Figure 46: Claim rates on selected rental car features that are ‘very important’, by consumer classification, February 2018
Appendix – Market Size and Forecast
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- Figure 47: Total market value of car hire, 2013-23
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Appendix – Methodology and Abbreviations
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- Methodology
- Fan chart forecast
- Abbreviations
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