汽车租赁行业报告(英文)

INDUSTRYOverviewofChina'scarrentalandcarserviceindustryMarketoverviewCarrentalmarket.Carrentalsrefertorentalofavehicledrivenbythecustomerforaspecifiedperiodoftime.Thecarrentalmarketprimarilyconsistsoftwotypesofserviceofferings:(i)short-termcarrentals,whichhaveatermoflessthanoneyearandareprimarilytargetingindividualcustomers,and(ii)long-termcarrentals,whichhaveatermofoneyearorlongerandareprimarilytargetingcorporateclients.Carservicemarket.Carservicesrefertorentalofavehicleaccompaniedbyadriverforaspecifiedperiodoftime,whichprimarilytargetcorporateclients.China'scarrentalandcarserviceindustryisstillatanearlystageofdevelopmentandhasexperiencedrapidgrowthinrecentyears.AccordingtoFrost&Sullivan,thetotalmarketsizeofChina'scarrentalandcarserviceindustrygrewfromRMB10.7billionin2009toRMB29.7billionin2013,representingaCAGRof29.1%.Frost&SullivanprojectsthatthetotalmarketsizeofChina'scarrentalandcarserviceindustrywillcontinuetogrowtoRMB56.3billionby2017,orrepresentingaprojectedCAGRof17.3%from2013to2017.Suchgrowthrate,however,aswellasotherindustryprojectionsmadebyFrost&Sullivananddisclosedinthisprospectus,arenotguaranteed.ThetablebelowsetsforththetotalmarketsizeofChina'scarrentalandcarserviceindustrybyrevenuesfortheperiodsindicated:TotalmarketsizeofChinacarrentalandcarserviceindustrybyrevenues,2009–2017ESource:Frost&Sullivan108-Whencomparedtocarrentalandcarserviceindustryinotherdevelopedmarkets,China'smarkettodayischaracterizedbyrelativelylowpenetrationrateandhighlevelofmarketfragmentation:Lowpenetrationrate.Thecarrentalandcarservicepenetrationratereferstotheaggregatenumberofrentalandservicevehiclesdividedbytheaggregatenumberofpassengervehiclesintherelevantcountryorregion.AccordingtoFrost&Sullivan,thepenetrationrateisanimportantindicatorofthematurityofacarrentalandcarservicemarket.In2013,thepenetrationrateinChinawas0.4%,whichwassignificantlylowerthanthatintheUnitedStates(1.7%),Japan(2.6%)andKorea(2.5%),accordingtoFrost&Sullivan.TherelativelylowpenetrationrateinChinaindicatesastrongpotentialforfuturegrowth.Thechartbelowsetsforththecarrentalandcarservicepenetrationratesindifferentcountriesin2013:Carrentalandcarservicepenetrationratein2013Source:Frost&SullivanHighmarketfragmentation.China'scarrentalandcarserviceindustryishighlyfragmented.AccordingtoFrost&Sullivan,thetopthreeplayersinaggregateaccountedfor10.7%ofChina'scarrentalandcarserviceindustryin2013.Bycontrast,othercountrieshavewitnessedandcurrentlyenjoymuchhigherdegreesofconsolidation.Forexample,accordingtoFrost&Sullivan,in2013,themarketshareofthetopthreeplayersreached95.4%intheUnitedStates,32.4%inJapanand48.1%inKorea.Therefore,webelievethatconsolidationpresentsanopportunityinChina'scarrentalandcar109-serviceindustry.Thechartbelowsetsforththemarketshareofthetopthreeplayersinthecarrentalandserviceindustryofdifferentcountriesin2013:Marketshareofthetopthreeplayersinthecarrentalandserviceindustryin2013Source:Frost&SullivanCompetitivelandscapeKeyplayersinChina'scarrentalandcarserviceindustryincludeprivate-ownedcompanies,suchaseHiandChinaAutoRental,andaffiliatesofstate-ownedautomobilemanufacturersinChinasuchasShouqiandDazhong.Internationalcarrentalandservicecompaniesprimarilycompetethroughpartnershipwithdomesticcarrentalandservicecompanies.Forexample,Enterprise,thelargestcarrentalandservicecompanyintheworld,isourstrategicshareholder,whileHertzandAvishaveinvestedinandpartnered110-withChinaAutoRentalandShanghaiAutomotive,respectively.ThechartbelowsetsforththemarketshareofthetopthreeplayersinChina'scarrentalandcarserviceindustryin2013byrevenues:MarketshareofthetopthreeplayersinChina'scarrentalandcarserviceindustrybyrevenues,2013Source:Frost&SullivanCompetitionamongcarrentalandservicecompaniesisprimarilybasedon,amongotherthings,brandrecognition,networkcoverage,price,qualityandconvenienceofservices,abilitytoprovidetailoredservices,operatingefficiencyandvarietyofserviceofferings.China'scarrentalmarketMarketsizeThecarrentalmarketprimarilyconsistsoftwotypesofserviceofferings:short-termcarrentalsandlong-termcarrentals,whicharetargetingdifferenttypesofcustomersandserviceneeds.Demandsforshort-termcarrentalsprimarilycomefromincreasingleisuretravelsbyindividualcustomersandgeneralcarusageneedsoflicenseddriverswhodonotowncars.Demandsforlong-termcarrentalsprimarilycomefromcarusageneedsofcorporateclientswhoseektoenjoytheflexibilitiesofalternativecarownership.AccordingtoFrost&Sullivan,themarketsizeofChina'scarrentalmarket,asmeasuredbyrevenues,hasincreasedfromRMB9.4billionin2009toRMB26.7billionin2013,representingaCAGRof29.8%.Frost&SullivanestimatesthatthemarketsizeofChina'scarrentalmarketwillcontinuetogrowtoRMB51.0billionby2017,representingaprojectedCAGRof17.6%from2013to2017.Correspondingly,thefleetsizeofChina'scarrentalmarkethasincreasedfrom128,962unitsin2009to361,470unitsin2013,representingaCAGRof29.4%,andisexpectedtocontinuetogrowto674,762unitsby2017,representingaprojectedCAGRof16.9%from2013to2017,accordingtoFrost&Sullivan.111-CompetitionandkeyplayersChina'scarrentalmarkethaswitnessedleadin