Car Rental Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

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The Car Rental Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Car Rental Global Market Report 2024, The car rental market size has grown strongly in recent years. It will grow from $102.29 billion in 2023 to $110.4 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to rise in international tourism, increasing business travel, urbanization and mobility needs, economic growth and disposable income, expansion of online booking platforms, partnerships and collaborations.

The car rental market size is expected to see strong growth in the next few years. It will grow to $146.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to shift in consumer preferences, integration of electric and sustainable vehicles, changing work patterns and remote work, tourism recovery post-pandemicemergence of subscription-based models. Major trends in the forecast period include investments in technology and fleet innovation, advancements in digital technologies, rise of subscription-based car rental models, focus on contactless rental services, integration of electric vehicles (evs) in rental fleets.

The significant growth in the tourism industry is expected to propel the growth of the car rental market going forward. The tourism industry refers to the business that deals with the traveling of individuals from one destination to another for various purposes such as business, vacations, pleasure traveling of individuals from one destination to for various purposes such as business, vacations, or pleasure. In the tourism industry, renting a car or vehicle helps travelers to enjoy the journey at an affordable cost and provides the passengers with a secure, comfortable, and relaxing ride by following a simple booking procedure. For instance, in September 2022, according to the World Tourism Organization (UNWTO), a Spain-based international organization, the tourism sector had recovered almost 60% of the pre-pandemic levels. The estimated number of tourists traveling at the international level from January to July 2022 accounted for 474 million, as compared to 175 million tourists in the same months of the year 2021. With tourists reaching 57% of pre-pandemic levels in the first seven months of 2022, international tourism continued to exhibit encouraging signs of recovery. Therefore, the significant growth in the tourism industry is driving the growth of the car rental market.

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The car rental market covered in this report is segmented –

1) By Vehicle Type: Luxury Cars, Executive Cars, Economy Cars, SUVs, MUVs

2) By Booking Type: Online, Offline

3) By Application: Local Usage, Airport Transport, Outstation, Other Applications

4) By End User: Self-Driven, Chauffeur-Driven

Technological advancements are the key trends gaining popularity in the car rental market. Companies operating in the car rental market are adopting new technologies to sustain their position in the market. For instance, in October 2022, The Growr Inc., a UK-based self-driving car rental company, launched the ‘AI Smart Drive’ self-driving cars in the car rental industry. AI (artificial intelligence) Smart Drive is an innovation in the car rental industry that enables the incorporation of self-driving vehicles into already-available rental services. The Growr’s self-driving automobiles are also referred to as driverless or autonomous vehicles. They represent unique technological advances. These vehicles use a collection of sensors to sense their surroundings and move safely with little to no human intervention. The goal of AI Smart Drive is to offer fully autonomous automobiles.

The car rental market report table of contents includes: