Overview and Scope
Car rental refers to a kind of service that involves the process of renting or hiring a car for a short-term period, typically ranging from a few hours to several weeks. Car rental services are typically used by travelers, tourists, or individuals who need a temporary mode of transportation for various reasons, such as vacations, business trips, or vehicle repairs.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the car rental market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global car rental market report during the forecast period. The regions covered in the car rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the car rental market report are Enterprise Rent-A-Car LLC, The Hertz Corporation,SIXT SE, Europcar Rental Company, Avis Budget Group Inc., Uber Technologies Inc., Localiza Rent -a-Car SA, National Car Rentals Pte. Ltd., Ace Rent-A-Car Pvt. Ltd., Eco Rent A Car LLC, Carzonrent India Pvt. Ltd., Renault Eurodrive Inc., Alamo Rent A Car Inc., Budget Rent a Car System Inc., Thrifty Car Rental, Dollar Rent A Car, Turo Inc., Getaround Inc., Zipcar Inc., Car2Go GmbH, Maven Mobility LLC, GIG Mobility LLC, RelayGo Inc., Communauto Inc., AUTOshare Inc., Modo Co-operative, Silvercar Inc., Fox Rent a Car, Green Motion, Discovery Rentals
The car rental market report table of contents includes:
1. Executive Summary
2. Car Rental Market Characteristics
3. Car Rental Market Trends And Strategies
4. Car Rental Market – Macro Economic Scenario
5. Global Car Rental Market Size and Growth
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31. Global Car Rental Market Competitive Benchmarking
32. Global Car Rental Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Car Rental Market
34. Car Rental Market Future Outlook and Potential Analysis
35. Appendix
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