Overview and Scope
Passenger car rentals are auto services that rent vehicles for a predetermined, typically brief amount of time. Rental cars typically have lower mileage and are serviced on a regular basis to ensure a safe and enjoyable drive.
Sizing and Forecast
The passenger car rental market size has grown steadily in recent years. It will grow from $171.99 billion in 2023 to $179.97 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to travel and tourism trends, business travel needs, urbanization and mobility, economic conditions, changing consumer preferences..
The passenger car rental market size is expected to see steady growth in the next few years. It will grow to $211.78 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to growth in international travel, rise in business and corporate travel, sustainability and environmental concerns, urban mobility solutions, consumer behavior post-pandemic.. Major trends in the forecast period include collaborations with ride-hailing services, expansion of short-term rentals, corporate car rental programs, integration of autonomous vehicles, customization of rental experiences..
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Segmentation & Regional Insights
The passenger car rental market covered in this report is segmented –
1) By Vehicle Type: Luxury Cars, Executive Cars, Economy Cars, Sports Utility Vehicle(SUV), Multi Utility Vehicle(MUV)
2) By Rental Duration: Long-Term, Short-Term
3) By Application: Local Usage, Airport Transport, Outstation, Others
North America was the largest region in the passenger car rental market in 2023. Asia-Pacific is expected to be the passenger car rental market report fastest-growing region in the forecast period. The regions covered in the passenger 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 low rate of car ownership among millennials is expected to propel the growth of the passenger car rental market going forward. The owner of a vehicle is defined as either a person who is legally in possession of the vehicle or the person whose name is on the vehicle’s registration with the Department of Motor Vehicles. The high cost of maintaining vehicles has led to a lower rate of car ownership among millennials resulting in increasingly renting cars instead of buying them. For instance, in July 2021, according to Experian PLC, an Ireland-based provider of data and analytical tools, the millennials saw a decrease in new car registrations, with 27.3% in 2021 and further demand for cars in younger generations decreasing by around 12%. Therefore, the low rate of car ownership among millennials is driving the growth of the passenger car rental market.
Key Industry Players
Major companies operating in the passenger car rental market are focusing on innovating technological products, such as the Uber Rent, to provide a competitive edge in the market. Uber Rent is a car rental service allows users to rent entire cars from the app. For instance, in May 2021, Uber Technologies, Inc., a US-based technology company launched Uber Rent. Uber Rent provides in-app bookings from brands such as Avis and Hertz, with prices set by the rental companies. It provides all-in-one transportation app, with various mobility solutions to its customers. It allows car owners to list their vehicles for borrowing at hourly and daily rates through Uber’s peer-to-peer carshare option in Uber Rent.
The passenger car rental market report table of contents includes:
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