15-May-2024 | Facts and Factors
Findings from Facts and Factors report “Car Rental Market Size, Share, Growth Analysis Report By Rental Length (Short-term Rentals and Long-term Rentals), By Vehicle Type (Economy Cars, Luxury Cars, SUVs & Vans, Electric Vehicles and Others), By Booking Channel (Online Booking and Offline Booking), By Application (Leisure Rentals and Business Rentals), And By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032” states that the global car rental market in 2023 was more than USD 121.38 Billion. The market is expected to grow at a CAGR of around 8.17% and is anticipated to reach around USD 246.12 Billion by 2032.
Car rental has turned into a popular activity across the globe owing to the easy booking and availability of cars for rental purposes. The demand for hassle-free money transfer, easy booking, live tracking, and high safety helps escalate the demand for the car rental market. Moreover, the rising use of smartphones and internet users is estimated to boost the global Car Rental market.
Browse the full “Car Rental Market Size, Share, Growth Analysis Report By Rental Length (Short-term Rentals and Long-term Rentals), By Vehicle Type (Economy Cars, Luxury Cars, SUVs & Vans, Electric Vehicles and Others), By Booking Channel (Online Booking and Offline Booking), By Application (Leisure Rentals and Business Rentals), And By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032" https://www.fnfresearch.com/car-rental-market
Market Drivers:
The cost-effectiveness and demand for affordable rides among the mass customers are anticipated to boost the growth of the global Car Rental market during the forecast period. Additionally, the rising number of business and leisure trips has surged the use of luxury and premium car rental services. The sharing and pooling concept is likely to attract more customers among the less expensive interested customers and thereby, propel the growth of the global Car Rental market.
Furthermore, the growing environment and health concerns have urged customers to adopt eco-friendly services or products. The major goal is to reduce pollution by reducing the cars on the road. The high disposable income, improving road infrastructure in emerging or developed economies has increased the number of leisure and business trips which, in turn, will fuel the market growth.
Market Segment Dominance:
- Economical car category is projected to dominate the global Car Rental market
The economical car category is expected to hold the largest share in the global Car Rental market owing to its compact size and cost-feasibility. Additionally, it is one of the most commonly preferred modes of transportation for airport and intra-city travels.
- Airport transportation is expected to substantial growth during the forecast period
Owing to the increasing interest in tourism, the use of airplanes for leisure and business is also found to surge among the tourists. Thus, the demand for car rental services is increasing in the tourism sector.
Regional Dominance:
- North America is expected to dominate the global Car Rental market during the forecast period
North America held the majority of the market share of the global Car Rental market in 2018 and is estimated to continue growing over the forecast period. The increasing number of business and leisure trips across various regions whether local or international has a positive impact on the growth of the regional market. In addition to this, the growing inclination of the populace toward rental services and the presence of well-known service providers are estimated to accelerate the global Car Rental market.
Report Scope
Report Attribute |
Details |
Market Size in 2023 |
USD 121.38 Billion |
Projected Market Size in 2032 |
USD 246.12 Billion |
CAGR Growth Rate |
8.17% CAGR |
Base Year |
2023 |
Forecast Years |
2024-2032 |
Key Market Players |
Alamo Rent-a-Car LLC., ANI Technologies Pvt. Ltd., Avis Budget Group, Carzonrent India Pvt. Ltd., Enterprise Holdings Inc., Europcar, Localiza, Ola Cabs, Sixt SE, The Hertz Corporation, Toyota Rent-a-Car, Uber Technologies Inc., and Others. |
Key Segment |
By Rental Length, By Vehicle Type, By Booking Channel, By Application, and By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Market Players:
Some major players covered in the global car rental market are; Alamo Rent-a-Car LLC., ANI Technologies Pvt. Ltd., Avis Budget Group, Carzonrent India Pvt. Ltd., Enterprise Holdings Inc., Europcar, Localiza, Ola Cabs, Sixt SE, The Hertz Corporation, Toyota Rent-a-Car, Uber Technologies Inc., and others.
This report segments the global Car Rental market as follows:
By Rental Length Segment Analysis
- Short-term Rentals
- Long-term Rentals
By Vehicle Type Segment Analysis
- Economy Cars
- Luxury Cars
- SUVs & Vans
- Electric Vehicles
- Others
By Booking Channel Segment Analysis
- Online Booking
- Offline Booking
By Application Segment Analysis
- Leisure Rentals
- Business Rentals
Global Car Rental Market: Regional Segmentation Analysis
- North America
- Europe
- Germany
- The UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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