USD 98 billion
Car Rental Market Size, Share, Growth Analysis, By Vehicle type (Luxury Car, Economy Cars), By Mode of Booking (Online, Offline), By Service Type (Self-driven and Chauffeur-driven), By Duration, By Application (Leisure/Tourism, Business), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25AG2009 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
86
|Figures:
76
Car Rental Market Insights
Global Car Rental Market size was valued at USD 116.34 billion in 2022 and is poised to grow from USD 102.12 billion in 2023 to USD 141.93 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).
Car rental Markets are becoming popular as they enable their customers to travel remotely and to long distances at certain reasonable cost.These cars are rented mainly through app based bookings after the The rental company leases the car from the owners.
There are many factors which have helped the car rental market to grow at this high speed. Increase in air traffic and growth in the trend of online car booking. Car rentals are a preferred option for travel as they are economical and faster mode of transportation compared to another.As the major population of millennials don't own the car, it has helped the car rental companie to grow.Along with rental car, many other value added services are provided by the agency or the form that includes WI Fi, Entertainment device, safety seats for children and insurance policy & car damage services.However, major connectivity issues and lower Internet penetrations in developing countries has hampered the growth of car rental market.
US Car Rental Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Airport Transport
Fastest Growth
Airport Transport
Growth Rate
4.2% CAGR
Global Theme Hotel Market ($ Bn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Car Rental Market Segmental Analysis
Global Car Rental Market is segmented by Vehicle type, Mode of Booking, Service Type, Duration, Application and region. Based on Vehicle type, the market is segmented into Luxury cars, Executive cars, Economy cars, SUVs, MUVs. Based on Mode of Booking, the market is segmented into Online Booking, Offline Booking. Based on Service Type, the market is segmented into Self-Driven, Chauffeur-Driven. Based on Duration, the market is segmented into Short Term, Long Term. Based on Application, the market is segmented into Leisure/Tourism and Business, Local usage, Airport transport, Outstation, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Car Rental Market Analysis by Application
By application, the global market is divided into many segments such as Leisure/Tourism and Business,Local Usage, Airport Transport and others . Airport transport held the largest global Car rental Market share due to the wide range of public and business travels from airport to the city center. As the number of airports are increasing in the developing countries, it is estimated that the airport transport segment will dominate the market in the forecasted period.After the ease in lockdown, the number of travelers all around the globe has increased, specifically the air travelers. Therefore, in recent years and in future coming years, it is anticipated to boost the segment growth on a higher level.Along with it, lack of availability of flexible public transport and presence of leading market participants on airports around the clock, will help the segment to grow.
Global Theme Hotel Market By Application
To get detailed analysis on other segments, Request For Free Sample Report
Car Rental Market Regional Insights
Globally, North America is estimated to hold the highest global Car rental Market share in 2021.The region has seen the significant rise in travelers which includes business as well as life short trips .Large number of tourist destinations across North America attracts the traveler on a larger number and aids the car rental services market to grow.
Asia Pacific is expected to grow fastest during the forecast period. The reason for the same is Steadily growing economies, rising disposable incomes of consumers, rising expenditure on business travels as well as on the tourist destinations.Due to the increase in pollution and certain other factors, Chinese government has banned the several regions to own the car, which in turn will help the car rental services to grow.
Global Theme Hotel Market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Car Rental Market Dynamics
Car Rental Market Drivers
Digitizing Payment Process to Open New Revenue Channels in Global Market
- The expansion of car rental market services demands for technological developments.On the global scale, the market is growing dramatically. Therefore, to improve the efficiency, it is necessary to adopt the automatic technology which will help the participants and competitors to provide the better services, increasing bookings. Along with the car rental market, every business around the globe is trying to digitize because it helps to enhance the customer experience that in turn results in growth of the segment.
Car Rental Market Restraints
High Rent to Hinder Market Growth
- With the increasing deposit cost and rental cost, the major consumer are trying to avoid the car rental services.This market involves obtaining the huge large deposit, financial information and wetting and installing GPS devices in cars to follow if something goes wrong during the rental.These cost factor based on increasing demand is expected to restrained estimated growth of market.
Request Free Customization of this report to help us to meet your business objectives.
Car Rental Market Competitive Landscape
Competition in the global Car rental Market is expected to increase during the forecast period because new players are expected to enter in the global market and the number of services compatible with Car rental Market will also increase. Currently, only a few key players are providing their services in the global market but these numbers will increase in the upcoming years.
Car Rental Market Top Player’s Company Profiles
- AVR Qatar, Inc.
- Avis Budget Group, Inc.
- Carzonrent India Pvt. Ltd.
- Eco Rent A Car
- Enterprise Holdings, Inc.
- Europcar
- Localiza
- The Hertz Corporation
- SIXT
- Alamo Rent A Car
- National Car Rental
- Dollar Rent A Car
- Thrifty Car Rental
- Advantage Rent A Car
- Payless Car Rental
- Budget Rent A Car
- National Car Rental
- Firefly Car Rental
- ACE Rent A Car
- Fox Rent A Car
Car Rental Market Recent Developments
- In July 2022 ,Uber’s premium electric car service Uber Comfort Electric announced its expansion in more U.S. cities, including Las Vegas, Portland, Seattle, Denver, Baltimore, Austin, and Philadelphia.
- In July 2022, Ikenna Ordor’s luxury car rental brand ‘Starr Luxury’, announced its expansion in the U.S. It announced its start of operation in major cities such as Los Angeles, Miami, Houston, Atlanta, and Austin. Starr Luxury is known for being one of the few companies of its kind in the world to have a collaboration with five-star hotels.
- In February 2022, UFODrive raised 19 million US dollars in its Series A funding round. The main investors are car rental company Hertz and the private equity firm Certares. Hertz plans to use UFODrive’s digital rental and fleet management technology to operate its global electric car fleet.
- In February 2022, Udrive, the UAE’s homegrown brand providing a pay-per-minute car rental service, completed another strong funding round with investments of USD 5 million from Cultiv8 and Oman Holding International. The investment will support Udrive for the upcoming expansion in the region and enhancements of its technology.
Car Rental Key Market Trends
- The various technological advancements in the car rental market has helped the market to propel its growth.One of the major trends of market in current time is online booking as it serves variety of purpose which includes verification of documents of the renter offering information to the renter regarding the car.About its color condition. Drop and pickup of the rented car at a certain place, E signing contracts and cashless transactions.
Car Rental Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Car rental market analysis, the global market is estimated to have significant growth during the forecast period because of the technological advancements along with its positive impact on the environment. Car rental Markets will enable services to be more convenient for their users. The market has so much potential for new players also because of the high expected rate of growth and demand.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 116.34 billion |
| Market size value in 2031 | USD 141.93 billion |
| Growth Rate | 4.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Car Rental Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Car Rental Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Car Rental Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Car Rental Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Car Rental Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Car Rental Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
