What is the global market size of Car Rental Market?

Global Car Rental Market size was valued at USD 98 billion in 2021 and is poised to grow from USD 102.12 billion in 2022 to USD 141.93 billion by 2030, growing at a CAGR of 4.2% in the forecast period (2023-2030).

Who are the key vendors in the Global Car Rental Market?

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. 'Avis Budget Group', 'Sixt', 'Enterprise Holdings', ' Europcar Mobility Group ', ' Hertz Global Holdings ', ' 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 ', ' Rent-A-Wreck ', ' ACE Rent A Car ', ' Fox Rent A Car ', ' E-Z Rent-A-Car ', ' Silvercar ', ' Carzonrent India '.

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: November, 2024
Pages: 157 | Tables: 86 | Figures: 76

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.

Car Rental Market Report Snapshots

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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).

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. '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'

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.

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.

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.

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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

Car Rental Market Dynamics

Car Rental Market Report Snapshots

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FAQs

What is the global market size of Car Rental Market?

Who are the key vendors in the Car Rental Market?

What is the key driver of Car Rental Market?

What is the key market trend for Car Rental Market?

Which region accounted for the largest share in Car Rental Market?

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