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

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.