Sale

Car Rental Market

Global Car Rental Market Size, Share, Analysis, Forecast: By Booking Type: Offline Access, Online Access; By Application Type: Leisure/Tourism, Business; By Vehicle Type: Luxury/Premium Cars, Economy/Budget Cars, SUVs, MUVs; Regional Analysis; Market Dynamics: SWOT Analysis; Value Chain Analysis; Competitive Landscape; 2024-2032

Global Car Rental Market Outlook

The global car rental market size attained a value of approximately USD 104.03 billion in 2023. The market is projected to grow at a CAGR of 5.4% in the forecast period of 2024-2032, reaching a value of around USD 166.61 billion by 2032.

 

Global Car Rental Market

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Flourishing Travel and Tourism Sector to Favour the Car Rental Industry Analysis

The thriving travel and tourism sector is bolstering the demand for car rental services as travellers and tourists are increasingly preferring the flexibility and independence offered by renting a car. Improvements in road infrastructure and the increasing awareness regarding the benefits of car renting in new cities are also aiding the market.

 

Through rental cars, tourists can explore new regions at their own pace and at a reduced cost. The rising frequency of business travel is also contributing to the car rental market demand as companies actively invest in renting cars for their employees.

 

Global Car Rental Market Segmentation

Through a car rental company, users can rent automobiles for short periods of time through online or offline booking modes. Car rentals enhance the flexibility of travellers, eliminate the requirement for transfer of ownership, and reduce car insurance and maintenance charges.

 

Global Car Rental Market

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Based on booking type, the market is bifurcated into:

  • Offline Access
  • Online Access

 

On the basis of application type, the car rental market segmentation includes:

  • Leisure/Tourism
  • Business

 

By vehicle type, the market is segmented into:

  • Luxury/Premium Cars
  • Economy/Budget Cars
  • SUVs
  • MUVs

 

The report by EMR looks into the regional markets for car rental like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.

 

Global Car Rental Industry Analysis

With increasing population, the market for car rentals has experienced a significant growth over the past few years. car rental market analysis systems, such as three-year car leasing from their owners and then renting them through app-based reservations, are emerging as a convenient and affordable means of transportation.

 

Global Car Rental Market

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The growing adoption of smartphones for leasing a vehicle is one of the key car rental market trends. Online vehicle booking is specifically becoming a preferred choice for car rentals, as cars can be booked remotely, which is particularly beneficial for tourists and business travellers.

 

The luxury car rental market share is witnessing steady growth as customers are renting high-end luxury cars for special occasions such as weddings and birthday parties. Providers are also leveraging the potential of social media and influencer marketing to enhance customer awareness regarding the benefits and experiences of renting luxury cars.

 

Car rentals also aid in reducing air pollution decreasing owned-vehicle volumetric sales.

 

Rising Focus on Sustainability to Propel the Market Expansion

Sustainability has become an indispensable area of concern in the automotive and transportation sectors and environmentally friendly customers are increasingly preferring sustainable and low-emission transportation modes. This is prompting car rental industry players to switch to hybrid, electric, and alternative fuel vehicles.

 

For instance, in October 2021, Carzonrent, a car rental firm, launched an EV platform to create an EV ecosystem and introduce nearly 20,000 EVs in different sectors like hospitality, government, and aviation in India.

 

The electric car rental market growth can also be attributed to their affordability and safety. Customers in regions like Europe are renting electric vehicles to access low-emission zones in various areas.

 

Technological Advancements and Innovations to Fuel the Rental Car Market in the Forecast Period

Car rental service providers are adopting innovative technologies while investing in software solutions and mobile apps that can streamline the renting process, improve customer experience, and increase overall efficiency. Technologies like intelligent tracking systems and big data are also increasingly utilised by such companies to monitor their fleet performance, surge fuel efficiency, optimise operations, and lower maintenance costs.

 

The car rental market revenue is also expected to surge in the coming years due to the increasing deployment of artificial intelligence (AI) by key players to facilitate predictive maintenance, offer personalised and on-demand services, predictive responsiveness of clients, and enhance the safety of customers.

 

Global Car Rental Market Share by Region

North America holds a significant share of the market, driven by the increasing demand for car rental services for tourism and business purposes in the region. The presence of a well-established roadways network in the region and substantial distances between locations are further increasing the demand for rental cars. The presence of key market players, high driving proficiency, and increasing costs of car ownership are expanding the car rental market size.

 

Competitive Landscape

The report presents a detailed analysis of the following key players in the global car rental market, looking into their capacity, competitive landscape, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

 

  • The Hertz Corporation
  • Avis Budget Group, Inc. 
  • Enterprise Holdings, Inc.
  • Sixt SE
  • Europcar International S.A.S.U.
  • Uber Technologies Inc.
  • Localiza Rent a Car S/A
  • ANI Technologies Private Limited (Ola Cabs)
  • Carzonrent (India) Private Limited
  • Bettercar Rental LLC
  • Shenzhen Zhizun Car Rental Co., Ltd. 
  • Ace Rent A Car Reservations, Inc.
  • Budget Rent A Car System, Inc.
  • Midway Auto Group
  • EMMANKO AG

 

The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s five forces.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Booking Type
  • Application Type
  • Vehicle Type
  • Region
Breakup by Booking Type
  • Offline Access
  • Online Access
Breakup by  Application Type
  • Leisure/Tourism
  • Business
Breakup by Vehicle Type
  • Luxury/Premium Cars
  • Economy/Budget Cars
  • SUVs
  • MUVs
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • The Hertz Corporation
  • Avis Budget Group, Inc. 
  • Enterprise Holdings, Inc.
  • Sixt SE
  • Europcar International S.A.S.U.
  • Uber Technologies Inc.
  • Localiza Rent a Car S/A
  • ANI Technologies Private Limited (Ola Cabs)
  • Carzonrent (India) Private Limited
  • Bettercar Rental LLC
  • Shenzhen Zhizun Car Rental Co., Ltd. 
  • Ace Rent A Car Reservations, Inc.
  • Budget Rent A Car System, Inc.
  • Midway Auto Group
  • EMMANKO AG
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Car Rental Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Car Rental Historical Market (2018-2023) 
    8.3    Global Car Rental Market Forecast (2024-2032)
    8.4    Global Car Rental Market by Booking Type
        8.4.1    Offline Access
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Online Access
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
    8.5    Global Car Rental Market by Application Type
        8.5.1    Leisure/Tourism
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Business
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
    8.6    Global Car Rental Market by Vehicle Type
        8.6.1    Luxury/Premium Cars
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Economy/Budget Cars
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    SUVs
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    MUVs
            8.6.4.1    Historical Trend (2018-2023)
            8.6.4.2    Forecast Trend (2024-2032)
    8.7    Global Car Rental Market by Region       
        8.7.1    North America
            8.7.1.1    Historical Trend (2018-2023) 
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Europe
            8.7.2.1    Historical Trend (2018-2023) 
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Asia Pacific
            8.7.3.1    Historical Trend (2018-2023) 
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    Latin America
            8.7.4.1    Historical Trend (2018-2023) 
            8.7.4.2    Forecast Trend (2024-2032)
        8.7.5    Middle East and Africa
            8.7.5.1    Historical Trend (2018-2023) 
            8.7.5.2    Forecast Trend (2024-2032) 
9    North America Car Rental Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Car Rental Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Car Rental Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.2    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America  Car Rental Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Car Rental Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    The Hertz Corporation
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Avis Budget Group, Inc.
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Enterprise Holdings, Inc.
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Sixt SE
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Europcar International S.A.S.U.
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Uber Technologies Inc.
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7    Localiza Rent a Car S/A
            16.2.7.1    Company Overview
            16.2.7.2    Product Portfolio
            16.2.7.3    Demographic Reach and Achievements
            16.2.7.4    Certifications
        16.2.8    ANI Technologies Private Limited (Ola Cabs)
            16.2.8.1    Company Overview
            16.2.8.2    Product Portfolio
            16.2.8.3    Demographic Reach and Achievements
            16.2.8.4    Certifications
        16.2.9    Carzonrent (India) Private Limited
            16.2.9.1    Company Overview
            16.2.9.2    Product Portfolio
            16.2.9.3    Demographic Reach and Achievements
            16.2.9.4    Certifications
        16.2.10    Bettercar Rental LLC
            16.2.10.1    Company Overview
            16.2.10.2    Product Portfolio
            16.2.10.3    Demographic Reach and Achievements
            16.2.10.4    Certifications
        16.2.11    Shenzhen Zhizun Car Rental Co., Ltd.
            16.2.11.1    Company Overview
            16.2.11.2    Product Portfolio
            16.2.11.3    Demographic Reach and Achievements
            16.2.11.4    Certifications
        16.2.12    Ace Rent A Car Reservations, Inc.
            16.2.12.1    Company Overview
            16.2.12.2    Product Portfolio
            16.2.12.3    Demographic Reach and Achievements
            16.2.12.4    Certifications
        16.2.13    Budget Rent A Car System, Inc.
            16.2.13.1    Company Overview
            16.2.13.2    Product Portfolio
            16.2.13.3    Demographic Reach and Achievements
            16.2.13.4    Certifications
        16.2.14    Midway Auto Group
            16.2.14.1    Company Overview
            16.2.14.2    Product Portfolio
            16.2.14.3    Demographic Reach and Achievements
            16.2.14.4    Certifications
        16.2.15    EMMANKO AG
            16.2.15.1    Company Overview
            16.2.15.2    Product Portfolio
            16.2.15.3    Demographic Reach and Achievements
            16.2.15.4    Certifications
17    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Car Rental Market: Key Industry Highlights, 2018 and 2032
2.    Global Car Rental Historical Market: Breakup by Booking Type (USD Million), 2018-2023
3.    Global Car Rental Market Forecast: Breakup by Booking Type (USD Million), 2024-2032
4.    Global Car Rental Historical Market: Breakup by Application Type (USD Million), 2018-2023
5.    Global Car Rental Market Forecast: Breakup by Application Type (USD Million), 2024-2032
6.    Global Car Rental Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
7.    Global Car Rental Market Forecast: Breakup by Vehicle Type (USD Million), 2024-2032
8.    Global Car Rental Historical Market: Breakup by Region (USD Million), 2018-2023
9.    Global Car Rental Market Forecast: Breakup by Region (USD Million), 2024-2032
10.    North America Car Rental Historical Market: Breakup by Country (USD Million), 2018-2023
11.    North America Car Rental Market Forecast: Breakup by Country (USD Million), 2024-2032
12.    Europe Car Rental Historical Market: Breakup by Country (USD Million), 2018-2023
13.    Europe Car Rental Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Asia Pacific Car Rental Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Asia Pacific Car Rental Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Latin America Car Rental Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Latin America Car Rental Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    Middle East and Africa Car Rental Historical Market: Breakup by Country (USD Million), 2018-2023
19.    Middle East and Africa Car Rental Market Forecast: Breakup by Country (USD Million), 2024-2032
20.    Global Car Rental Market Structure

Key Questions Answered in the Report

In 2023, the global market for car rentals attained a value of approximately USD 104.03 billion.

The market is projected to grow at a CAGR of 5.40% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of USD 166.61 billion by 2032.

The major market drivers are thriving travel and tourism sector, rising population, and growing demand for cars.

The key trends in the market are growth in online car booking, increase in disposable incomes, improvements in road infrastructure, and rising interest in luxury car rentals.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The various booking types of car rentals in the market are offline access and online access.

Leisure/tourism and business are the significant application types of car rental.

The different vehicle types considered in the market report are luxury/premium cars, economy/budget cars, SUVs, and MUVs.

The major players in the market are The Hertz Corporation, Avis Budget Group, Inc., Enterprise Holdings, Inc., Sixt SE, Europcar International S.A.S.U., Uber Technologies Inc., Localiza Rent a Car S/A, ANI Technologies Private Limited (Ola Cabs), Carzonrent (India) Private Limited, Bettercar Rental LLC, Shenzhen Zhizun Car Rental Co., Ltd., Ace Rent A Car Reservations, Inc., Budget Rent A Car System, Inc., Midway Auto Group, and EMMANKO AG.

Analyst Review

The global car rental market attained a value of approximately USD 104.03 billion in 2023, driven by the increasing population. Aided by the growth in the online and smartphone-based vehicle booking, the market is projected to witness further growth in the forecast period of 2024-2032, growing at a CAGR of 5.4%. The market is projected to reach a value of around USD 166.61 billion by 2032.

 

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. By booking type, the market is bifurcated into offline access and online access. Based on application type, the market is segmented into leisure/tourism and business, with leisure/tourism accounting for the largest market share.

 

On the basis of vehicle type, the market is divided into luxury/premium cars, economy/budget cars, SUVs, and MUVs. The major regional markets for car rentals are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

The key players in the above market include The Hertz Corporation, Avis Budget Group, Inc., Enterprise Holdings, Inc., Sixt SE, Europcar International S.A.S.U., Uber Technologies Inc., Localiza Rent a Car S/A, ANI Technologies Private Limited (Ola Cabs), Carzonrent (India) Private Limited, Bettercar Rental LLC, Shenzhen Zhizun Car Rental Co., Ltd., Ace Rent A Car Reservations, Inc., Budget Rent A Car System, Inc., Midway Auto Group, and EMMANKO AG.

 

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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