Global Car Rental Market to Grow at a CAGR of 5.4% Over the Forecast Period of 2024-2032

The global car rental market is being driven by the flourishing tourism sector and the growing consumer demand for cost-effective and convenient services. The growing government regulations, coupled with the rising awareness regarding the impact of vehicular emissions on the environment, are expected to aid the growth of the market globally.

North America is one of the leading markets, within which the United States car rental market contributes significantly towards its growth. Further, Europe is expected to witness an increase in demand for such services due to the implementation of stringent government policies in the region.

With the rapid advancement in technology and increasing automation, manufacturers are focusing on providing solutions like connected vehicles and the self-serve option to customers in order to enhance their rental experience.

In January 2021, Avis Budget Group, Inc. (NASDAQ: CAR) and Fiat Chrysler Automobiles signed a new connected car agreement to add more than 22,000 Fiat vehicles in Avis Budget Group’s European fleet to provide enhanced on-demand car rental experience to the customers in Europe and allowing them to manage the same digitally through Avis mobile app, enabling lock/unlock technology. Such developments are expected to further aid the growth of the market over the forecast period.

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Market Breakup by Vehicle Types, Booking Types, Application Type, and Regions:

• By vehicle type, the market can be divided into luxury/premium cars, economy/budget cars, SUVs, and MUVs.
• On the basis of booking type, the market is segmented into offline access and online access. 
• On the basis of application type, the market is categorised into leisure/tourism and business.
• Region-wise, the global car rental market can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The market is being driven by the growth of the tourism and travel sector. 
• The growing global population and rising disposable incomes, particularly in emerging economies, are providing further impetus to the market growth. 
• The increasing popularity of online car booking/renting platforms owing to their ease of use and convenience is boosting the market. 
• Car rental is cost-effective and further helps in the reduction of pollution levels by decreasing owned-vehicle volumetric sales, which is aiding the growth of the market.

Key Offerings of the Report:

• The EMR report gives a detailed analysis of the global car rental market for the periods (2018-2023) and (2024-2032). 
• The report offers historical (2018-2023) and forecast (2024-2032) market information for the vehicle types, booking types, application types, and regional markets for the market.
• The report also gives the regional historical (2018-2023) and forecast (2024-2032) price trends of the car rental market. 
• It also offers an assessment of the market based on the Porter’s Five Forces model, along with providing a SWOT analysis.

The major players in the global car rental 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.

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