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Report Overview

The global car rental market size attained a value of approximately USD 104.03 billion in 2024. The market is projected to grow at a CAGR of 5.4% in the forecast period of 2025-2034, reaching a value of around USD 166.61 billion by 2034.

2024

Base Year

2018-2024

Historical Year

2025-2034

Forecast Year

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.

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

Looks into the regional markets for car rental like:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Global Car Rental Market

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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.

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2024, 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 2025 and 2034.

The market is estimated to witness a healthy growth in the forecast period of 2025-2034, reaching a value of USD 166.61 billion by 2034.

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.

Report Summary

Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.

Key Highlights of the Report

Please note that the figures mentioned in the description serve as estimates and may vary from the actual figures presented in the final report.

REPORT FEATURES DETAILS
Base Year 2024
Historical Period 2018-2024
Forecast Period 2025-2034
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
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