Reports
Global Car Rental Market Size, Share, Growth, 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; Competitive Landscape; Industry Events and Developments; 2018-2028
Global Car Rental Market Outlook
The global car rental market size attained a value of approximately USD 98.7 billion in 2022. The market is further expected to grow at a CAGR of 5.40% in the forecast period of 2023-2028, reaching a value of USD 135 billion by 2028.
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The thriving travel and tourism sector is bolstering the car rental market as more travellers and tourists prefer the flexibility and independence offered by renting a car. Improvements in road infrastructure and rising number of travellers with car-driving knowledge are surging the preference for car renting in new cities. Through car rentals, travellers and tourists can explore new regions at their own pace and a reduced cost. The rising frequency of business travel is also contributing to the market for car rentals as more companies invest in car renting for their employees. The growing transition in preferences from using public transport system towards car rental, due to more personalised experience and convenience, is anticipated to support the market growth in coming years.
Market Segmentation
Through a car rental company, users can rent automobiles for short periods of time through online or offline booking modes. The market can be categorised on the basis of segments like booking type, application type, vehicle type, and region.
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Based on booking type, the market is bifurcated into:
- Offline Access
- Online Access
On the basis of application type, the market is categorised into:
- 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 rentals like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
Market Analysis
With increasing population, the market for car rentals has experienced a significant growth over the past few years, fuelled by direct consumers and companies. Car rental 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.
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Adoption of smartphone-based rentals and specialised car rentals is a key trend in the market for car rentals. For special occasions or trips, users can choose particular car models and types to suit the occasion or destination. The luxury car rental market is witnessing steady growth as renting of luxury cars for weddings and special occasions is a cost-effective option of using luxury cars.
Car rentals also aid in reducing air pollution decreasing owned-vehicle volumetric sales. Online vehicle booking is becoming a preferred choice for car rentals, as cars can be booked remotely, which is particularly beneficial for tourists and business travellers. Increase in disposable incomes, growing travel and tourism sector, and improvements in road infrastructure, are further contributing to the growth of the market for car rentals.
Global Car Rental Market Share by Region
Region wise, North America holds a significant share of the rental car market, driven by the increasing demand for car rental services for tourism and business purposes. The presence of a well-established roadways network in the region and substantial distances between locations are further increasing the market for car rentals. In the United States, the presence of key market players, common knowledge of driving, and increasing costs of car ownership are expanding the US 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:
- ACE Rent-a-Car Reservations, Inc.
- Advantage Rent-a-car
- National Car Rental
- Avis Budget Group Inc.
- Eco Rent a Car
- Enterprise Holdings Inc.
- Hertz Corp.
- Global Cars
- Localiza–Rent-a-car SA
- Europcar Group
- Others
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 | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Booking Type |
|
| Breakup by Application Type |
|
| Breakup by Vehicle Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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| 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 (2018-2022)
8.3 Global Car Rental Market Forecast (2023-2028)
8.4 Global Car Rental Market by Booking Type
8.4.1 Offline Access
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Online Access
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.5 Global Car Rental Market by Application Type
8.5.1 Leisure/Tourism
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Business
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.6 Global Car Rental Market by Vehicle Type
8.6.1 Luxury/Premium Cars
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Economy/Budget Cars
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 SUVs
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.6.4 MUVs
8.6.4.1 Historical Trend (2018-2022)
8.6.4.2 Forecast Trend (2023-2028)
8.7 Global Car Rental Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
9 North America Car Rental Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Car Rental Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Car Rental Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.2 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Car Rental Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Car Rental Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
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 ACE Rent-a-Car Reservations, Inc.
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 Advantage Rent-a-car
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 National Car Rental
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 Avis Budget Group Inc.
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 Eco Rent a Car
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 Enterprise Holdings 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 Hertz Corp.
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 Global Cars
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 Localiza–Rent-a-car SA
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 Europcar Group
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 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Car Rental Market: Key Industry Highlights, 2018 and 2028
2. Global Car Rental Historical Market: Breakup by Booking Type (USD Million), 2018-2022
3. Global Car Rental Market Forecast: Breakup by Booking Type (USD Million), 2023-2028
4. Global Car Rental Historical Market: Breakup by Application Type (USD Million), 2018-2022
5. Global Car Rental Market Forecast: Breakup by Application Type (USD Million), 2023-2028
6. Global Car Rental Historical Market: Breakup by Vehicle Type (USD Million), 2018-2022
7. Global Car Rental Market Forecast: Breakup by Vehicle Type (USD Million), 2023-2028
8. Global Car Rental Historical Market: Breakup by Region (USD Million), 2018-2022
9. Global Car Rental Market Forecast: Breakup by Region (USD Million), 2023-2028
10. North America Car Rental Historical Market: Breakup by Country (USD Million), 2018-2022
11. North America Car Rental Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Europe Car Rental Historical Market: Breakup by Country (USD Million), 2018-2022
13. Europe Car Rental Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Asia Pacific Car Rental Historical Market: Breakup by Country (USD Million), 2018-2022
15. Asia Pacific Car Rental Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Latin America Car Rental Historical Market: Breakup by Country (USD Million), 2018-2022
17. Latin America Car Rental Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Middle East and Africa Car Rental Historical Market: Breakup by Country (USD Million), 2018-2022
19. Middle East and Africa Car Rental Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Global Car Rental Market Structure
Key Questions Answered in the Report
In 2022, the global market for car rentals attained a value of approximately USD 98.7 billion.
The market is projected to grow at a CAGR of 5.40% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028, reaching a value of USD 135 billion by 2028.
The major market drivers are thriving travel and tourism industry, 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 primary booking types of car rentals in the market are offline access and online access.
Leisure/tourism and business are the significant application types for car rentals in the market.
The different vehicle types for car rentals are luxury/premium cars, economy/budget cars, SUVs, and MUVs.
The major players in the market are ACE Rent-a-Car Reservations, Inc., Advantage Rent-a-car, National Car Rental, Avis Budget Group Inc., Eco Rent a Car, Enterprise Holdings Inc., Hertz Corp., Global Cars, Localiza–Rent-a-car SA, and Europcar Group, among others.
Analyst Review
The global car rental market attained a value of approximately USD 98.7 billion in 2022, driven by the increasing population. Aided by the growth in the online and smartphone-based vehicle booking segment, the market is expected to witness further growth in the forecast period of 2023-2028, growing at a CAGR of 5.40%. The market is projected to reach a value of USD 135 billion by 2028.
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 ACE Rent-a-Car Reservations, Inc., Advantage Rent-a-car, National Car Rental, Avis Budget Group Inc., Eco Rent a Car, Enterprise Holdings Inc., Hertz Corp., Global Cars, Localiza–Rent-a-car SA, and Europcar Group, among others.
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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