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Car Rental Market

Car Rental Market

Car Rental Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

147

Base Year:

2021

Date

Aug - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1768

Segments Covered
  • By Application Leisure, Commercial
  • By Rental Category On Airport, Off Airport
  • By Car Type Luxury Cars, Executive Cars, Economical Cars, Sports Utility Vehicles (SUVs), Multi Utility Vehicles (MUVs)
  • By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 98.4 Billion
Revenue 2028Revenue 2028: USD 126.6 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 4.3%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Car Rental Market Share

Market Synopsis:

The Global Car Rental Market was valued at USD 98.4 Billion in 2021 and is expected to reach a value of USD 126.6 Billion by 2028. The Global Market is forecast to grow by exhibiting a Compound Annual Growth Rate (CAGR) of 4.3% over the forecast period.

Car Rental is the service of renting automobiles for a set period through online or offline channels. Car Rental services chiefly serve travelers and folks who do not own personal vehicles. Renting a car/vehicle is more cost-effective than owning one because it allows for greater mobility, lower-cost travel, and avoidance of high ownership costs. Due to increased vehicle prices, a shortage of parking places, and high maintenance costs, the general public is urged to use on-demand transportation services for travel and daily commuting. The demand for automobile rental services is being driven by a massive increase in the number of individuals traveling for both business and pleasure around the world, fueling the industry's expansion.

Car Rental Market Size, 2021 To 2028 (USD Billion)

Other factors, such as the availability of automobile rental services via websites and mobile applications like Uber, and Ola, to name a few, fuel market growth and rising consumer spending power. In addition, improved corporate technical services and hassle-free internet booking tools are the two main strategies helping automobile rental service providers offer their customers improved services. Finally, the market for renting cars is projected to undergo significant change due to the advent of technology innovations like self-driving cars. Therefore, the market expansion is assumed to be significantly influenced by technology.

Market Segmentation:

The Car Rental market is segmented based on Application, Rental Category, Car Type, and Region. Based on the segment Application, the market is sub-segmented as Leisure and Commercial. Furthermore, based on the Rental Category, the market is sub-segmented as On Airport and Off Airport. Finally, based on the segment Car Type, the market is sub-segmented into Luxury Cars, Executive Cars, Economical Cars, Sports Utility Vehicles (SUVs), and Multi Utility Vehicles (MUVs).

Below tree is interactive. You can click the nodes to get more information.

Based on Rental Category:

Based on the Rental category, the market is sub-categorized into On Airport and Off Airport. The expansion of the On-Airport sub-segment is predicted to be boosted by a significant rise in air travel across the globe in recent years. Many vehicles rental companies are growing their fleets and advertising services at important airports in light of this trend. The sub-category is increasing due to significant airport market players where clients can use 24-hour automobile rental services. In addition, leisure travel will increase air travel and domestic tourism, impacting the On-Airport Car Rental Market. This idea is constructive for overseas business visits because employees can familiarize themselves with locales, especially for crucial commercial information.

Based on Car Type:

Based on segment Car Type, the market is sub-segmented into Luxury cars, Executive Cars, Economical Cars, Sports Utility Vehicles (SUVs), and Multi Utility Vehicles (MUVs). Over the forecast period, the segment of economy automobiles is anticipated to continue to rule. This segment is growing due to several key characteristics, including its compact design, fuel efficiency, and comfort level. In addition, economy cars have lower acquisition and maintenance costs than luxury and executive cars. As a result, inexpensive automobiles are increasingly favored for the airport and intra-city transport.

Asia Pacific is Forecast to Grow at the Highest CAGR Forecast Period

Asia Pacific is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period (2022-2028) owing to increasing air passenger traffic, increasing disposable income, and new airports. Over the expected time frame, it is anticipated that the markets in China and India will expand dramatically. Rising consumer spending power, continuously developing economies, and increasing business travel costs are expected to affect regional market growth positively. Government restrictions on car purchases in some regions of China, which are an effort to address the escalating traffic and pollution issues, are likely to influence people's decision to use Car Rental services. Rising fuel prices and automobile pricing fuel the demand in places like India. Renting a car/vehicle is the most popular option for meeting travel needs because the majority of the population in the region belongs to middle-class fixed-income groups. In addition, the region's rapid infrastructural development is increasing the demand for rental services in areas like India and China.

Competitive Landscape:

The key players in the Global Car Rental market include- Avis Budget Group, Europcar, Enterprise Holdings Inc., Hertz System Inc., Localiza SIXT, Uber Technologies Inc., Carzonrent India Pvt Ltd., Eco Rent a Car, Ani Technologies Private Limited (Ola Cabs.Com) and others.

Segmentation of the Global Car Rental Market:

Parameter Details
Segments Covered
  • Application (Leisure, Commercial)
  • Rental Category (On Airport, Off Airport)
  • Car Type (Luxury Cars, Executive Cars, Economical Cars, Sports Utility Vehicles (SUVs), Multi Utility Vehicles (MUVs))
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Avis Budget Group
  • Europcar
  • Enterprise Holdings Inc.
  • Hertz System Inc.
  • Localiza SIXT
  • Uber Technologies Inc.
  • Carzonrent India Pvt Ltd.
  • Eco Rent a Car
  • Ani Technologies Private Limited (Ola Cabs.Com)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Car Rental Market to Reach Valuation of USD 126.6 Billion by 2028 – Increasing Travel Companies and Growing Trend for Self-Driving Rental Cars in Major Urban Cities Drives the Market
In terms of revenue, the Global Car Rental Market is expected to reach USD 126.6 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.3% from 2022 to 2028. Key Highlights from Report: Based on Car Type, the marketplace is bifurcated into Luxury, Executive, Economy, Sports Utility ...
FAQ
Frequently Asked Question
  • The global Car Rental valued at USD 98.4 Billion in 2020 and is expected to reach USD 126.6 Billion in 2028 growing at a CAGR of 4.3%.

  • The prominent players in the market are Avis Budget Group, Europcar, Enterprise Holdings Inc., Hertz System Inc., Localiza SIXT, Uber Technologies Inc., Carzonrent India Pvt Ltd., Eco Rent a Car, Ani Technologies Private Limited (Ola Cabs.Com).

  • The market is project to grow at a CAGR of 4.3% between 2021 and 2028.

  • The driving factors of the Car Rental include

    • Increasing trend of on-demand transportation services

  • North America was the leading regional segment of the Car Rental in 2020.