Car Rental Global Market Report 2024

Description

“Car Rental Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on car rental market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for car rental? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The car rental market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Vehicle Type: Luxury Cars; Executive Cars; Economy Cars; SUVs; MUVs
2) By Booking Type: Online; Offline
3) By Application: Local Usage; Airport Transport; Outstation; Other Applications
4) By End User: Self-Driven; Chauffeur-Driven
Companies Mentioned: Enterprise Rent-A-Car LLC; The Hertz Corporation; SIXT SE; Europcar Rental Company; Avis Budget Group Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Car rental is a service allowing individuals to lease or hire vehicles for short-term periods, typically spanning from a few hours to several weeks. It's primarily utilized by travelers, tourists, or those in need of temporary transportation for reasons such as vacations, business trips, or while their vehicles are undergoing repairs.

The fleet in car rental services includes various vehicle types such as luxury cars, executive cars, economy cars, SUVs, and MUVs, available for booking both online and offline. Luxury cars denote high-end vehicles renowned for their superior comfort, performance, and features, exceeding those found in standard or economy cars. These vehicles cater to diverse applications such as local commuting, airport transportation, out-of-town journeys, and more, serving a range of end users including both self-driven and chauffeur-driven preferences.The car rental market research report is one of a series of new reports from The Business Research Company that provides car rental market statistics, including car rental industry global market size, regional shares, competitors with a car rental market share, detailed car rental market segments, market trends and opportunities, and any further data you may need to thrive in the car rental industry. This car rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The car rental market size has grown strongly in recent years. It will grow from $102.29 billion in 2023 to $110.4 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth observed in the historical period can be credited to several factors. These include the upsurge in international tourism, a steady increase in business-related travel, the ongoing trend of urbanization leading to heightened mobility needs, economic expansion coupled with rising disposable income, the widespread adoption and expansion of online booking platforms, as well as strategic partnerships and collaborations within the car rental industry.

The car rental market size is expected to see strong growth in the next few years. It will grow to $146.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. Anticipated growth in the forecast period is expected to be driven by several key factors. These include a shift in consumer preferences towards sustainable options, the integration of electric and environmentally friendly vehicles within rental fleets, evolving work patterns such as remote work leading to changes in transportation needs, and the gradual recovery of tourism following the pandemic. Additionally, the emergence of subscription-based models in the car rental industry is set to contribute significantly to this growth trajectory.

The substantial growth witnessed in the tourism industry is projected to act as a catalyst for the expansion of the car rental market. Within the tourism sector, car rentals play a pivotal role in facilitating affordable and secure travel experiences, ensuring passengers enjoy a comfortable journey. As reported by the World Tourism Organization (UNWTO) in September 2022, the tourism sector exhibited remarkable recovery, with nearly 60% rebounding to pre-pandemic levels. International tourist numbers surged to 474 million from January to July 2022, witnessing a stark increase from 175 million during the corresponding months in 2021. This resurgence, reaching 57% of pre-pandemic levels, signifies an encouraging revival in international tourism, driving the growth of the car rental market.

The burgeoning popularity of on-demand transportation services is anticipated to propel the growth trajectory of the car rental market. On-demand transportation services, characterized by their availability upon user request via digital platforms or mobile apps, have revolutionized the car rental industry. These services offer enhanced accessibility, flexibility, and convenience, efficiently catering to diverse travel needs. Notably, Winnesota's report in 2023 revealed that 72% of Americans have utilized on-demand services, thereby augmenting the demand for car rentals.

Technological advancements represent a significant trend gaining traction within the car rental sector. Companies operating in this domain are integrating new technologies to fortify their market standing. For example, in October 2022, The Growr Inc., a UK-based self-driving car rental entity, introduced 'AI Smart Drive,' a groundbreaking addition to the car rental landscape. AI Smart Drive marks a notable innovation, seamlessly integrating self-driving vehicles into existing rental services. These autonomous vehicles, equipped with a suite of sensors, navigate their surroundings with minimal human intervention, aiming to offer fully autonomous automobiles to customers.

Prominent entities within the car rental market are devising innovative service platforms to augment market revenues. The entry of Drivepadi heralds a new era in car rental services, leveraging technology and customer-centric strategies to address the evolving needs of modern consumers. For instance, in June 2023, Drivepadi unveiled its pioneering car rental platform in Lagos, Nigeria. Engineered to transform the accessibility and utilization of car rental services, this platform epitomizes Drivepadi's commitment to delivering a cutting-edge and user-friendly experience. By incorporating innovative features and a peer-to-peer sharing model, this platform aims to offer increased convenience, flexibility, and choices to individuals seeking rental car services.

In September 2022, Green Motion International, a UK-headquartered car rental enterprise, successfully acquired U-Save Car & Truck Rental LLC for an undisclosed sum. This strategic acquisition is geared towards leveraging growth prospects by synergizing the service portfolios of both entities. The integration of their offerings aims to expand Green Motion International's global footprint while fortifying the brand positioning of U-Save Car & Truck Rental LLC. Renowned for offering discounted car and truck rental services, U-Save Car & Truck Rental LLC's collaboration with Green Motion International is anticipated to foster mutual growth and enhance their competitive edge in the car rental industry.

Major companies operating in the car rental market report are Enterprise Rent-A-Car LLC, The Hertz Corporation,SIXT SE, Europcar Rental Company, Avis Budget Group Inc., Uber Technologies Inc., Localiza Rent -a-Car SA, National Car Rentals Pte. Ltd., Ace Rent-A-Car Pvt. Ltd., Eco Rent A Car LLC, Carzonrent India Pvt. Ltd., Renault Eurodrive Inc., Alamo Rent A Car Inc., Budget Rent a Car System Inc., Thrifty Car Rental, Dollar Rent A Car, Turo Inc., Getaround Inc., Zipcar Inc., Car2Go GmbH, Maven Mobility LLC, GIG Mobility LLC, RelayGo Inc., Communauto Inc., AUTOshare Inc., Modo Co-operative, Silvercar Inc., Fox Rent a Car, Green Motion, Discovery Rentals

North America was the largest region in the car rental market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global car rental market report during the forecast period. The regions covered in the car rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the car rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The car rental market includes revenues earned by entities by providing services, such as automated check-in and checkout, online cancellation, vehicle information and listing, and more. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r11590

1. Executive Summary

2. Car Rental Market Characteristics

3. Car Rental Market Trends And Strategies

4. Car Rental Market - Macro Economic Scenario

4.1. Impact Of High Inflation On the Market
4.2. Ukraine-Russia War Impact On the Market
4.3. COVID-19 Impact On the Market

5. Global Car Rental Market Size and Growth

5.1. Global Car Rental Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Car Rental Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Car Rental Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Car Rental Market Segmentation

6.1. Global Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Luxury Cars
Executive Cars
Economy Cars
SUVs
MUVs
6.2. Global Car Rental Market, Segmentation By Booking Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Online
Offline
6.3. Global Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Local Usage
Airport Transport
Outstation
Other Applications
6.4. Global Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Self-Driven
Chauffeur-Driven

7. Car Rental Market Regional And Country Analysis

7.1. Global Car Rental Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Car Rental Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Car Rental Market

8.1. Asia-Pacific Car Rental Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Car Rental Market

9.1. China Car Rental Market Overview
9.2. China Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Car Rental Market

10.1. India Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Car Rental Market

11.1. Japan Car Rental Market Overview
11.2. Japan Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Car Rental Market

12.1. Australia Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Car Rental Market

13.1. Indonesia Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Car Rental Market

14.1. South Korea Car Rental Market Overview
14.2. South Korea Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Car Rental Market

15.1. Western Europe Car Rental Market Overview
15.2. Western Europe Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Car Rental Market

16.1. UK Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Car Rental Market

17.1. Germany Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Car Rental Market

18.1. France Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Car Rental Market

19.1. Italy Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Car Rental Market

20.1. Spain Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Car Rental Market

21.1. Eastern Europe Car Rental Market Overview
21.2. Eastern Europe Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Car Rental Market

22.1. Russia Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Car Rental Market

23.1. North America Car Rental Market Overview
23.2. North America Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Car Rental Market

24.1. USA Car Rental Market Overview
24.2. USA Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Car Rental Market

25.1. Canada Car Rental Market Overview
25.2. Canada Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Car Rental Market

26.1. South America Car Rental Market Overview
26.2. South America Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Car Rental Market

27.1. Brazil Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Car Rental Market

28.1. Middle East Car Rental Market Overview
28.2. Middle East Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Car Rental Market

29.1. Africa Car Rental Market Overview
29.2. Africa Car Rental Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Car Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Car Rental Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Car Rental Market Competitive Landscape And Company Profiles

30.1. Car Rental Market Competitive Landscape
30.2. Car Rental Market Company Profiles
- 30.2.1. Enterprise Rent-A-Car LLC
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. The Hertz Corporation
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. SIXT SE
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Europcar Rental Company
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Avis Budget Group Inc.
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Car Rental Market Competitive Benchmarking

32. Global Car Rental Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Car Rental Market

34. Car Rental Market Future Outlook and Potential Analysis

34.1 Car Rental Market In 2028 - Countries Offering Most New Opportunities
34.2 Car Rental Market In 2028 - Segments Offering Most New Opportunities
34.3 Car Rental Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer