Global Car Rental Market, By Type (Luxury Cars, Executive Cars, Economy Cars, SUVs, MUVs) Application (Local Usage, Airport Transport, Outstation, Others), Booking (Offline Booking, Online Booking), End-Use (Self-Driver, Chauffeur–Driven), Fare Price (Economy/Budget Cars, Luxury/Premium Cars), Rental Length (Short Term, Long Term) - Industry Trends and Forecast to 2031.
Car Rental Market Analysis and Size
The car rental market refers to the collective industry that provides temporary access to rental vehicles for individuals or businesses on a commercial basis. This market encompasses the rental of various types of vehicles, such as cars, vans, SUVs, and sometimes even luxury or exotic vehicles, for a specified period, typically ranging from a few hours to several weeks. The market is characterized by a wide range of providers, including international car rental companies, regional and local rental agencies, and online platforms that facilitate car rental transactions.
Data Bridge Market Research analyzes that the global car rental market, which was USD 109.34 billion in 2023, is expected to reach USD 188.93 billion by 2031 and is expected to undergo a CAGR of 13.70% during the forecast period of 2024- 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric |
Details |
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Forecast Period |
2024- 2031 |
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Base Year |
2023 |
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Historic Years |
2022 (Customizable to 2016-2021) |
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Quantitative Units |
Revenue in U.S.D Billion, Volumes in Units, Pricing in U.S.D |
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Segments Covered |
By Type (Luxury Cars, Executive Cars, Economy Cars, SUVs, MUVs) Application (Local Usage, Airport Transport, Outstation, Others), Booking (Offline Booking, Online Booking), End-Use (Self-Driver, Chauffeur–Driven), Fare Price (Economy/Budget Cars, Luxury/Premium Cars), Rental Length (Short Term, Long Term) |
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Countries Covered |
U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E., Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa |
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Market Players Covered |
Avis budget group (U.S.), SIXT (Germany), Enterprise Holdings, Inc (U.S.), Europcar (France), Localiza (Brazil), The Hertz Corporation (U.S.), Carzonrent India pvt ltd (India), Eco Rent a Car (India), Advantage OPCO, LLC (U.S.), Shenzhen Topone Car Rental Co. Ltd (China), Enterprise Holdings Inc. (U.S.), Bettercar Rental (Dubai), National Car Rental (U.S.) |
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Market Opportunities |
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Market Definition
A car rental is a service that allows individuals or businesses to temporarily rent a vehicle, typically an automobile, for a specified period, usually ranging from a few hours to several weeks. Car rental companies, also known as car hire companies, offer a variety of vehicles, including compact cars, sedans, SUVs, trucks, and luxury vehicles, for a fee.
Global Car Rental Market
Drivers
- Increase in Leisure Trips
The rise in the number of people taking business and leisure trips across the globe acts as one of the major factor driving the growth of car rental market. The expansion of industries escalating the number of business trips and increased disposable income assist in the expansion of the market.
- Internet Penetration
The surge in internet penetration across developing as well as developed countries accelerate the market growth. Numerous companies are capturing a larger customer base with the assistance of dedicated mobile apps for the convenience of customers.
Opportunity
- Implementation of an Integrated Global Car
The increase in the implementation of an integrated car rental system due to the rising demand for reliable, high-quality and familiar travel services during their travel further influence the market. Some major key car rental operators are emphasizing on leveraging the trend to expand their brand and distribution platforms.
Restraints/Challenges
- Technological Economic Conditions
The car rental industry is highly dependent on the overall economic conditions. During economic downturns or recessions, people tend to cut back on discretionary spending, including renting cars. This can lead to reduced demand for car rental services.
- High Competition
The car rental market is highly competitive, with numerous global and local players. Intense competition can lead to price wars and reduced profit margins. Car rental companies must continually innovate and differentiate their services to stay competitive.
This car rental market, report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the car rental market, contact data bridge market research for an analyst brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures
Recent Developments
- In In April 2022, SIXT, one of the leading global mobility providers, is continuing its rapid expansion across the US and announces the opening of new branches in Charlotte and Baltimore, offering customers more rental choices on the East Coast
- In May 2021, Uber has launched a new car rental service called Uber Rent in Washington DC, as well as announcing an expansion to its Uber Reserve option to some of the US' biggest airports. As the announcement mentioned, the service is only launching in the US capital initially, though it is expected to be rolled out across the country later
Global Car Rental Market Scope
The car rental market is segmented on the basis of type, application, booking, end-use, fair price and rental length. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the Users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Luxury Cars
- Executive Cars
- Economy Cars
- SUVs
- MUVs
Application
- Local Usage
- Airport Transport
- Outstation
- Others
Booking
- Offline Booking
- Online Booking
End-Use
- Self-Driver
- Chauffeur –Driven
Fare Price
- Economy/Budget Cars
- Luxury/Premium Cars
Rental Length
- Short Term
- Long Term
Global Car Rental Market Regional Analysis/Insights
The car rental market is analyzed and market size insights and trends are provided by country, type, application, booking, end-use, fair price and rental length as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., Israel, Egypt, South Africa, rest of Middle East and Africa, Brazil, Argentina and rest of South America.
North America is expected to dominate the market due to its advanced technological infrastructure and high adoption of smart city initiatives, strong presence of major players in the market and rising number of research activities in this region.
Asia-Pacific is expected to witness significant growth during the forecast period due to rapid urbanization, increasing infrastructure development, and the adoption of advanced technologies in countries such as China, Japan, and India. In addition, the region's expanding automotive and consumer electronics industries contribute to the growing demand for infrared biometrics solutions. Furthermore, favourable government initiatives and investments in smart city projects further drive the market growth in the Asia-Pacific region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Car Rental Market Share Analysis
The car rental market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to car rental market.
Some of the major players operating in the car rental market are:
- Avis budget group (U.S.)
- SIXT (Germany)
- Enterprise Holdings, Inc (U.S.)
- Europcar (France)
- Localiza (Brazil)
- The Hertz Corporation (U.S.)
- Carzonrent India pvt ltd (India)
- Eco Rent a Car (India)
- Advantage OPCO, LLC (U.S.)
- Shenzhen Topone Car Rental Co. Ltd (China)
- Enterprise Holdings Inc. (U.S.)
- Bettercar Rental (Dubai)
- National Car Rental (U.S.)
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