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| Global Car Rental Market Size |
The car rental market comprises several vehicle rental options to various end
users including business travelers, leisure travelers, and others through
brick-and-mortar stations as well as online portals. Car rental services
provide benefits including accessibility, flexibility in travel plans, and
cost-saving advantages compared to car ownership.
The global
Car Rental Market is estimated to be valued at US$ 133.23 Bn in 2023 and is expected to exhibit a CAGR of 2.9% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The growth of the car rental market is accelerated by on-demand mobility.
On-demand mobility services that allow customers to rent vehicles for short
periods through smartphone applications and websites have picked up huge
popularity. Mobile apps have simplified the process of car rental where
customers can easily search for vehicles nearby, filter options as per
preferences, book and unlock the cars with just a few taps. This convenience
and ease of use have boosted the adoption of on-demand rental services
especially among young travelers and corporate employees. Various car rental
operators are collaborating with ridesharing and taxi service providers to
integrate their fleets on each other's platforms and expand their customer
reach through online channels.
Segment
Analysis
The global car rental market is segmented on the basis of rental type,
application, vehicle type, and geography. Based on rental type, the market can
be segmented into airport transport, local usage, outstation, and others. The
local usage segment currently dominates the market as people prefer renting cars
for local commute and driving within cities. The high demand for inter-city
traveling is also fueling the growth of the outstation rental segment.
Key Takeaways
Global
Car Rental Market Size is expected to witness high growth over the
forecast period.
Regional analysis: North America currently accounts for the largest share in
the global car rental market due to high business and leisure travel. However,
Asia Pacific is expected to witness the fastest growth rate owing to rising
disposable incomes and growth in tourism industry in developing countries of
the region.
Key players
operating in the car rental market are Avis Budget Group, Enterprise
Rent-A-Car, Europcar, Hertz, Sixt, Alphabet, Carzonrent, Eco Rent A Car, and
Localiza Rent A Car. Avis Budget Group currently dominates the global market
share due to its extensive network and diverse fleet of vehicles for varied
customer needs.
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