Car Rental Market Overview, Trends. Growth, Top Companies and Forecast 2023-2028

According to IMARC Group's latest report, titled "Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global car rental market size reached US$ 79.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 95.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.1% during 2023-2028.

Car rental refers to the facility of leasing automobiles temporarily for a predefined period via offline or online channels. These services mainly serve individuals and travelers who do not own private vehicles. Renting cars is a more cost-effective alternative than owning a vehicle as it offers low-cost traveling, freedom of movement, and enables the evasion of high ownership costs.

Customers are given several vehicles to choose from, including cars, minivans, trucks, and even luxury automobiles. In addition to this, the service providers also provide various other products, such as insurance compensation policies, entertainment systems, car damage repair, global positioning systems (GPS), and Wi-Fi networks for delivering enhanced convenience to users. As a result, car rental facilities find widespread applications in tourism and business sectors across the globe.

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Market Trends:

The expanding tourism and travel industry across the globe is among the primary factors driving the market. Besides this, the rising urban population with an inclination towards adventure and expedition is further augmenting the global car rental market growth. In line with this, the utilization of car rental services by individuals in the form of taxis and carpooling for improved mobility and cost-effective traveling is also catalyzing the global market.

Moreover, the launch of several policies by the government bodies across developed and emerging economies to minimize vehicular emissions and promote these facilities among the most economical modes of transportation, owing to the increasing awareness toward environment conservation, is acting as another growth-inducing factor. Apart from this, the introduction of these services through websites and smartphone-based applications and the inflating expenditure capacities of the consumers are expected to bolster the market in the coming years.

Competitive Landscape With Key Players:

The competitive landscape of the car rental market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

Avis Budget Group, Inc.
Carzonrent India Private Limited
Eco rent a car
Sixt SE
Localiza
Enterprise Holdings, Inc.
Enterprise Rent-A-Car
Europcar
The Hertz Corporation

Key Market Segmentation:

The report has segmented the global car rental market based on booking type, rental length, vehicle type, application, end-user and region.

Breakup by Booking Type:

Offline Booking
Online Booking

Breakup by Rental Length:

Short Term
Long Term

Breakup by Vehicle Type:

Luxury
Executive
Economy
SUVs
Others

Breakup by Application:

Leisure/Tourism
Business

Breakup by End-User:

Self-Driven
Chauffeur-Driven

Breakup by Region:

North America
Asia Pacific
Europe
Latin America
Middle East and Africa

Related Reports by IMARC Group:

https://sites.google.com/view/businessnewsmarket/japan-beer-market-size-2023-2028-industry-trends-and-future-demand

https://dailybusinesspost.com/asia-pacific-frozen-fruits-and-vegetables-market-report-top-companies-and-opportunity-till-2027/

Key Highlights of the Report:

Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.