Car Rental Market Size Worth USD 249.58 Billion in 2032 | Emergen Research

The global car rental market size was USD 122.30 billion in 2022 and is expected to register a revenue CAGR of 7.4% during the forecast period. The global car rental market is witnessing a significant transformation driven by several key factors, according to a recent market research report. Factors such as increased adaptability of transportation options, the rise in popularity of on-demand transit services, growing tourism and travel industries, and fast urbanization leading to increasing traffic congestion are contributing to the market's revenue growth.

Key Market Drivers:

1. Parking Challenges in Urban Areas: Urban car owners face challenges in finding parking spaces, especially in older buildings and residential areas. Renting a car provides flexibility in choosing vehicle size based on parking availability, reducing parking time and pollution.

2. Independence in Travel Planning: Car rental services empower travelers to design customized itineraries, facilitating exploration of hidden gems and off-the-beaten-path destinations, enhancing travel experiences.

3. Urbanization and Traffic Congestion: Rapid urbanization and growing traffic congestion drive individuals to opt for car rental services, offering convenience in mobility without the constraints of car ownership.

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Market Restraints:

1. Growing Utility of Public Transportation: The increasing utility of public transportation presents a challenge to market growth, as it offers cost-effective and environmentally friendly travel options, reducing reliance on car rentals.

2. Environmental Considerations: Public transportation is perceived as safer and more environmentally friendly, contributing to efforts against climate change, reducing stress, and offering a relaxed travel experience.
Market Trends:

1. Rise of On-Demand Car Rental Services: The market is witnessing a surge in the popularity of on-demand car rental services, integrating carsharing technology to offer a streamlined rental process and expand business opportunities.

2. Integration of Carsharing Technology: Car rental operators are integrating carsharing technology to automate and decentralize rental processes, enhancing convenience for customers and reducing operational costs.

Market Segment Insights:

1. Car Rental Vehicle Types:
• Economy Segment Dominance: Economy cars account for the largest market share, driven by fuel efficiency, sustainability, and cost-effectiveness, offering comfortable and environmentally friendly travel options.

• Robust Growth for Luxury Segment: The luxury segment is expected to register robust growth, fueled by increasing demand for luxury car rentals, offering status symbols, enhanced driving experiences, and convenience.

2. Car Rental Applications:
• Dominance of Local Usage Segment: The local usage segment is poised for rapid growth, offering time-saving advantages and route flexibility, catering to travelers' needs for exploring local destinations.

• Rapid Growth for Airport Transport Segment: The airport transport segment dominates the market, providing accessibility and convenience for travelers, saving time and hassle compared to other transportation options.

3. Car Rental End-Use:
• Self-Driven Segment Dominance: The self-driven segment leads the market, offering autonomy and enhanced privacy, providing affordable and flexible travel options for individuals.

• Rapid Growth for Chauffeur-Driven Segment: The chauffeur-driven segment is expected to witness rapid growth, offering convenience and luxury, catering to travelers' needs for comfort and safety.

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Car Rental Top Companies and Competitive Landscape

The global car rental market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective car rental solutions.

Some major players included in the global car rental market report are:

• Enterprise Holdings, Inc.
• The Hertz Corporation
• Avis Rent A Car System, LLC
• Sixt
• Europcar
• DTG Operations, Inc.
• Alamo
• Carzonrent
• Fox Rent A Car
• Speedy Drive
• Autostrad Rent a Car
• com
• Payless Car Rental
• Rent-A-Wreck of America Inc.
• U-Save Car & Truck Rental
• Zoomcar Ltd
• Budget Truck Rental, LLC
• Penske
• Ryder System, Inc.
• Localiza

Car Rental Latest Industry News

• On 08 June 2023, Uber announced the plan to launch peer-to-peer car sharing in Toronto and Boston, with the goal of enabling users to make money by renting out their vehicles to strangers while they are not using them. Consumers in Uber Carshare cities can explore and book vehicles for hourly or daily rental via the Uber Carshare app. The rental cars must be returned to the location where they were picked up.

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Car Rental Market Segment Analysis

For the purpose of this report, Emergen Research has segmented global car rental market on the basis of booking type, rental length, vehicle type, application, end-use, and region:

• Booking Type Outlook (Revenue, USD Billion; 2019-2032)
o Offline Booking
o Online Booking
• Rental Length Outlook (Revenue, USD Billion; 2019-2032)
o Short Term
o Long Term
• Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
o Luxury
o Executive
o Economy
o SUVs
o MUVs
• Application Outlook (Revenue, USD Billion; 2019-2032)
o Local usage
o Airport transport
o Outstation
o Leisure/Tourism
o Business
o Others
• End-User Outlook (Revenue, USD Billion; 2019-2032)
o Self-Driven
o Chauffeur-Driven

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