Car Rental Market share By 2032 Applications, Types And Major Key Players- Sixt Europcar DTG Operations, Inc. Alamo Carzonrent Fox Rent A Car Speedy Drive

The global car rental market, valued at USD 122.30 billion in 2022, is projected to grow at a CAGR of 7.4% during the forecast period. Key drivers of this market include the increased adaptability of transportation options, growing popularity of on-demand transit services, expanding tourism and travel industries, as well as rapid urbanization and increasing traffic congestion.

One significant factor driving the market is the parking challenges in urban areas. Urban car owners often struggle with finding parking spaces, particularly in older neighborhoods that were not designed for cars. Car rental services help mitigate these challenges by allowing users to choose vehicle sizes based on parking availability and limiting the time cars remain parked. Additionally, car rentals reduce vehicle ownership, contributing to less pollution and easing parking difficulties.

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Car rental services also offer independence in travel planning, allowing travelers to create customized itineraries and explore off-the-beaten-path locations that may be inaccessible by public transportation. This flexibility is a major draw for tourists looking for authentic travel experiences, and it enhances the overall appeal of renting cars for leisure trips.

Urbanization and traffic congestion are other significant drivers for car rental services. Rising urban populations have led to parking shortages, gridlock, and stricter car ownership regulations, prompting many urban dwellers to turn to rental services for convenience and to avoid the high costs of owning a car in cities.

The growth of the tourism and travel industries further propels the car rental market. As global travel continues to increase, more travelers are opting for rental cars to freely explore destinations at their own pace. This provides a flexible, independent way to experience different cultures and landscapes without being restricted by public transportation schedules or guided tours.

However, there are also restraints to market growth. The increasing utility of public transportation presents a challenge for the car rental industry, as public transit is often more affordable and eco-friendly, particularly in large cities. Public transportation reduces costs associated with parking, gas, and tolls, and governments prioritize public transit for its environmental and societal benefits.

The market also faces challenges due to environmental concerns. Public transportation is seen as a greener alternative, reducing carbon footprints and contributing to climate change mitigation. Moreover, public transit offers greater safety and less stress compared to driving.

Trends in the car rental market include the rise of on-demand car rental services, which are growing in popularity due to their flexibility and convenience. This model allows users to rent cars without the need for traditional rental counters, streamlining the process through smartphone apps and carsharing technology. Smaller rental operators can expand their business by integrating this technology, reducing vehicle delivery costs and simplifying transactions.

When segmented by vehicle type, the economy segment dominated the market in 2022 due to its affordability, fuel efficiency, and compact size, making it ideal for budget-conscious travelers. Economy cars, such as the Ford Fiesta and Renault Clio, are cost-effective and environmentally friendly, offering excellent fuel efficiency and ease of navigation in urban areas. In contrast, the luxury segment is expected to register strong growth, driven by the increasing demand for high-end vehicles for status and comfort. Luxury car rentals offer an elevated driving experience without the maintenance costs of ownership.

The car rental market is also segmented by application, with local usage and airport transport being the largest contributors to market revenue. The local usage segment is driven by the convenience and time-saving benefits of renting a car for short trips. Car rentals provide flexibility in choosing routes and making stops, offering a personalized travel experience. The airport transport segment benefits from the convenience of renting a car directly at the airport, saving travelers time and offering competitive pricing due to the high number of rental companies operating at airports.

Finally, the market is divided by end-use into self-driven and chauffeur-driven rentals. The self-driven segment held the largest market share in 2022, as it offers autonomy and privacy, making it a popular choice for travelers. Self-driven rentals are often more cost-effective than using taxis or cabs, especially for extended periods. On the other hand, chauffeur-driven rentals are expected to grow rapidly due to their appeal to high-end customers seeking luxury, convenience, and personalized services provided by professional drivers. These services are especially popular among business travelers and those attending special events.

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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 Updates

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.

On 19 August 2022, SIXT, one of the top global mobility providers, announced the opening of new branches at Baltimore/Washington International Thurgood Marshall Airport (BWI) and Charlotte Douglas International Airport (CLT) in order to give customers more rental options on the East Coast. By extending its reach to significant airports and business centers such as BWI and CLT, which are among the top 30 rental car markets countrywide, SIXT USA can enhance its corporate consumer base and strengthen its east coast network.
Car Rental Market Segmentation 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)

Offline Booking
Online Booking

Rental Length Outlook (Revenue, USD Billion; 2019-2032)

Short Term
Long Term

Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)

Luxury
Executive
Economy
SUVs
MUVs

Application Outlook (Revenue, USD Billion; 2019-2032)

Local usage
Airport transport
Outstation
Leisure/Tourism
Business
Others

End-User Outlook (Revenue, USD Billion; 2019-2032)

Self-Driven
Chauffeur-Driven

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Regional Outlook (Revenue, USD Billion; 2019-2032)

North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA

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