Press release
Car Rental Market Trends, Outlook, Demand, Insights, Overview 2024-2033
Car Rental Market Trends
According to The Business Research Company's, The car rental market size has grown strongly in recent years. It will grow from $102.29 billion in 2023 to $110.4 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to rise in international tourism, increasing business travel, urbanization and mobility needs, economic growth and disposable income, expansion of online booking platforms, partnerships and collaborations.
The car rental market size is expected to see strong growth in the next few years. It will grow to $146.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to shift in consumer preferences, integration of electric and sustainable vehicles, changing work patterns and remote work, tourism recovery post-pandemicemergence of subscription-based models. Major trends in the forecast period include investments in technology and fleet innovation, advancements in digital technologies, rise of subscription-based car rental models, focus on contactless rental services, integration of electric vehicles (evs) in rental fleets.
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/car-rental-global-market-report
Market Drivers and Trends:
The significant growth in the tourism industry is expected to propel the growth of the car rental market going forward. The tourism industry refers to the business that deals with the traveling of individuals from one destination to another for various purposes such as business, vacations, pleasure traveling of individuals from one destination to for various purposes such as business, vacations, or pleasure. In the tourism industry, renting a car or vehicle helps travelers to enjoy the journey at an affordable cost and provides the passengers with a secure, comfortable, and relaxing ride by following a simple booking procedure. For instance, in September 2022, according to the World Tourism Organization (UNWTO), a Spain-based international organization, the tourism sector had recovered almost 60% of the pre-pandemic levels. The estimated number of tourists traveling at the international level from January to July 2022 accounted for 474 million, as compared to 175 million tourists in the same months of the year 2021. With tourists reaching 57% of pre-pandemic levels in the first seven months of 2022, international tourism continued to exhibit encouraging signs of recovery. Therefore, the significant growth in the tourism industry is driving the growth of the car rental market.
Technological advancements are the key trends gaining popularity in the car rental market. Companies operating in the car rental market are adopting new technologies to sustain their position in the market. For instance, in October 2022, The Growr Inc., a UK-based self-driving car rental company, launched the 'AI Smart Drive' self-driving cars in the car rental industry. AI (artificial intelligence) Smart Drive is an innovation in the car rental industry that enables the incorporation of self-driving vehicles into already-available rental services. The Growr's self-driving automobiles are also referred to as driverless or autonomous vehicles. They represent unique technological advances. These vehicles use a collection of sensors to sense their surroundings and move safely with little to no human intervention. The goal of AI Smart Drive is to offer fully autonomous automobiles.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=10082&type=smp
Major Key Players of the Market:
Enterprise Rent-A-Car LLC; The Hertz Corporation;SIXT SE; Europcar Rental Company; Avis Budget Group Inc.; Uber Technologies Inc.; Localiza Rent -a-Car SA; National Car Rentals Pte. Ltd.; Ace Rent-A-Car Pvt. Ltd.; Eco Rent A Car LLC; Carzonrent India Pvt. Ltd.; Renault Eurodrive Inc.; Alamo Rent A Car Inc.; Budget Rent a Car System Inc.; Thrifty Car Rental; Dollar Rent A Car; Turo Inc.; Getaround Inc.; Zipcar Inc.; Car2Go GmbH; Maven Mobility LLC; GIG Mobility LLC; RelayGo Inc.; Communauto Inc.; AUTOshare Inc.; Modo Co-operative; Silvercar Inc.; Fox Rent a Car; Green Motion; Discovery Rentals
Car Rental Market 2024 Key Insights:
• The car rental market will grow to $146.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Accelerated Tourism Resurgence A Catalyst For Car Rental Market Expansion
• Revolutionizing Wheels With The Rise Of Tech-Infused Innovations In Car Rentals
• North America was the largest region in the car rental market in 2023
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=10082&type=smp
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
"The Business Research Company recently released a comprehensive report on the Global Car Rental Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company's, The car rental market size has grown strongly in recent years. It will grow from $102.29 billion in 2023 to $110.4 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to rise in international tourism, increasing business travel, urbanization and mobility needs, economic growth and disposable income, expansion of online booking platforms, partnerships and collaborations.
The car rental market size is expected to see strong growth in the next few years. It will grow to $146.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to shift in consumer preferences, integration of electric and sustainable vehicles, changing work patterns and remote work, tourism recovery post-pandemicemergence of subscription-based models. Major trends in the forecast period include investments in technology and fleet innovation, advancements in digital technologies, rise of subscription-based car rental models, focus on contactless rental services, integration of electric vehicles (evs) in rental fleets.
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/car-rental-global-market-report
Market Drivers and Trends:
The significant growth in the tourism industry is expected to propel the growth of the car rental market going forward. The tourism industry refers to the business that deals with the traveling of individuals from one destination to another for various purposes such as business, vacations, pleasure traveling of individuals from one destination to for various purposes such as business, vacations, or pleasure. In the tourism industry, renting a car or vehicle helps travelers to enjoy the journey at an affordable cost and provides the passengers with a secure, comfortable, and relaxing ride by following a simple booking procedure. For instance, in September 2022, according to the World Tourism Organization (UNWTO), a Spain-based international organization, the tourism sector had recovered almost 60% of the pre-pandemic levels. The estimated number of tourists traveling at the international level from January to July 2022 accounted for 474 million, as compared to 175 million tourists in the same months of the year 2021. With tourists reaching 57% of pre-pandemic levels in the first seven months of 2022, international tourism continued to exhibit encouraging signs of recovery. Therefore, the significant growth in the tourism industry is driving the growth of the car rental market.
Technological advancements are the key trends gaining popularity in the car rental market. Companies operating in the car rental market are adopting new technologies to sustain their position in the market. For instance, in October 2022, The Growr Inc., a UK-based self-driving car rental company, launched the 'AI Smart Drive' self-driving cars in the car rental industry. AI (artificial intelligence) Smart Drive is an innovation in the car rental industry that enables the incorporation of self-driving vehicles into already-available rental services. The Growr's self-driving automobiles are also referred to as driverless or autonomous vehicles. They represent unique technological advances. These vehicles use a collection of sensors to sense their surroundings and move safely with little to no human intervention. The goal of AI Smart Drive is to offer fully autonomous automobiles.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=10082&type=smp
Major Key Players of the Market:
Enterprise Rent-A-Car LLC; The Hertz Corporation;SIXT SE; Europcar Rental Company; Avis Budget Group Inc.; Uber Technologies Inc.; Localiza Rent -a-Car SA; National Car Rentals Pte. Ltd.; Ace Rent-A-Car Pvt. Ltd.; Eco Rent A Car LLC; Carzonrent India Pvt. Ltd.; Renault Eurodrive Inc.; Alamo Rent A Car Inc.; Budget Rent a Car System Inc.; Thrifty Car Rental; Dollar Rent A Car; Turo Inc.; Getaround Inc.; Zipcar Inc.; Car2Go GmbH; Maven Mobility LLC; GIG Mobility LLC; RelayGo Inc.; Communauto Inc.; AUTOshare Inc.; Modo Co-operative; Silvercar Inc.; Fox Rent a Car; Green Motion; Discovery Rentals
Car Rental Market 2024 Key Insights:
• The car rental market will grow to $146.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Accelerated Tourism Resurgence A Catalyst For Car Rental Market Expansion
• Revolutionizing Wheels With The Rise Of Tech-Infused Innovations In Car Rentals
• North America was the largest region in the car rental market in 2023
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=10082&type=smp
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Car Rental Market Trends, Outlook, Demand, Insights, Overview 2024-2033 here
News-ID: 3749107 • Views: …
More Releases from The Business research company
Rising Incidence of Dental Disorders Sparks Growth in the Tooth-Filling Material …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Tooth Filling Materials Market Through 2025?
In the past few years, the market size for tooth filling materials has experienced robust growth. Projected to rise from $1.82 billion in 2024 to $1.92 billion in 2025, it's set to journey at a compound…
2025-2034 Stress Tests Equipment Market Outlook: Key Drivers, Emerging Challenge …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Will the Stress Tests Equipment Industry Market Size Be by 2025?
In recent years, the market for stress test equipment has seen robust growth. From a value of $2.99 billion in 2024, it is projected to increase to $3.19 billion in 2025, reflecting a compound annual growth rate…
2025 Positron Emission Tomography (PET) Scanners Industry Trends Report: Long-Te …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
How Large Will the Positron Emission Tomography (PET) Scanners Market Size By 2025?
The market size for positron emission tomography (pet) scanners has been witnessing a steady increment in the past years. The market is expected to escalate from $1.51 billion in 2024 to $1.58 billion in 2025, registering…
Strategic Forecast for the Ostomy Devices Industry: Market Outlook 2025-2034
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Ostomy Devices Market Size Growth Forecast: What to Expect by 2025?
In the past few years, the ostomy devices market has been consistently expanding. Projections show an increase from $2.8 billion in 2024 to $2.9 billion in 2025, maintaining a compound annual growth rate (CAGR) of 3.9%. The significant…
More Releases for Car
Car Washing Services Market Is Booming So Rapidly with Mister Car Wash, Zips Car …
The Car Washing Services Market has been fragmented based on the productivity of several companies; therefore, each segment and its sub-segments are analyzed in the research report. Furthermore, the report offers 360 views on historical and upcoming growth based on volume, value, production, and consumption. Moreover, it classifies depend on sub-segments, key segments as per the significant regions and offers an in-depth analysis on the competitive edge of the market.…
Car Wash Service Market Boosting the Growth Worldwide: Auto Bell Car Wash, Miste …
The latest study released on the Global Car Wash Service Market by AMA Research evaluates market size, trend, and forecast to 2027. The Car Wash Service market study covers significant research data and proofs to be a handy resource document for managers, analysts, industry experts and other key people to have ready-to-access and self-analyzed study to help understand market trends, growth drivers, opportunities and upcoming challenges and about the competitors.
Key…
Car Rental Services Market Forecast to 2028 Covid-19 Impact and Global Analysis …
Car rental services are a process of hiring/renting a car for a limited period from a rental company. Various companies like Uber Technologies, Europcar rent the vehicles for a short period ranging from few hours to weeks. The different types of cars rented by the company include Luxury Car, executive car, and economical car among others. Additionally, vehicle renting agencies also offer other products such as insurance, entertainment systems, and…
Car Rentals Market Growth Strategies and Innovative Technology Transformation by …
Worldwide Market Reports has announced the addition of the "Car Rentals Market Report 2020-2027 Production, Sales And Consumption Status And Prospects Professional Research", The report classifies the global Car Rentals Market in a precise manner to offer detailed insights about the aspects responsible for augmenting as well as restraining market growth.
The emergence of own-brand digital ordering platform has been trending in the global Car Rentals market. Car Rentals such as…
Luxury Car Leasing Market Competitors Analysis By German Rent A Car, ANI Technol …
'Global Luxury Car Leasing Market Research Report' the report is complete with an elaborate research undertaken by prominent analysts and a detailed analysis of the global industry place. The Luxury Car Leasing report is fragmented in several features which include manufacturers, region, type, application, market status, market share, growth rate, future trends, market drivers, opportunities, challenges, emerging trends, risks, entry barriers, sales channels, and distributors which are again elaborated in…
Car Wash Market is Thriving Worldwide 2026 | Super Star Car Wash, Autobell Car W …
This Car Wash Market research report offers you an array of insights about Automotive industry and business solutions that will support to stay ahead of the competition. Systematic investment analysis is also underlined in this Car Wash Market report which forecasts impending opportunities for the market players.This market report is the outcome of persistent efforts lead by knowledgeable forecasters, innovative analysts and brilliant researchers who carries out detailed and diligent…
