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Passenger Car Rental Market Report 2024 - Passenger Car Rental Market Growth, Insights And Forecast
Passenger Car Rental Market
According to The Business Research Company's, The passenger car rental market size has grown steadily in recent years. It will grow from $171.99 billion in 2023 to $179.97 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to travel and tourism trends, business travel needs, urbanization and mobility, economic conditions, changing consumer preferences.
The passenger car rental market size is expected to see steady growth in the next few years. It will grow to $211.78 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to growth in international travel, rise in business and corporate travel, sustainability and environmental concerns, urban mobility solutions, consumer behavior post-pandemic.. Major trends in the forecast period include collaborations with ride-hailing services, expansion of short-term rentals, corporate car rental programs, integration of autonomous vehicles, customization of rental experiences.
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Market Drivers and Trends:
The low rate of car ownership among millennials is expected to propel the growth of the passenger car rental market going forward. The owner of a vehicle is defined as either a person who is legally in possession of the vehicle or the person whose name is on the vehicle's registration with the Department of Motor Vehicles. The high cost of maintaining vehicles has led to a lower rate of car ownership among millennials resulting in increasingly renting cars instead of buying them. For instance, in July 2021, according to Experian PLC, an Ireland-based provider of data and analytical tools, the millennials saw a decrease in new car registrations, with 27.3% in 2021 and further demand for cars in younger generations decreasing by around 12%. Therefore, the low rate of car ownership among millennials is driving the growth of the passenger car rental market.
Technological advancement is a key trend gaining popularity in the passenger car rental market. Major companies operating in the passenger car rental industry are focused on developing innovative solutions to strengthen their position in the market. For instance, in June 2021, Localiza, a Brazilian-based car rental company, introduced Zarp Localiza, a new business platform. It is uniquely designed with telemetry and data sciences that allow tracking the driver and monitoring the behaviour. The app allows drivers who rent vehicles for work, and it brings together the services that comprise an app that centralizes all car rental services. It is a service platform for app drivers that includes an exclusive app as well as benefits like fuel discounts and can alert drivers with risky driving profiles and reduce the risk of accidents.
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.
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Major Key Players of the Market:
Avis Budget Group Inc.; Sixt SE; Hertz Global Holdings Inc.; Enterprise Holdings Inc.; Europcar Mobility Group SA; Localiza Rent a Car SA; Carzonrent India Pvt Ltd.; Eco Rent a Car; ANI Technologies Pvt Ltd.; Tourism Holdings Ltd.; SK Rent A Car Co. Ltd.; ALD Automotive SA; Autohellas SA; Alamo Rent-a-Car LLC; National Car Rental; Dollar Rent A Car; Thrifty Car Rental; Advantage Rent A Car; Payless Car Rental Inc.; Budget Rent a Car; Firefly Car Rental; E-Z Rent-A-Car; Fox Rent A Car; Green Motion; InterRent International Rent a Car; Rent-A-Wreck; Silvercar Inc.; Turo Inc.; Zipcar Inc.; car2go North America LLC
Passenger Car Rental Market 2024 Key Insights:
• The passenger car rental market will grow to $211.78 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%.
• Millennial Mobility Catalyst For Growth In The Passenger Car Rental Market
• Technological Advancements Steering The Passenger Car Rental Market
• North America was the largest region in the passenger car rental market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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