Press release
Passenger Car Rental Market Forecasts: Highlighting Market Drivers, Size, and Trends (2025-2029)
Passenger Car Rental Market Size
What Is The Projected Market Size Of The Global Passenger Car Rental Market And Its Growth Rate?
• The market size is expected to grow from $161.69 billion in 2024 to $167.3 billion in 2025 at a CAGR of 3.5%.
• 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.
• By 2029, it is projected that the market will reach $188.51 billion, growing at a CAGR of 3.0%.
What Is Driving The Growth In The Passenger Car Rental Market?
The primary driving force in the growth of passenger car rental market is the low rate of car ownership among millennials, who are increasingly opting to rent rather than buy cars due to high maintenance costs. For instance, in 2022, Canada saw only a modest 0.3% increase in the total number of registered road motor vehicles, reaching 26.3 million, according to Statistics Canada. This equates to just an additional 78,655 units on the roads.
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Who Are the Key Players Driving Passenger Car Rental Market Growth?
• 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.
What Are The Key Trends In The Passenger Car Rental Market?
• Collaborations with ride-hailing services
• Expansion of short-term rentals
• Corporate car rental programs
• Integration of autonomous vehicles
• Customization of rental experiences
What Are The Segments Of The Global Passenger Car Rental Market?
• By Vehicle Type: Luxury Cars, Executive Cars, Economy Cars, Sports Utility Vehicle(SUV), Multi Utility Vehicle(MUV)
• By Rental Duration: Long-Term, Short-Term
• By Application: Local Usage, Airport Transport, Outstation, Others
Which Region Leads The Passenger Car Rental Market?
North America was the largest region in the passenger car rental market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. Other regions covered in the passenger car rental market report include Western Europe, Eastern Europe, South America, Middle East, Africa.
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What Is Covered In The Passenger Car Rental Market Global Market Report?
- Market Size Analysis: Analyze the Passenger Car Rental Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Passenger Car Rental Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Passenger Car Rental Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Passenger Car Rental Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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