Press release
Car Rental Market: Future Trends, Market Size, Growth Rate, and Key Players
Car Rental Market Size
Continuously growing at a compound annual growth rate (CAGR) of 4.9%, the global car rental market is expected to become a market worth $261.18 billion by 2029. Bolstered by a rise in international tourism, increasing business travel, urbanization and mobility needs, and other factors, the car rental market persists to expand._x000D_
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What Is The Projected Market Size Of The Global Car Rental Market And Its Growth Rate?_x000D_
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• The car rental market, valued at $207.58 billion in 2024, is anticipated to reach $216.1 billion in 2025, reflecting a CAGR of 4.1%._x000D_
• Growth factors include increasing disposable income, the expansion of online booking platforms, and more._x000D_
• The market is predicted to further expand and reach a value of $261.18 billion in 2029, growing at a CAGR of 4.9%._x000D_
• This forecasted growth is attributed to shifts in consumer preferences, electric vehicle integration, changing work patterns, and post-pandemic tourism recovery._x000D_
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What Is Driving The Growth In The Car Rental Market?_x000D_
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The significant growth of the tourism industry is spurring the development of the car rental market. It includes business travels, vacations, and pleasure trips, where renting a car enhances the travel experience by providing secure, comfortable, and affordable transportation. The World Tourism Organization (UNWTO) reported that the tourism sector almost recovered 60% of its pre-pandemic levels in September 2022, which is propelling the car rental market's progress._x000D_
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Who Are the Key Players Driving Car Rental Market Growth?_x000D_
The companies leading the car rental market include:_x000D_
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• Enterprise Rent-A-Car LLC_x000D_
• The Hertz Corporation_x000D_
• SIXT SE_x000D_
• Europcar Rental Company_x000D_
• Avis Budget Group Inc._x000D_
• Uber Technologies Inc._x000D_
• Localiza Rent -a-Car SA_x000D_
• National Car Rentals Pte. Ltd._x000D_
• Ace Rent-A-Car Pvt. Ltd._x000D_
• Eco Rent A Car LLC_x000D_
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What Are The Key Trends In The Car Rental Market?_x000D_
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• Investment in technology and fleet innovation_x000D_
• Advancements in digital technologies_x000D_
• Rise of subscription-based car rental models_x000D_
• Focus on contactless rental services_x000D_
• Integration of electric vehicles (EVs) in rental fleets_x000D_
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What Are The Segments Of The Global Car Rental Market?_x000D_
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• Vehicle Type: Luxury Cars, Executive Cars, Economy Cars, SUVs, MUVs_x000D_
• Booking Type: Online, Offline_x000D_
• Application: Local Usage, Airport Transport, Outstation, Other Applications_x000D_
• End User: Self-Driven, Chauffeur-Driven_x000D_
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Which Region Leads The Car Rental Market?_x000D_
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Topping the chart, North America was the largest region in the car rental market in 2024. Meanwhile, Asia-Pacific is projected to be the fastest-growing region in the car rental market during the forecast period._x000D_
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Pre-book Your Report for Swift Delivery: https://www.thebusinessresearchcompany.com/report/car-rental-global-market-report_x000D_
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What Is Covered In The Car Rental Market Global Market Report?_x000D_
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- Market Size Analysis: Analyze the Car Rental Market size by key regions, countries, product types, and applications._x000D_
- Market Segmentation Analysis: Identify various subsegments within the Car Rental Market for effective categorization._x000D_
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape._x000D_
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market._x000D_
- Market Contribution: Evaluate contributions of different segments to the overall Car Rental Market growth._x000D_
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers._x000D_
- Industry Challenges: Analyze challenges and risks affecting the Car Rental Market._x000D_
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market._x000D_
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