Passenger Car Rental Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share

What market dynamics are playing a key role in accelerating the growth of the passenger car rental market?
The anticipated surge in the passenger car rental market is being attributed to the lower levels of vehicle ownership among millennials. A vehicle owner is classified as either the individual who legally possesses the vehicle or the person whose name appears on the vehicle's registration at the Department of Motor Vehicles. The escalating expenses related to vehicle maintenance has contributed to a decreased rate of car ownership among millennials, who are increasingly opting to rent cars rather than purchase them. As an example, in November 2023, Statistics Canada - the governmental agency of Canada in 2022 - reported a minor boost in the total count of registered motor vehicles on the roads, hitting 26.3 million. This 0.3% increase from the previous year equates to an additional 78,655 units. Thus, the dwindling rate of car ownership among millennials is stimulating the expansion of the passenger car rental market.

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How will the growth rate of the passenger car rental market shape industry trends by 2034?
Over the past few years, there has been a consistent increase in the size of the passenger car rental market. Its size is projected to escalate from $161.69 billion in 2024 to $167.3 billion in 2025, maintaining a Compound Annual Growth Rate (CAGR) of 3.5%. Factors contributing to this historical growth include the trends in travel and tourism, increasing requirements for business travel, the ongoing urbanization and need for mobility, economic circumstances, and evolving consumer tastes.

In the coming years, the size of the passenger car rental market is projected to steadily increase, reaching a valuation of $188.51 billion by 2029 with a compound annual growth rate (CAGR) of 3.0%. The anticipated growth throughout this forecast period can be connected to an increase in international and business travel, sustainable practices and environmental concerns, urban transport solutions, and changes in consumer behavior after the pandemic. Major trends to look out for during this period include partnerships with ride-hailing services, the rise of short-term rentals, corporate car rental schemes, the inclusion of autonomous vehicles, and more personalized rental experiences.

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What trends are poised to drive the future success of the passenger car rental market?
Leading firms in the passenger car rental industry are prioritizing the development of technologies such as financial transaction streamlining to boost client convenience, decrease operational costs, and enhance overall service performance. Technologies for streamlining financial transactions refer to the application of automated systems and digital tools that simplify and speed up the payment process, reducing manual labor and bolstering accuracy and efficiency. For example, in March 2024, technology solutions provider for the travel and tourism sector, Amadeus - based in Spain, introduced Amadeus Value Cars. The platform empowers travel sellers to provide mobility content without the need to manage multiple agreements or complicated payment operations, anticipating the reduction of operational challenges and improvements to service standards for both vendors and travelers.

Which primary segments of the passenger car rental market are driving growth and industry transformations?
The passenger car rental market covered in this report is segmented -

1) By Vehicle Type: Luxury Cars, Executive Cars, Economy Cars, Sports Utility Vehicle(SUV), Multi Utility Vehicle(MUV)
2) By Rental Duration: Long-Term, Short-Term
3) By Application: Local Usage, Airport Transport, Outstation, Others

Subsegments:
1) By Luxury Cars: Sedan Luxury Cars, SUV Luxury Cars
2) By Executive Cars: Premium Sedans, Executive SUVs
3) By Economy Cars: Compact Cars, Subcompact Cars
4) By Sports Utility Vehicle (SUV): Standard SUVs, Full-Size SUVs
5) By Multi Utility Vehicle (MUV): Standard MUVs, Luxury MUVs

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Which geographical regions are pioneering growth in 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 passenger car rental market report fastest-growing region in the forecast period. The regions covered in the passenger car rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Who are the influential players reshaping the passenger car rental market landscape?
Major companies operating in the passenger car rental market include 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.

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What Is Covered In The Passenger Car Rental Global Market Report?

• Market Size Forecast: Examine the passenger car rental market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the passenger car rental market for a structured understanding.
• Key Players Overview: Analyze major players in the passenger car rental market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the passenger car rental market.
• Segment Contributions: Evaluate how different segments drive overall growth in the passenger car rental market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the passenger car rental market.
• Industry Challenges: Identify potential risks and obstacles affecting the passenger car rental market.
• Competitive Landscape: Review strategic developments in the passenger car rental market, including expansions, agreements, and new product launches.

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