Press release
Accelerated Tourism Resurgence A Catalyst For Car Rental Market Expansion: A Key Factor Shaping the Future of the Car Rental Market in 2025
Car Rental Market Size
The proliferation of the tourism sector is anticipated to fuel the expansion of the car rental market. The tourism sector encompasses businesses that cater to the transportation needs of individuals traveling from one location to another for various reasons such as business, holidays, or leisure. In this context, the option to rent a car or vehicle within the tourism sector offers travelers an affordable and convenient solution, ensuring a secure, pleasant and relaxed journey utilizing an easy booking process. For example, data from the World Tourism Organization (UNWTO), an international organization based in Spain, demonstrated in September 2022 that the tourism sector had regained almost 60% of its pre-pandemic strength. The calculated number of international tourists from January to July 2022 reached 474 million, in contrast to 175 million tourists during the same period in 2021. With international tourism displaying positive recovery signs and reaching 57% of pre-pandemic levels in the initial seven months of 2022, it adds momentum to the car rental market growth. Hence, the substantial expansion of the tourism industry is a prime impetus for the car rental market's growth.
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What growth opportunities are expected to drive the car rental market's CAGR through 2034?
The steady expansion of the car rental industry has been noted in the past few years, with projections showing a rise from $207.58 billion in 2024 to $216.1 billion in 2025, marking a compound annual growth rate (CAGR) of 4.1%. The previous growth surge has been linked to factors such as a boost in international tourism, rising business travel demand, rapid urbanization and mobility needs, economic development, increased disposable income, the widening of online booking channels, and the forging of partnerships and collaborations.
In the coming years, the car rental market is anticipated to experience consistent growth, escalating to "$261.18 billion in 2029 with a compound annual growth rate (CAGR) of 4.9%. Factors contributing to this growth during the projected period include the shift in consumer behavior, the adoption of electric and sustainable vehicles, alterations in employment trends and remote work, post-COVID-19 revival of tourism, and the rise of subscription-based models. Key trends expected for the same period encompass investment in technology and fleet innovation, progress in digital technologies, the surge of subscription-oriented car rental models, emphasis on touchless rental services, and the incorporation of electric vehicles (EVs) into rental fleets.
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What are the emerging trends shaping the future of the car rental market?
The adoption of cutting-edge technology is a key trend emerging in the car rental market. Companies in this sector are leveraging these advancements to maintain their competitive edge. Take for example, The Growr Inc., a UK-based autonomous car rental firm. In October 2022, they introduced 'AI Smart Drive' self-driving cars to the car rental business. 'AI Smart Drive' exemplifies innovation in the car rental market by integrating self-driving vehicles into existing rental services. The vehicles from The Growr, often referred to as driverless or autonomous, signify significant technological progress. Using a set of sensors, these cars perceive their environment and move safely with minimal or no human control. The objective of the 'AI Smart Drive' is to provide completely autonomous vehicles.
Which growth-oriented segments of the car rental market are leading the industry's development?
The car rental market covered in this report is segmented -
1) By Vehicle Type: Luxury Cars, Executive Cars, Economy Cars, SUVs, MUVs
2) By Booking Type: Online, Offline
3) By Application: Local Usage, Airport Transport, Outstation, Other Applications
4) By End User: Self-Driven, Chauffeur-Driven
Subsegments:
1) By Luxury Cars: Sedans, Sports Cars, High-End SUVs
2) By Executive Cars: Premium Sedans, Business SUVs
3) By Economy Cars: Compact Cars, Subcompact Cars
4) By SUVs: Mid-Size SUVs, Full-Size SUVs
5) By MUVs (Multi Utility Vehicles): Standard MUVs, Compact MUVs
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What regions are leading the charge in the car rental market?
North America was the largest region in the car rental market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global car rental market report during the forecast period. The regions covered in the car rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the car rental market?
Major companies operating in the car rental market include 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
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What Is Covered In The Car Rental Global Market Report?
• Market Size Forecast: Examine the car rental market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the car rental market for a structured understanding.
• Key Players Overview: Analyze major players in the car rental market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the car rental market.
• Segment Contributions: Evaluate how different segments drive overall growth in the car rental market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the car rental market.
• Industry Challenges: Identify potential risks and obstacles affecting the car rental market.
• Competitive Landscape: Review strategic developments in the car rental market, including expansions, agreements, and new product launches.
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