Press release
Self-Drive Car Rental Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
SelfDrive Car Rental
The surge in the travel and tourism industry is poised to stimulate the self-drive car rental market's progression in the future. The travel and tourism industry pertains to the sector offering services such as travel, lodging, transit, and recreational activities for tourists. Factors like economic progress, tech advancements, bettered infrastructure, government backing, and enhanced global connectivity are driving this sector's growth. By providing flexible, affordable, and convenient transportation, self-drive car rentals significantly boost the travel and tourism industry, allowing tourists to discover places at their own convenience. For example, the World Travel and Tourism Council, a UK-based representative for the travel and tourism industry, reported in August 2022 that the sector represented 9.1% of the global GDP in 2023, marking a 23.2% increase from 2022. Consequently, the travel and tourism sector's expansion is fueling the self-drive car rental market's growth.
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How will the growth rate of the self-drive car rental market shape industry trends by 2034?
There's been a remarkable expansion in the self-drive car rental market in the past few years. It is projected to inflate from a worth of $60.81 billion in 2024 to an estimated $65.52 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.7%. This steady growth during the historical period is likely due to factors such as a surge in tourism, a rise in smartphone usage, expansion of urban mobility, increasing income of the middle-class demographic, and a growing need for affordable transport.
The market size for self-drive car rentals is anticipated to witness a substantial expansion in the subsequent years, escalating to $87.57 billion in 2029 with a compound annual growth rate (CAGR) of 7.5%. Several factors contributing to this predicted growth during the forecasted period include the escalating popularity of electric vehicles, heightened requirement for touchless rental services, increasing preference for subscription-focused mobility, the growing integration of AI and IoT, and the rise in car-sharing practices. Key trends anticipated during this forecast period encompass enhanced fleet management systems, advanced AI-driven customer service, adoption of connected car technology, advanced usage of telematics for tracking purposes, and the expansion of partnerships with ride-hailing service providers.
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What trends are poised to drive the future success of the self-drive car rental market?
Leading firms in the self-drive car rental sector are utilizing contemporary innovations, such as cutting-edge mobile applications, to establish a competitive advantage in the industry. These innovative mobile apps make use of the latest technology to boost user experience, simplify functionality, and increase performance. For example, in May 2023, IndusGo, a self-drive car rental startup from India, unveiled its upgraded app, IndusGo 2.0. The updated app offers enhanced user interface, live vehicle tracking, and effortless booking options. It also incorporates AI-driven vehicle suggestions and adaptable pickup or drop locations. This debut plays a key role as it bolsters customer experience and places the corporation in a strategic position in the self-drive car rental sector. IndusGo, by amalgamating advanced technology, aspires to deliver a high-quality, streamlined, and custom-built experience for all its users.
Which primary segments of the self-drive car rental market are driving growth and industry transformations?
The self-drive car rental market covered in this report is segmented -
1) By Type: Hatchback, Sedan, Sports Utility Vehicles, Luxury, Convertible, Vans
2) By Rental Length: Long Term, Short Term
3) By Application: Airport Transport, Local usage, Outstation, Other Applications
4) By End-User: Individual, Corporate
Subsegments:
1) By Hatchback: Compact Hatchback, Mid-Size Hatchback, Electric Hatchback, Performance Hatchback
2) By Sedan: Compact Sedan, Mid-Size Sedan, Full-Size Sedan, Luxury Sedan, Electric Sedan
3) By Sports Utility Vehicles (SUVs): Compact SUV, Mid-Size SUV, Full-Size SUV, Off-Road SUV, Electric SUV
4) By Luxury: Luxury Sedans, Luxury SUVs, Exotic Sports Cars, Limousines
5) By Convertible: Soft-Top Convertible, Hard-Top Convertible, Luxury Convertible, Sports Convertible
6) By Vans: Passenger Vans, Cargo Vans, Minivans, Electric Vans
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Which geographical regions are pioneering growth in the self-drive car rental market?
North America was the largest region in the self-drive car rental market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the self-drive 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 self-drive car rental market landscape?
Major companies operating in the self-drive car rental market are Avis Budget Group Inc., The Hertz Corporation, Localiza Rent a Car S.A., Budget Rent A Car System Inc., Europcar Mobility Group, eHi Car Services Limited, Kayak Inc, Carzonrent India Private Limited, Getaround Inc., Bolt Technology OÜ, CarDekho, Eco Rent A Car Private Limited, U Drive Ltd, Kendall Cars, Myles Automotive Technologies Pvt. Ltd., Zoomcar Inc., MyChoize Self Drive Cars, Rentrip Services Pvt. Ltd., DriveNow, Saxons Self Drive Hire.
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What Is Covered In The Self-Drive Car Rental Global Market Report?
•Market Size Forecast: Examine the self-drive car rental market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the self-drive car rental market for a structured understanding.
•Key Players Overview: Analyze major players in the self-drive car rental market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the self-drive car rental market.
•Segment Contributions: Evaluate how different segments drive overall growth in the self-drive car rental market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the self-drive car rental market.
•Industry Challenges: Identify potential risks and obstacles affecting the self-drive car rental market.
•Competitive Landscape: Review strategic developments in the self-drive car rental market, including expansions, agreements, and new product launches.
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