Millennial Mobility Catalyst For Growth In The Passenger Car Rental Market: An Emerging Driver Transforming The Passenger Car Rental Market Landscape

The Passenger Car Rental Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Passenger Car Rental Market Size and Projected Growth Rate?
The market size for passenger car rental has been experiencing consistent expansion in the past few years. The prediction for growth stands at rising from $161.69 billion in 2024 to $167.3 billion by 2025, with a compound annual growth rate (CAGR) of 3.5%. Factors contributing towards the historical growth include trends in travel and tourism, the demand for business travel, the impact of urbanization and mobility, economic situations, and shifting customer preferences.

In upcoming years, the market for passenger car rentals is anticipated to experience consistent expansion, culminating in a size of $188.51 billion in 2029, with a compound annual growth rate (CAGR) of 3.0%. Factors contributing to this growth across the forecast period include an increase in international travel, escalations in business and corporate travel, environmental and sustainability issues, solutions for urban mobility, and changes in consumer behavior following the pandemic. Major trends to watch during the forecast period include partnerships with ride-hailing services, growth in short-term rentals, corporate car rental initiatives, the inclusion of autonomous vehicles, and personalized rental experiences.

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What Are the Different Passenger Car Rental Market Segments?
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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What Are the Primary Drivers Shaping the Passenger Car Rental Market?
The anticipated growth in the passenger car rental market is linked to the low car ownership rates among millennials. A car owner is considered to be the person who legally possesses the vehicle or the one whose name is registered with the Department of Motor Vehicles. Because of the high expenses involved in maintaining vehicles, millennials opt to rent cars more than they purchase them. For example, Statistics Canada reported in November 2023, that there was a slight uptick in the total number of registered road motor vehicles in 2022. Canada registered an increase of 0.3% or 78,655 additional vehicles on the road, making a total of 26.3 million vehicles that year. Hence, the passenger car rental market's growth is closely tied to millennials' low car ownership rates.

Which Companies Are Leading in the Passenger Car Rental Market?
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.

What Are the Major Trends Shaping the Passenger Car Rental Market?
Key players in the passenger car rental market are shifting their focus towards innovation in technology, including the optimisation of financial transactions, in order to provide greater convenience to customers, low operational costs, and increased service efficiency. The optimisation of financial transactions involves using automated systems and digital tools to make payment processes quicker, less complicated, reduce manual involvement, and boost accuracy and efficiency. For example, in March 2024, Amadeus, a technology solutions firm for the travel and tourism sector based in Spain, introduced Amadeus Value Cars. This platform enables travel sellers to provide mobility content without the need to manage multiple contracts or complicated payment methods. This optimisation is aimed to lighten operational loads and enhance the quality of services for both sellers and travellers.

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What Are the Top Revenue-Generating Geographies 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

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Passenger Car Rental Market?
2. What is the CAGR expected in the Passenger Car Rental Market?
3. What Are the Key Innovations Transforming the Passenger Car Rental Industry?
4. Which Region Is Leading the Passenger Car Rental Market?

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