Press release
Global Self-Drive Car Rental Market Outlook 2025-2034: Trends, Innovations, And Future Outlook
Self-Drive Car Rental Market Growth
What Is the Self-Drive Car Rental Market Size and Projected Growth Rate?
The market size for self-drive car rentals has experienced robust growth in the past few years. Expected to rise from $60.81 billion in 2024 to a significant $65.52 billion in 2025, the Compound Annual Growth Rate (CAGR) is projected at 7.7%. This sweeping progress during history can be attributed to a surge in tourism, an upsurge in smartphone usage, the development of urban mobility, the expansion of middle-class income, and an increasing demand for budget-friendly transportation.A robust expansion is anticipated in the self-drive car rental market over the coming years, with a predicted valuation of $87.57 billion by 2029, indicating a compound annual growth rate (CAGR) of 7.5%. This projected growth can be ascribed to various factors such as increased acceptance of electric vehicles, a surge in demand for touchless rental services, a rising inclination towards subscription-based mobility, the integration of AI and IoT proliferating, and an escalating car-sharing culture. The forecast period is likely to witness some key trends, including state-of-the-art fleet management systems, enhanced AI-driven customer support, the embracement of connected car tech, a rise in the usage of telematics for monitoring, and burgeoning alliances with ride-hailing entities.
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What Are the Major Segments in the Self-Drive Car Rental Market?
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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What Are The Driving Self-Drive Car Rental Market Evolution?
The self-drive car rental market is anticipated to flourish in response to the expansion of the travel and tourism industry. This industry caters services like travel, accommodation, transport, and entertainment activities for both tourists and travelers. Boosted by economic growth, tech upgrades, incremented infrastructure, governmental aid, and enriched global connectivity, the travel and tourism industry continues to bloom. Self-drive car rentals contribute positively to this by providing an affordable, adaptable and convenient travel solution, allowing visitors to discover places as per their comfort. For instance, the World Travel and Tourism Council, a UK-based travel and tourism representative organisation, reported in August 2022, that by 2023 the travel and tourism industry would contribute 9.1% to the global GDP, marking a rise of 23.2% from 2022. Hence, the development of the travel and tourism industry fuels the growth of the self-drive car rental market.
Which Firms Dominate The Self-Drive Car Rental Market Segments?
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.
What Trends Are Expected to Dominate the Self-Drive Car Rental Market in the Next 5 Years?
Prominent businesses in the self-drive car rental sector are adopting cutting-edge innovations, such as high-tech mobile applications, to secure a competitive advantage. These applications utilize revolutionary technology to boost user experience, ease functionality, and maximize performance. For example, IndusGo, a startup from India that provides self-drive car rentals, introduced its updated application, IndusGo 2.0, in May 2023. The enhanced app offers improved user interface, real-time tracking of vehicles, and effortless booking options. Additionally, it comes with AI-assisted vehicle suggestions and flexible pickup or drop locations. This roll-out is meaningful as it boosts user experience and fortifies the company's position in the self-drive car rental market. By incorporating sophisticated technology, IndusGo's goal is to provide a high-quality, streamlined, and customized experience for all users.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Self-Drive Car Rental Market?
2. What is the CAGR expected in the Self-Drive Car Rental Market?
3. What Are the Key Innovations Transforming the Self-Drive Car Rental Industry?
4. Which Region Is Leading the Self-Drive Car Rental Market?
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