Passenger Car Rental Market Growth Accelerates: Strategic Forecast Predicts $187.89 Billion by 2029

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What Will the Passenger Car Rental Industry Market Size Be by 2025?
The size of the passenger car rental market has experienced consistent growth over the recent years. The market is projected to increase from $162.76 billion in 2024 to $166.95 billion in 2025, reflecting a compound annual growth rate (CAGR) of 2.6%. This positive growth during the historical period has been influenced by factors including travel and tourism patterns, needs of corporate travel, urbanization and mobility, the economy's state, and shifts in consumer tastes.

What's the Long-Term Growth Forecast for the Passenger Car Rental Market Size Through 2029?
In the ensuing years, the market size for passenger car rentals is predicted to flourish consistently, skyrocketing to a value of $187.89 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 3.0%. Factors like international travel growth, an increase in business and corporate journeys, commitment to environmental sustainability, solutions for urban mobility, and changes in consumer behaviour due to the pandemic accounted for this growth in the projected period. The major trends dictating the forecast period entail cooperation with ride-hailing services, growing prevalence of short-term rentals, corporate car rental arrangements, incorporation of self-driving vehicles, and the tailoring of rental experiences.

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What Are the Key Growth Drivers Fueling the Passenger Car Rental Market Expansion?
The passenger car rental market is forecasted to expand due to the decreased levels of car ownership among millennials. A vehicle owner refers to a person who either legally possesses a vehicle or whose name is registered with the Department of Motor Vehicles. The increasing cost of vehicle maintenance has resulted in fewer millennials opting to own cars, leading to the elevation of the car rental market. For example, Statistics Canada reported in November 2023 that the total number of registered road motor vehicles in Canada in 2022 slightly increased, hitting 26.3 million, a 0.3% increase from the previous year. This translates to an additional 78,655 units on the roads. As a result, the decreasing trend of car ownership among millennials is fostering the development of the passenger car rental market.

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What Are the Key Trends Driving Passenger Car Rental Market Growth?
Top firms in the passenger car rental market are concentrating on technical advancements such as the optimization of financial transactions to increase customer comfort, lower operating costs, and boost overall service efficiency. Optimizing financial transactions entails utilizing automated systems and digital tools to simplify and quicken payment procedures, thus decreasing manual labor and improving accuracy and efficiency. For instance, Amadeus, a company from Spain that generates technology solutions for the travel and tourism industry, introduced Amadeus Value Cars in March 2024. This platform lets travel vendors provide mobility content without dealing with numerous contracts or complicated payment procedures. This simplification is anticipated to lessen operational hurdles and improve the service quality for both sellers and travelers.

How Is the Passenger Car Rental Market Segmented?
The passenger car rentalmarket 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 Companies Are Leading the Charge in Passenger Car Rental Market Innovation?
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.

Which Regions Are Leading the Global Passenger Car Rental Market in Revenue?
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

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