Car Rental Market Analysis: Major Players, Lucrative Segments And Top Geographies

21 Jun, 2023

The global car rental market size is expected to grow from $94.75 billion in 2022 to $102.29 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global car rental market size is expected to reach $136.02 billion in 2027 at a CAGR of 7.4%.

Global Car Rental Market Key Driver

The enormous growth in the tourism industry is likely to accelerate the growth of the automobile rental market in the future. The tourism industry refers to the business of transporting people from one location to another for various reasons such as business, vacations, or pleasure. In the tourism sector, renting a car or vehicle allows travellers to enjoy the journey at a reasonable cost and provides passengers with a safe, comfortable, and peaceful ride by following a simple booking system.

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Global Car Rental Market Segments

The global car rental market 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
5) By Geography: The regions covered in the car rental market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global car rental market.

Major Car Rental Industry Players

Enterprise Rent-A-Car LLC, The Hertz Corporation, SIXT Car Rental, Europcar Rental Company, Avis Budget Group Inc., Europcar Rental Company, Localiza Rent -a-Car SA, Uber Technologies Inc., Eco Rent A Car LLC, Carzonrent India Pvt Ltd, Ace Rent-A-Car Pvt. Ltd., National Car Rentals Pte. Ltd., Alamo Rent A Car Inc., Budget Rent a Car System Inc. , Renault Eurodrive Inc.

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Car Rental Market Overview

Car rental refers to a kind of service that involves the process of renting or hiring a car for a short-term period, typically ranging from a few hours to several weeks. Car rental services are typically used by travelers, tourists, or individuals who need a temporary mode of transportation for various reasons, such as vacations, business trips, or vehicle repairs.

Car Rental Global Market Report 2023 provides data on the global car rental market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The car rental market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.