Global Passenger Car Rental Market Competitive Landscape, Top Market Segments, And Fastest Growing Regions
13 Jul, 2023
The global passenger car rental market size is expected to grow from $164.30 billion in 2022 to $173.19 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. 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 passenger car rental market size is expected to reach $202.40 billion in 2027 at a CAGR of 4%.
Global Passenger Car Rental Market Key Driver
The low incidence of car ownership among millennials is likely to move the passenger car rental market forward in the next years. A vehicle's owner is defined as either the person lawfully in possession of the vehicle or the person whose name appears on the car's registration with the Department of Motor Vehicles. The high expense of vehicle maintenance has resulted in a reduced rate of car ownership among millennials, who are increasingly renting cars rather than buying them.
Get a sample of the global passenger car rental market reportGlobal Passenger Car Rental Market Segments
The global passenger car rental market 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
4) By Geography: The regions covered in the passenger 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 passenger car rental market.
Major Passenger Car Rental Industry Players
Avis Budget Group Inc., Sixt SE, Hertz Global Holdings Inc., Enterprise Holdings Inc., Europcar Mobility Group SA, Localiza, Carzonrent India Pvt Ltd., Eco Rent a Car, ANI Technologies Pvt Ltd., Uber Technologies Inc., Tourism Holdings Ltd., SK Rent A Car Co Ltd., ALD Automotive, Autohellas SA, Alamo Rent-a-Car LLC
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Passenger Car Rental Market Overview
Passenger car rentals are auto services that rent vehicles for a predetermined, typically brief amount of time. Rental cars typically have lower mileage and are serviced on a regular basis to ensure a safe and enjoyable drive.
Passenger Car Rental Global Market Report 2023 provides data on the global passenger car rental market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The passenger car rental market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.