Global Passenger Car Rental Market Segments 2024, Forecast To 2033
5 Mar, 2024
The passenger car rental market has shown steady growth, increasing from $171.99 billion in 2023 to $179.97 billion in 2024, with a compound annual growth rate (CAGR) of 4.6%. This growth is attributed to travel and tourism trends, business travel needs, urbanization, economic conditions, and changing consumer preferences. Looking ahead to 2028, the market is expected to reach $211.78 billion, maintaining a 4.2% CAGR. The forecasted growth is linked to international travel expansion, sustainability concerns, and corporate travel rise.
Global Passenger Car Rental Market Key Driver
The passenger car rental market is growing due to the low rate of car ownership among millennials. In 2021, millennials experienced a decrease in new car registrations by 27.3%, leading to a decline in car ownership. This shift towards renting cars instead of ownership propels the passenger car rental market.
Get A Free Sample Of The Global Passenger Car Rental Market ReportGlobal 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
By Geography: The regions covered in the anti inflammatory therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North America was the largest region in the passenger car rental market in 2023. 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
Major Passenger Car Rental Industry Players
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.; car2go North America LLC
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AIOps 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.