Car Rental Market - Forecasts from 2023 to 2028

The global car rental market was valued at US$31.469 billion in 2021 and is projected to expand at a CAGR of 8.97% over the forecast period to reach US$57.416 billion by 2028.

The growing global travel and tourism industry is the major driver of the car rental market worldwide. Rising disposable income coupled with the development of road infrastructure and growth of megacities, especially in emerging countries such as Australia, Brazil, China, and India is augmenting the demand for rental cars owing to the increasing number of leisure and business trips. Improving internet connectivity is contributing to the emerging trend of customization of travel trips and online reservations and bookings, thereby propelling the growth of the global car rental market. Technological advancements in telematics solutions and navigation functionalities are leading automobile manufacturers to offer various innovative web-based in order to facilitate the integration of devices such as smartphones with cars.

Among car types, economy cars dominate the global car rental market owing to their cost-effectiveness. However, MUVs will witness significant growth due to the emerging trend of carpooling and car-sharing services. Geographically, North America held the largest share of the global market in 2015 due to the presence of key market players such as Hertz, Avis Budget Group, and Enterprise Holdings and a high number of business activities along with a high number of tourists in the region and growing awareness about carpooling services. APAC region will witness the fastest regional market growth during the forecast period as the rising middle-class population is leading to a significant increase in air travel, providing an opportunity for key players in the car rental market to offer services across all major airports in the region. Moreover, the rising number of both international and domestic tourists coupled with an increasing number of internet users carrying out online travel bookings is boosting the growth of the APAC car rental market.

This research study examines the global car rental market based on various segments: car type, mode of booking, rental category, and geography. First, a brief overview of the market details key driving factors and challenges. Next, Porter's five forces model analyzes the global car rental industry comprehensively. This is followed by industry value chain analysis which determines the companies which are part of the different processes and contributing to various sectors.

The study also presents in-depth information concerning the development, trends, and industry policies and regulations affecting the global car rental market. Moreover, the research study analyzes the overall regulatory framework of the Global car rental sector, offering stakeholders a better understanding of the key factors influencing the overall market environment.

Global car rental Market - Forecasts from 2023 to 2028 are a comprehensive and latest report. It provides vital market information to executives and interested stakeholders to enable them to get vital market information. The report also analyzes the competitive landscape and details strategies of key market players and also plots them on our vendor matrix in four quadrants: leader, follower, challenger, and niche.

The scope and coverage of the global car rental market report are as below:

• Global car rental market data tables and charts
• Market outlook with sections on drivers, restraints, Porter’s, and industry value chain analysis
• Market assessment by car type into economy cars, luxury cars, executive cars, SUVs, and MUVs.
• Detailed market trends, analysis, and graphical representation by mode of booking as online and offline.
• In-depth analysis of the Global car rental market by rental category into local transport, airport transport, outstation transport, and others.
• A 360o view of the demand for Global car rental solutions/services across different geographies (North America, South America, Europe, Middle East and Africa, and Asia Pacific) with further breakdown for key countries within those regions.

Different segments covered under the Global car rental market report are as below:

By Car Type

• Economy Cars
• Luxury Cars
• Executive Cars
• SUVs
• MUVs

By Mode of Booking

• Online
• Offline

By Rental Category

• Local Transport
• Airport Transport
• Outstation Transport
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others