NEW
YORK, May 16, 2024 /PRNewswire/ -- The
global car rental market size is estimated to grow by
USD 157.34 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of over 20.47% during the forecast period.
For more insights on the forecast market size and
historic data (2018 - 2022) - Download Free sample
report in minutes
Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Mode Of Booking
(Offline and Online ), Rental Category (Airport transport, Local
transport, Outstation transport, and Other transport ), Type
(Economy cars, Executive cars, Luxury cars, SUVs, and MUVs ), and
Geography (North America, Europe, APAC, Middle East and Africa, and
South America)
|
Region
Covered
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Key companies
profiled
|
Aspark Holidays Pvt.
Ltd., Autorent Car Rental LLC, Avis Budget Group Inc., Carzonrent
India Pvt. Ltd., Centauro Rent a Car S.L.U., DriiveMe Ltd.,
Enterprise Holdings Inc., Europcar Group UK Ltd., Expedia Group
Inc., Getaround Inc., GO Rentals Auckland Ltd., Hertz Global
Holdings Inc., Localiza Rent a Car SA, Movida Participacoes SA,
Renault SAS, SIXT SE, Turismo Gargo SA de CV, Turo Inc., Uber
Technologies Inc., and Zoomcar India Pvt. Ltd.
|
Key Market Trends Fueling Growth
The car rental market has evolved significantly with the
Internet's penetration, enabling customers to book short-term
rentals for various transportation needs. Websites acting as
intermediaries or brokers, such as carentals.com, expedia.com,
cartrawler.com, and priceline.com, offer customers lower prices and
convenience. However, from operators' perspectives, sales through
intermediaries come with commissions, making direct sales more
favorable. Other trends include the use of mobile apps, online
booking, verification of documents, e-signing contracts, cashless
transactions, and the availability of economy cars, SUVs, electric
vehicles, and airport transport for local usage and global
travelers. Additionally, the tourism sector, air traffic, and
employee retention are influenced by car rental services,
telematics, and information technology. Travel restrictions and
tourist agencies also impact the market.
Market Challenges
- The car rental market is experiencing a transformative shift,
driven by urban mobility trends and the rise of shared mobility
solutions. Car sharing, which allows the use of freely parked
vehicles for short-term rentals, is increasingly popular among
global commuters. This model contrasts traditional car rental
services, offering convenience, flexibility, and cost savings. Key
factors shaping the market include customer experience, global
travel, mobile apps, internet penetration, telematics, online
booking, and cashless transactions. Additionally, the adoption
of electric vehicles (EVs) and various vehicle rental options, such
as self-driven and chauffeur-driven, cater to diverse customer
needs. The market also encompasses mobility solutions, business and
luxury/premium car rentals, and economy/budget car hire
agencies.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
Report
Segment Overview
This car rental market report extensively covers market
segmentation by
- Mode Of Booking
- Rental Category
- 2.1 Airport transport
- 2.2 Local transport
- 2.3 Outstation transport
- 2.4 Other transport
- Type
- 3.1 Economy cars
- 3.2 Executive cars
- 3.3 Luxury cars
- 3.4 SUVs
- 3.5 MUVs
- Geography
- 4.1 North America
- 4.2 Europe
- 4.3 APAC
- 4.4 Middle East and
Africa
- 4.5 South America
1.1 Offline-
In the Car Rental Market, segmentation by mode of booking plays
a significant role in catering to diverse customer needs.
Short-term rentals, a popular choice among global commuters and
tourists, increasingly rely on online booking through mobile apps
for convenience. However, offline access remains essential for
those in remote areas or where Internet penetration is limited.
Economy cars are a staple in this sector, with transportation
demands driven by global travel and tourism. Car rental services
adapt to this trend, integrating telematics and information
technology for online verification of documents, e-signing
contracts, and cashless transactions. Car rental operators
prioritize employee retention and customer experience, offering
airport transport, SUVs, and electric vehicles (EVs) to accommodate
various travel needs. Amidst travel restrictions and air traffic
fluctuations, local usage and tourist agencies continue to drive
demand for car rental services. Offline booking, though less
common, remains a valuable option for customers seeking a car hire
agency experience without relying on the Internet.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The car rental market is experiencing significant growth, driven
by the increasing global travel and commuting needs of customers.
With the widespread use of internet penetration and mobile apps,
car rental services have become more accessible than ever. Car
rental operators are leveraging information technology to enhance
the customer experience, offering online booking, verification of
documents, and e-signing of contracts. The integration of
telematics and cashless transactions has further streamlined the
process. The rise of electric vehicles (EVs) is also transforming
the industry, as travel restrictions and tourist agencies adapt to
the new norm. Smartphone sales continue to fuel the demand for car
rental services, making it a dynamic and evolving market.
Market Research Overview
The car rental market is a significant sector within the
transportation industry, offering short-term vehicle rentals to
individuals and businesses. This service enables customers to use a
car for a specified period without the long-term commitment of
ownership. The market caters to various customer needs, including
leisure travel, business trips, and temporary vehicle replacement.
Car rental companies provide a fleet of vehicles, ranging from
economy cars to luxury models, to accommodate diverse customer
preferences. The market is influenced by several factors, including
fuel prices, travel trends, and economic conditions. Additionally,
the advent of technology has led to innovations such as mobile apps
and online booking systems, enhancing the customer experience.
Overall, the car rental market offers flexibility and convenience,
making it an essential service for modern mobility needs.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Mode Of Booking
-
- Rental Category
-
- Airport Transport
- Local Transport
- Outstation Transport
- Other Transport
- Type
-
- Economy Cars
- Executive Cars
- Luxury Cars
- SUVs
- MUVs
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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