Vancouver, Jan. 18, 2024 (GLOBE NEWSWIRE) -- The global car rental market size was USD 122.30 billion in 2022 and is expected to register a revenue CAGR of 7.4% during the forecast period. Increased adaptability of transportation options, growth in the popularity of on-demand transit services, growing tourism and travel industries, and fast urbanization and increasing traffic congestion are some of the key factors driving market revenue growth.
The growing tourism and travel industries are major factors driving market revenue growth. Traveling has become a life-changing and enlightening experience for individuals all around the world. Currently tourism includes traveling to new places, experiencing other cultures, and finding hidden treasures. Car rental services are an essential component of a seamless travel experience, among many other elements. Travelers can freely explore their selected destinations at their own leisure with the help of car rental services.
The current trend in the global car rental market is an increase in popularity of on-demand car rental service. Conventional car rental companies would seem to be the most logical places to launch carsharing companies. They start off with a few inherent advantages, such as the ability to acquire finance for the purchase of a fleet, staff for its management and channels for the sale of de-fleeted units. By automating and decentralizing the car rental process, this innovative on-demand car rental model liberates the rental car from the conventional limitations of the rental lot and counter.
Fast urbanization and growing traffic congestion are also expected to drive revenue growth of the market. Parking shortages, gridlock in the streets and tighter laws governing car ownership are all results of rising urbanization rates. In order to avoid the constraints of owning a car in cities, individuals are choosing to use car rental services instead. Mobility is made convenient when a car is rented, and maintenance expenses and parking issues are removed from the equation. The challenge of parking is one of the main issues that affect urban car owners. While vehicle parking is frequently included in the accommodations of newly constructed places, many older buildings and residential areas were initially intended primarily to accommodate two-wheeler parking.
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However, the growing utility of public transportation can restrain market revenue growth. Long-distance travel can be more affordable and environmentally beneficial when done through public transportation. Particularly in big cities, public transit is frequently far less expensive than renting a car. In addition, a lot of cities provide discounts to regular riders, retirees and students. One can benefit from savings on insurance, parking, gas, and tolls, as well as discounts, passes, and offers on buses, trains and airplanes. Moreover, using public transportation is far less harmful to the environment than using a car.
Segment Insights:
Vehicle Type Insights:
On the basis of vehicle type, the global car rental market is segmented into luxury, executive, economy, SUVs, and MUVs.
The economy segment accounted for the largest revenue share in the global car rental market in 2022. The fuel efficiency and sustainability of economy car drive market growth. An economical car is a dependable and reasonably priced car. It is bigger than a compact car but smaller than a family size sedan. This is an ideal option for anyone wishing to travel on a budget, whether they are traveling alone or with a group of two to four individuals. Even though an economy car is smaller than a sedan, it still provides a nice appearance, great comfort levels and substantial cost savings. Economy cars are those made with the intention of maximizing interior room for a comfortable ride, such as the Ford Fiesta, Vauxhall Corsa and Renault Clio.
Application Insights:
On the basis of application, the global car rental market is segmented into local usage, airport transport, outstation, leisure/tourism, business, and others.
The local usage segment is expected to register a rapid revenue CAGR in the global car rental market in 2022. The major factors driving revenue growth of the segment are the time-saving advantages and route flexibility offered by car rentals. When traveling locally, renting a car can save more time than using the public transportation system. In addition, it enables you to select the fastest route to your location, thus saving you time and trouble. We can select the route that best fits our needs and make extra stops along the way when we rent a car. This can be especially helpful if you want to explore the neighbourhood or are going somewhere far from it. Moreover, GPS technology can enhance the trip experience by acting as the best roadside guide. Depending on the selection, the majority of car rental companies provide a range of vehicles, such as SUVs, minivans, economy cars, and even luxury vehicles.
Regional Insights:
The market in North America accounted for the largest revenue share in the global car rental market in 2022. Growth of the North America market is driven by improved app-based car rental services. For instance, on 11 May 2021, Uber, the ride-sharing behemoth launched Uber Rent, a new automobile rental service, allowing customers to reserve a rental car through the company's smartphone and have it delivered right to their door. The Uber app will allow users to reserve a vehicle from hundreds of different companies, including Hertz, Budget and Avis. Uber Reserve is growing in parallel with this new rental business.
The market in Asia Pacific is expected to register a robust revenue CAGR during the forecast period. The technological advancements in car rental services are the key factor driving revenue growth of the market in this region. For instance, on 02 February 2021, Humax and the Saudi company WTC Auto Rent inked a contract. Humax will provide WTC with the RAiDEA mobility service platform for contactless car rental automation services as part of this new arrangement. RAiDEA is a comprehensive platform for mobility services that offers a range of services, including P2P, B2B, and B2C.
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Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 122.30 Billion |
| CAGR (2023–2032) | 7.4% |
| Revenue forecast to 2032 | USD 249.58 Billion |
| Base year for estimation | 2022 |
| Historical data | 2020-2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Booking Type, Rental Length, Vehicle Type, Application, End-Use, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Enterprise Holdings, Inc., The Hertz Corporation, Avis Rent A Car System, LLC, Sixt, Europcar, DTG Operations, Inc., Alamo, Carzonrent, Fox Rent A Car, Speedy Drive, Autostrad Rent a Car, Advantage.com, Payless Car Rental, Rent-A-Wreck of America Inc., U-Save Car & Truck Rental, Zoomcar Ltd, Budget Truck Rental, LLC, Penske, Ryder System, Inc., and Localiza |
| Customization scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global car rental market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective car rental solutions. some major players included in the global car rental market report are:
- Enterprise Holdings, Inc.
- The Hertz Corporation
- Avis Rent A Car System, LLC
- Sixt
- Europcar
- DTG Operations, Inc.
- Alamo
- Carzonrent
- Fox Rent A Car
- Speedy Drive
- Autostrad Rent a Car
- Advantage.com
- Payless Car Rental
- Rent-A-Wreck of America Inc.
- U-Save Car & Truck Rental
- Zoomcar Ltd
- Budget Truck Rental, LLC
- Penske
- Ryder System, Inc.
- Localiza
Strategic Development
- On 08 June 2023, Uber announced the plan to launch peer-to-peer car sharing in Toronto and Boston, with the goal of enabling users to make money by renting out their vehicles to strangers while they are not using them. Consumers in Uber Carshare cities can explore and book vehicles for hourly or daily rental via the Uber Carshare app. The rental cars must be returned to the location where they were picked up.
- On 19 August 2022, SIXT, one of the top global mobility providers, announced the opening of new branches at Baltimore/Washington International Thurgood Marshall Airport (BWI) and Charlotte Douglas International Airport (CLT) in order to give customers more rental options on the East Coast. By extending its reach to significant airports and business centers such as BWI and CLT, which are among the top 30 rental car markets countrywide, SIXT USA can enhance its corporate consumer base and strengthen its east coast network.
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For the purpose of this report, Emergen Research has segmented global car rental market on the basis of booking type, rental length, vehicle type, application, end-use, and region:
- Booking Type Outlook (Revenue, USD Billion; 2019-2032)
- Offline Booking
- Online Booking
- Rental Length Outlook (Revenue, USD Billion; 2019-2032)
- Short Term
- Long Term
- Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
- Luxury
- Executive
- Economy
- SUVs
- MUVs
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Local usage
- Airport transport
- Outstation
- Leisure/Tourism
- Business
- Others
- End-User Outlook (Revenue, USD Billion; 2019-2032)
- Self-Driven
- Chauffeur-Driven
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
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- U.S.
- Canada
- Mexico
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- Europe
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- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
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- Asia Pacific
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- China
- India
- Japan
- South Korea
- Rest of APAC
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- Latin America
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- Brazil
- Rest of LATAM
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- Middle East & Africa
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- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
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