The Car Rental Market Size was valued at USD 130.45 billion in 2023 and is expected to reach USD 311.63 billion by 2031 and grow at a CAGR of 11.5% over the forecast period 2024-2031.
The car rental industry is experiencing a rise due to the several factors. More people are traveling for business and leisure, creating a surge in demand. Child safety seats, navigation systems, mobile phones, entertainment systems, and portable Wi-Fi are some of the additional services and items that can be rented from the car rental facility in addition to the vehicle itself.
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The rise of the internet, particularly in developing countries, allows companies to reach a wider audience through convenient mobile apps. Technology is a key driver, with improved customer management systems and online booking streamlining the rental process. The global travel surge has also spurred car rental companies to expand their reach internationally, creating integrated systems to manage their geographically dispersed operations. Another trend impacting the industry is "bleisure travel," the merging of business trips with leisure activities. Companies are increasingly allowing employees to bring their families on business trips, particularly for international destinations, to boost employee retention and reduce stress. This "bleisure" concept caters to younger business travellers who value the opportunity to explore new locations while on work trips.
MARKET DYNAMICS:
KEY DRIVERS:
The car rental market is flourishing due to a surge in global travel for both business and leisure. A growing number of business trips, fueled by expanding industries, translates to more car rentals for work commutes. Increased disposable income also plays a role, as people have more resources to dedicate to personal travel and exploring new destinations. This rise in travel needs, coupled with growing spending power is propelling the car rental market forward.
RESTRAINTS:
The car rental industry can be susceptible to economic fluctuations. When economic downturns or recessions occur, consumer spending tends to become more cautious. Travel, which is often considered discretionary spending, can be one of the first areas where people cut back. This decrease in travel translates to a lower demand for car rentals. Companies on limited budgets may reduce business trips, and individuals might opt for staycations or more economical travel options that don't require car rentals. Thus, the car rental industry can experience a slowdown during economic hardships.
OPPORTUNITIES:
CHALLENGES:
IMPACT OF RUSSIA-UKRAINE WAR
The war in Russia-Ukraine has significantly disrupted the car rental market globally. Reduced tourism is a major cause with 70% of drop in Eastern European tourism, leading to rapid decline in car rental demand and impacting regional companies' revenue. The war has exacerbated existing supply chain issues in the auto industry. Sanctions and logistical hurdles have limited car production and deliveries, making it harder for rental companies to acquire new vehicles. This shortage could inflate rental prices by up to 15% in some areas due to limited car availability. The conflict has also driven up insurance costs for car rentals in nearby countries due to heightened regional instability. This could deter travellers from renting cars, further decreasing demand. The war's impact on global oil prices has caused fuel cost volatility for car rentals. Companies may raise rental rates or implement fuel surcharges to offset these increased expenses.
IMPACT OF ECONOMIC SLOWDOWN
The Economic downturns can significantly disrupt the car rental market. Tightened consumer spending puts a damper on car rentals, often seen as less economical than using personal vehicles. This is especially true in regions with limited government incentives for rentals. There is a potential 5-10% of revenue decline during downturns. Businesses, a major source of demand, often cut back on discretionary spending like travel, leading to a potential reduction in business travel spending. Consumers, with limited budgets, may opt for staycations or cheaper travel options, further reducing car rental needs. Thus, economic sensitivity can make it difficult for rental companies to raise prices despite rising operational costs, potentially squeezing profit margins.
KEY MARKET SEGMENTS:
By Vehicle Type
Economy Cars is the dominating sub-segment in the Car Rental Market by vehicle type holding around 30-35% of market share due to their affordability. They are the favourite choice for budget-conscious travellers and for short-term rentals. This segment caters to a wider audience, making it the most in-demand category.
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By Application
Airport Transport is the dominating sub-segment in the Car Rental Market by application. Airport transport caters to arriving passengers seeking convenient onward journeys. Outstation rentals are popular for exploring destinations beyond the arrival city, often for leisure purposes. The dominance can vary depending on location and tourist activity.
The North America is the dominating region in the car rental market, holding roughly 35% share. This dominance stems from a thriving tourism industry attracting millions of visitors annually. Strong economies in the US and Canada translate to higher disposable income, fueling leisure travel and car rental needs.
Europe is the second highest region in this market driven by its rich cultural heritage and diverse landscapes. These factors create a high demand for car rentals as tourists explore the continent. Major European cities like London and Paris act as global business hubs, attracting business travellers who frequently rely on car rentals.
The Asia Pacific is the fastest growing region in this market. This rapid growth is fueled by growing economies in countries like China and India, leading to a rise in disposable income and increased travel spending, with car rentals included.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
KEY PLAYERS
The major key players are Enterprise Holdings Inc, Uber Technologies, Inc., Avis Budget Group Inc, Hertz Global Holdings Inc, ANI Technologies Pvt. Ltd., Europcar, Carzonrent India Pvt Ltd, SIXT, Eco Rent a Car, Localiza and other key players.
In May 2023: Car Karlo, a new self-drive car rental service, launched in Pune, India. They aim to capture a share of the booming Indian market by offering an easy-to-use website and mobile app for booking rentals.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 130.45 Billion |
| Market Size by 2031 | US$ 311.63 Billion |
| CAGR | CAGR of 11.5% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Application (Local Usage, Airport Transport, Outstation, Others) • by Rental Duration (Short-term, Long-term) • by Vehicle Type (Luxury car, Executive car, Economical car, Sports utility vehicle (SUV), Multi-utility vehicle (MUV)) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Enterprise Holdings Inc, Uber Technologies, Inc., Avis Budget Group Inc, Hertz Global Holdings Inc, ANI Technologies Pvt. Ltd., Europcar, Carzonrent India Pvt Ltd, SIXT, Eco Rent a Car, and Localiza |
| Key Drivers | • Consumers' increasing ability to spend their money and economies that are expanding steadily. • Renting a car is becoming more popular as millennials are less likely to possess a car than previous generations. |
| RESTRAINTS | • Rising gasoline and diesel prices in developing countries are expected to slow market growth. • The lack of awareness regarding car rental in these locations is the main setback in the business. |
Base Year: 2023
Forecast Period: 2024-2031
Historical Data: 2020-2022
Car Rental Market is growing at a CAGR of 11.5% From 2024 to 2031
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This report covers various segments like by Vehicle Type, by Rental Duration, by Application
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Car Rental Market Segmentation, By Vehicle Type
9.1 Introduction
9.2 Trend Analysis
9.3 Luxury cars
9.4 Executive cars
9.5 Economy cars
9.6 SUVs
9.7 MUVs
10. Car Rental Market Segmentation, By Application
10.1 Introduction
10.2 Trend Analysis
10.3 Local usage
10.4 Airport transport
10.5 Outstation
10.6 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 Trend Analysis
11.2.2 North America Car Rental Market Segmentation, By Country
11.2.3 North America Car Rental Market Segmentation, By Vehicle Type
11.2.4 North America Car Rental Market Segmentation, By Application
11.2.5 USA
11.2.5.1 USA Car Rental Market Segmentation, By Vehicle Type
11.2.5.2 USA Car Rental Market Segmentation, By Application
11.2.6 Canada
11.2.6.1 Canada Car Rental Market Segmentation, By Vehicle Type
11.2.6.2 Canada Car Rental Market Segmentation, By Application
11.2.7 Mexico
11.2.7.1 Mexico Car Rental Market Segmentation, By Vehicle Type
11.2.7.2 Mexico Car Rental Market Segmentation, By Application
11.3 Europe
11.3.1 Trend Analysis
11.3.2 Eastern Europe
11.3.2.1 Eastern Europe Car Rental Market Segmentation, By Country
11.3.2.2 Eastern Europe Car Rental Market Segmentation, By Vehicle Type
11.3.2.3 Eastern Europe Car Rental Market Segmentation, By Application
11.3.2.4 Poland
11.3.2.4.1 Poland Car Rental Market Segmentation, By Vehicle Type
11.3.2.4.2 Poland Car Rental Market Segmentation, By Application
11.3.2.5 Romania
11.3.2.5.1 Romania Car Rental Market Segmentation, By Vehicle Type
11.3.2.5.2 Romania Car Rental Market Segmentation, By Application
11.3.2.6 Hungary
11.3.2.6.1 Hungary Car Rental Market Segmentation, By Vehicle Type
11.3.2.6.2 Hungary Car Rental Market Segmentation, By Application
11.3.2.7 Turkey
11.3.2.7.1 Turkey Car Rental Market Segmentation, By Vehicle Type
11.3.2.7.2 Turkey Car Rental Market Segmentation, By Application
11.3.2.8 Rest of Eastern Europe
11.3.2.8.1 Rest of Eastern Europe Car Rental Market Segmentation, By Vehicle Type
11.3.2.8.2 Rest of Eastern Europe Car Rental Market Segmentation, By Application
11.3.3 Western Europe
11.3.3.1 Western Europe Car Rental Market Segmentation, By Country
11.3.3.2 Western Europe Car Rental Market Segmentation, By Vehicle Type
11.3.3.3 Western Europe Car Rental Market Segmentation, By Application
11.3.3.4 Germany
11.3.3.4.1 Germany Car Rental Market Segmentation, By Vehicle Type
11.3.3.4.2 Germany Car Rental Market Segmentation, By Application
11.3.3.5 France
11.3.3.5.1 France Car Rental Market Segmentation, By Vehicle Type
11.3.3.5.2 France Car Rental Market Segmentation, By Application
11.3.3.6 UK
11.3.3.6.1 UK Car Rental Market Segmentation, By Vehicle Type
11.3.3.6.2 UK Car Rental Market Segmentation, By Application
11.3.3.7 Italy
11.3.3.7.1 Italy Car Rental Market Segmentation, By Vehicle Type
11.3.3.7.2 Italy Car Rental Market Segmentation, By Application
11.3.3.8 Spain
11.3.3.8.1 Spain Car Rental Market Segmentation, By Vehicle Type
11.3.3.8.2 Spain Car Rental Market Segmentation, By Application
11.3.3.9 Netherlands
11.3.3.9.1 Netherlands Car Rental Market Segmentation, By Vehicle Type
11.3.3.9.2 Netherlands Car Rental Market Segmentation, By Application
11.3.3.10 Switzerland
11.3.3.10.1 Switzerland Car Rental Market Segmentation, By Vehicle Type
11.3.3.10.2 Switzerland Car Rental Market Segmentation, By Application
11.3.3.11 Austria
11.3.3.11.1 Austria Car Rental Market Segmentation, By Vehicle Type
11.3.3.11.2 Austria Car Rental Market Segmentation, By Application
11.3.3.12 Rest of Western Europe
11.3.3.12.1 Rest of Western Europe Car Rental Market Segmentation, By Vehicle Type
11.3.2.12.2 Rest of Western Europe Car Rental Market Segmentation, By Application
11.4 Asia-Pacific
11.4.1 Trend Analysis
11.4.2 Asia Pacific Car Rental Market Segmentation, By Country
11.4.3 Asia Pacific Car Rental Market Segmentation, By Vehicle Type
11.4.4 Asia Pacific Car Rental Market Segmentation, By Application
11.4.5 China
11.4.5.1 China Car Rental Market Segmentation, By Vehicle Type
11.4.5.2 China Car Rental Market Segmentation, By Application
11.4.6 India
11.4.6.1 India Car Rental Market Segmentation, By Vehicle Type
11.4.6.2 India Car Rental Market Segmentation, By Application
11.4.7 Japan
11.4.7.1 Japan Car Rental Market Segmentation, By Vehicle Type
11.4.7.2 Japan Car Rental Market Segmentation, By Application
11.4.8 South Korea
11.4.8.1 South Korea Car Rental Market Segmentation, By Vehicle Type
11.4.8.2 South Korea Car Rental Market Segmentation, By Application
11.4.9 Vietnam
11.4.9.1 Vietnam Car Rental Market Segmentation, By Vehicle Type
11.4.9.2 Vietnam Car Rental Market Segmentation, By Application
11.4.10 Singapore
11.4.10.1 Singapore Car Rental Market Segmentation, By Vehicle Type
11.4.10.2 Singapore Car Rental Market Segmentation, By Application
11.4.11 Australia
11.4.11.1 Australia Car Rental Market Segmentation, By Vehicle Type
11.4.11.2 Australia Car Rental Market Segmentation, By Application
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Car Rental Market Segmentation, By Vehicle Type
11.4.12.2 Rest of Asia-Pacific Car Rental Market Segmentation, By Application
11.5 Middle East & Africa
11.5.1 Trend Analysis
11.5.2 Middle East
11.5.2.1 Middle East Car Rental Market Segmentation, By Country
11.5.2.2 Middle East Car Rental Market Segmentation, By Vehicle Type
11.5.2.3 Middle East Car Rental Market Segmentation, By Application
11.5.2.4 UAE
11.5.2.4.1 UAE Car Rental Market Segmentation, By Vehicle Type
11.5.2.4.2 UAE Car Rental Market Segmentation, By Application
11.5.2.5 Egypt
11.5.2.5.1 Egypt Car Rental Market Segmentation, By Vehicle Type
11.5.2.5.2 Egypt Car Rental Market Segmentation, By Application
11.5.2.6 Saudi Arabia
11.5.2.6.1 Saudi Arabia Car Rental Market Segmentation, By Vehicle Type
11.5.2.6.2 Saudi Arabia Car Rental Market Segmentation, By Application
11.5.2.7 Qatar
11.5.2.7.1 Qatar Car Rental Market Segmentation, By Vehicle Type
11.5.2.7.2 Qatar Car Rental Market Segmentation, By Application
11.5.2.8 Rest of Middle East
11.5.2.8.1 Rest of Middle East Car Rental Market Segmentation, By Vehicle Type
11.5.2.8.2 Rest of Middle East Car Rental Market Segmentation, By Application
11.5.3 Africa
11.5.3.1 Africa Car Rental Market Segmentation, By Country
11.5.3.2 Africa Car Rental Market Segmentation, By Vehicle Type
11.5.3.3 Africa Car Rental Market Segmentation, By Application
11.5.3.4 Nigeria
11.5.3.4.1 Nigeria Car Rental Market Segmentation, By Vehicle Type
11.5.3.4.2 Nigeria Car Rental Market Segmentation, By Application
11.5.3.5 South Africa
11.5.3.5.1 South Africa Car Rental Market Segmentation, By Vehicle Type
11.5.3.5.2 South Africa Car Rental Market Segmentation, By Application
11.5.3.6 Rest of Africa
11.5.3.6.1 Rest of Africa Car Rental Market Segmentation, By Vehicle Type
11.5.3.6.2 Rest of Africa Car Rental Market Segmentation, By Application
11.6 Latin America
11.6.1 Trend Analysis
11.6.2 Latin America Car Rental Market Segmentation, By Country
11.6.3 Latin America Car Rental Market Segmentation, By Vehicle Type
11.6.4 Latin America Car Rental Market Segmentation, By Application
11.6.5 Brazil
11.6.5.1 Brazil Car Rental Market Segmentation, By Vehicle Type
11.6.5.2 Brazil Car Rental Market Segmentation, By Application
11.6.6 Argentina
11.6.6.1 Argentina Car Rental Market Segmentation, By Vehicle Type
11.6.6.2 Argentina Car Rental Market Segmentation, By Application
11.6.7 Colombia
11.6.7.1 Colombia Car Rental Market Segmentation, By Vehicle Type
11.6.7.2 Colombia Car Rental Market Segmentation, By Application
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Car Rental Market Segmentation, By Vehicle Type
11.6.8.2 Rest of Latin America Car Rental Market Segmentation, By Application
12. Company Profiles
12.1 Enterprise Holdings Inc
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Uber Technologies, Inc.
12.2.1 Company Overview
12.2.2 Financial
12.2.3 Products/ Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Avis Budget Group Inc
12.3.1 Company Overview
12.3.2 Financial
12.3.3 Products/ Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Hertz Global Holdings Inc
12.4.1 Company Overview
12.4.2 Financial
12.4.3 Products/ Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 ANI Technologies Pvt. Ltd.
12.5.1 Company Overview
12.5.2 Financial
12.5.3 Products/ Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Europcar
12.6.1 Company Overview
12.6.2 Financial
12.6.3 Products/ Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Carzonrent India Pvt Ltd
12.7.1 Company Overview
12.7.2 Financial
12.7.3 Products/ Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 SIXT
12.8.1 Company Overview
12.8.2 Financial
12.8.3 Products/ Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Eco Rent a Car
12.9.1 Company Overview
12.9.2 Financial
12.9.3 Products/ Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Localiza
12.10.1 Company Overview
12.10.2 Financial
12.10.3 Products/ Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. USE Cases and Best Practices
15. Conclusion
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