Report Scope & Overview:
Car Rental Market Size was valued at USD 108 billion in 2022 and is expected to reach USD 160.40 billion by 2030 and grow at a CAGR of 5% over the forecast period 2023-2030.
A car rental is a corporation that rents autos for a set length of time; the service allows customers who need a temporary vehicle to use the facility. This type of business caters to customers who are in need of a temporary vehicle. These can be leased through a website that allows online reservations, and they are typically situated close to airports or city areas. They also come with a choice of vehicle sizes to accommodate a wide variety of price ranges and the amount of room that is required. 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. It provides the convenience of arriving at the location within the allotted time, and it can frequently be more cost-effective than other modes of public transportation, especially when traveling in a pair or with a group.
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Uber and Dublin-based car rental startup CarTrawler teamed together in May 2021 to develop Uber Rent, a new automobile rental service. CarTrawler will manage Uber's car rental technology, which is being rolled out across the United States, as a result of the partnership.
MARKET DYNAMICS:
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.
The rise of on-demand transportation services is boosting the expansion of the car rental industry.
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.
OPPORTUNITIES:
Increased availability of car rentals in impoverished areas is a critical need.
The cost-effectiveness of car rental schemes has led to an increase in demand.
Vehicle rental industry businesses can expand their markets by adopting car rental management software.
CHALLENGES:
The growth of the industry is challenged by a lack of internet access in emerging regions.
Competition in the market has been severely impacted by the introduction of additional local players.
IMPACT OF COVID-19:
The market for renting cars has been negatively impacted as a result of Covid19. The tourist industry is essential to the functioning of the global market. The restrictions placed on tourists have had an impact on the international market. As a result of the global shutdowns, there are fewer rental cars currently on the road. The market is experiencing a significant drop in revenue as a direct result of the falling demand for automobile rental services. The instability of the market throughout COVID19 has also resulted in share losses. When compared to other markets for vehicle rental, the impact of COVID19 is quite minor in the car rental industry. As a result of the losses experienced in the market, cost-cutting and the sale of essential assets have been implemented. Despite this, the post-pandemic market trends indicate a high demand in the period of time between now and 2023.
KEY MARKET PLAYERS:
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 are some of the affluent competitors with significant market share in the Car Rental Market.
MARKET ESTIMATION:
Market, By Application:
The global market has been divided into Local Usage, Airport Transport, Outstation, and Others Based on application segment. It is anticipated that the airport transport market would experience significant expansion in the years to come. The segment's revenue stream is being bolstered by an increase in air travelers from all over the world. All major airports across the world are seeing an increasing number of operators trying to capitalize on this trend by building and advertising their own brands and services.
Market, By Rental Duration:
The global market has been divided into Short-term, and long-term Based on the rental duration segment. It is anticipated that the short-term market would experience significant expansion in the years to come.
Market, By Vehicle Type:
The global market has been divided into the Luxury car, Executive car, Economical car, Sports utility vehicle (SUV), and Multi-utility vehicle (MUV) based on the vehicle type segment. It is anticipated that the economical car market would experience significant expansion in the years to come. It is expected that the segment of executive automobiles would record a CAGR of greater than 5.7 percent between the years 2021 and 2028.
MARKET SEGMENTATION:
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)
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REGIONAL ANALYSIS:
The market for car rentals can be broken down into four distinct regions: North America, Europe, Asia Pacific, and the rest of the world. When broken down by region, the Car Rental Market's most important submarket is North America's. From the years 2021 to 2028, it is anticipated that the market would expand at a compound annual growth rate of approximately 8% in the Asia Pacific area. It is anticipated that rising disposable incomes of consumers and continuously growing economies, as well as increased expenditures on business travel, will all have a positive impact on the expansion of the regional market. During the time period under consideration, it is anticipated that the markets in China and India will experience exponential growth.
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 108 Billion |
| Market Size by 2030 | US$ 160.40 Billion |
| CAGR | CAGR of 5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| 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 (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, 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: 2022
Forecast Period: 2023-2030
Historical Data: 2020-2021
Car Rental Market is growing at a CAGR of 5.5% From 2023 to 2030
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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. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Car Rental Market Segmentation, By Application
8.1 Local Usage
8.2 Airport transport
8.3 Outstation
8.4 Others
9. Global Car Rental Market Segmentation, By Rental Duration
9.1 Short-term
9.2 Long-term
10. Global Car Rental Market Segmentation, By Vehicle Type
10.1 Luxury car
10.2 Executive car
10.3 Economical car
10.4 Sports utility vehicle (SUV)
10.5 Multi-utility vehicle (MUV)
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Uber Technologies, Inc.,
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Enterprise Holdings Inc
12.3 Avis Budget Group Inc
12.4 Hertz Global Holdings Inc
12.5 ANI Technologies Pvt. Ltd.
12.6 Europcar
12.7 Carzonrent India Pvt Ltd
12.8 SIXT
12.9 Eco Rent a Car
12.10 Localiza
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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