Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A2036
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Market Overview 2023-2028:

The global car rental market size reached US$ 79.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 95.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.1% during 2023-2028.

Car rental refers to the facility of renting automobiles temporarily for a predefined period through online or offline channels. Car rental services are primarily aimed at serving travelers and individuals who do not own private vehicles. Renting automobiles is considered to be a more cost-effective alternative to owning a vehicle as it offers freedom of movement, low-cost traveling and enables the evasion of high ownership costs. The service providers also offer various other products, such as car damage repair, insurance compensation policies, entertainment systems, global positioning systems (GPS) and Wi-Fi networks, for providing enhanced convenience to users.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Car Rental Market Trends:

Significant growth in the travel and tourism industry across the globe is one of the key factors driving the growth of the car rental industry. Furthermore, the rising urban population with increasing inclination toward adventure and travel is also providing a boost to the market growth. In line with this, individuals are adopting car rental services in the form of taxis and carpooling for increased mobility and cost-effective traveling. The implementation of favorable government policies, along with the increasing awareness regarding environment conservation, is acting as another growth-inducing factor. Governments of both the developed and emerging economies are emphasizing on minimizing their vehicular emissions and promoting car rental services as one of the most economical modes of transportation. Other factors, including the introduction of car rental services through websites and smartphone-based applications, coupled with increasing expenditure capacities of the masses, are expected to drive the market further. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global car rental market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on booking type, rental length, vehicle type, application and end-user.

Breakup by Booking Type:

  • Offline Booking
  • Online Booking
     

Breakup by Rental Length:

  • Short Term
  • Long Term
     

Breakup by Vehicle Type:

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • Luxury
  • Executive
  • Economy
  • SUVs
  • Others
     

Breakup by Application:

  • Leisure/Tourism
  • Business
     

Breakup by End-User:

  • Self-Driven
  • Chauffeur-Driven
     

Breakup by Region:

 

 
 

 

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  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The global car rental industry is highly fragmented with the presence of several small and large players. Some of the major players in the market are:

  • Avis Budget Group, Inc.
  • Carzonrent India Private Limited
  • Eco rent a car
  • Sixt SE
  • Localiza
  • Enterprise Holdings, Inc.
  • Enterprise Rent-A-Car
  • Europcar
  • The Hertz Corporation


Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Booking Type, Rental Length, Vehicle Type, Application, End-User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Avis Budget Group, Inc., Carzonrent India Private Limited, Eco rent a car, Enterprise Holdings, Inc., Enterprise Rent-A-Car, Europcar, Localiza, Sixt SE and The Hertz Corporation
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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