Car Rental Market Projected to Reach USD 10,111.01 million, with a CAGR of 3.1% by 2030 – Report by Market Research Future (MRFR)
Car rental market growth accelerated by rising growth of the travel and tourism sector and increased awareness about electric mobility services
New York, US, April 30, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Car rentals Market Research Report Information by Booking Type, End-Use, Region, Application, Vehicle Type, and Rental Duration - Forecast Till 2030, the global car rentals market is predicted to bolter substantially during the assessment timeframe from 2022 to 2030 at a healthy growth rate of approximately 3.1%. The reports further project the market to attain a valuation of around USD 10,111.01 million by the end of 2030. As per the reports, the car rental market was worth nearly USD 7,920 million in the year 2022.
Car rentals Market Overview:
Car rental refers to service, including renting cars for many purposes. The services mainly cater to individuals and travelers who do not own personal vehicles. Renting a car is more cost-effective as it enables greater mobility, avoids high ownership costs, and lower-cost travel. For added convenience, service providers offer other products such as global positioning systems (GPS), Wi-Fi networks, entertainment systems, insurance compensation policies, and car damage repair.
The global car rental market has recently displayed massive development. The main aspect causing a surge in the performance of the market is the growing economy. Furthermore, the factors include increased urbanization, several initiatives to regulate traffic & air pollution, and technological advancement. On the other hand, fluctuations in the oil price and cost estimation & payment may impede the market's growth.
The listing of the prominent leaders across the global car rental market includes players such as:
Avis Budget Group
Enterprise Holdings Inc.
Alamo Rent-a-Car LLC
The Hertz Corporation
Carzonrent India Pvt Ltd
ANI Technologies Pvt. Ltd
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Market USP Covered
The global car rental market has recently displayed massive development. The main aspect causing a surge in the performance of the market is the growing economy. Furthermore, the factors include increased urbanization, several initiatives to regulate traffic & air pollution, and technological advancement. Moreover, the substantial development in the travel and tourism industry around the world is also predicted to positively impact the development of the market over the assessment period. In addition, factors such as increased mobility & cost-effective travel, favorable government policy implementation, and increased environmental conservation awareness are likely to enhance the market performance over the coming years.
On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is the volatility in the oil price and cost estimation & payment.
Market Size 2030
2030: USD 10,111.01 million
CAGR during 2022-2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Booking Type, Rental Duration, Vehicle Type Application, and Region
Key Market Opportunities
The increased in internet penetration will create lucrative opportunities for the growth of the car rental market
Key Market Dynamics
The increased adoption of car rental software by key market players is driving the growth of the market
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Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Car rental market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Among all the types, the online booking type segment is anticipated to secure the top spot across the global car rental market over the assessment period, given mainly to the abundance of online plugins for car rental apps and websites available across the global market.
Among all the duration types, the rental duration specifications segment is predicted to ensure the lead across the global car rental market over the review era. On the other hand, the maximum rental period segment is anticipated to dominate the global car rental market over the coming years.
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Based on the vehicle types, the economy cars segment contributed to around 35% of revenue share in 2022 and dominated the global car rental market. On the other hand, the executive cars segment is predicted to ensure the highest CAGR of around 5.8% over the review era.
Among all the end-users, the Self-Driven segment is anticipated to ensure the top spot across the global market over the assessment period, given the rise in tourism demand.
The global car rental market is analyzed across five major geographies: South America, the APAC region, the Middle East & Africa, the European nations, and North America.
The research reports by MRFR suggest that the North American region held the top position across the global car rental market in 2022, with a contribution of around 53%. The main parameter supporting the development of the regional market is the increase in leisure and business tours.
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The Asia-Pacific regional car rental market is anticipated to showcase a maximum growth rate of approximately 8.4% over the review era, given mainly to the rise in consumer spending for tourism and travel. Furthermore, the rising disposable income will likely enhance the regional market's performance over the coming years.
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