According to IMARC Group’s latest report, titled “Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 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 several online or offline channels that that allow the facility of renting automobiles temporarily for a predefined period. They enable individuals and travelers who do not own private cars rent vehicles from various ranges, including luxury, executive, economy, SUVs, and others, on an hourly, weekly, or daily basis.
Car rental services prove to be a highly cost-effective alternative as compared to owning a vehicle. They also ensure other advantages, such as freedom of movement, low-cost traveling, evasion of high ownership costs, etc. As a result, car rental solutions find extensive utilization across the globe.
Industry Trends and Drivers:
The growing travel and tourism industry across countries and the expanding urban population with a higher inclination toward adventure and travel are among the key factors driving the car rental market.
In addition to this, the inflating demand for the service among consumers in the form of taxis and carpooling for improved mobility and cost-efficient traveling is acting as another significant growth-inducing factor.
Apart from this, the elevating air pollution levels and the launch of numerous supportive policies by the government bodies in both developed and developing countries aimed at promoting car rental services as an economical mode of transportation to lower vehicular emissions are also positively influencing the market growth.
Moreover, the rising investments in research as development (R&D) activities by leading market players to introduce car rental services through websites and smartphone-based applications and the increasing penetration of high-speed internet connectivity are expected to bolster the market over the forecasted period.
Related Reports by IMARC Group:
The competitive landscape of the car rental market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Avis Budget Group, Inc.
- Carzonrent India Private Limited
- Eco rent a car
- Sixt SE
- Enterprise Holdings, Inc.
- Enterprise Rent-A-Car
- The Hertz Corporation
Key Market Segmentation:
The report has segmented the market based on booking type, rental length, vehicle type, application, end-user and region.
Breakup by Booking Type:
- Offline Booking
- Online Booking
Breakup by Rental Length:
- Short Term
- Long Term
Breakup by Vehicle Type:
Breakup by Application:
Breakup by End-User:
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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