New York, Oct. 14, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Car Rental Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Global Car Rental Market Size:
The global car rental market is predicted to garner a revenue of USD 250 billion by the end of 2033 by growing at a CAGR of ~10% over the forecast period. In addition to this, the market generated a revenue of USD 100 billion in the year 2022. The market's expansion is primarily attributable to the rising demand for rental cars on a global scale. For instance, the United States rented out 29 million cars in 2021; by 2024, that number is expected to rise to 46 million.
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Further, for security, freedom from driving, and recklessness, renting is a great option. It offers the chance to go on excursions or complete business travel requirements and is a suitable choice for business travelers. The demand for hired cars is estimated to increase over the coming years owing to rising fuel prices and hefty maintenance costs. Additionally, the demand for rented cars is growing among travelers as a result of recent improvements in automotive technology and increasing disposable income, which is expected to create enormous revenue potential for the leading companies competing in the worldwide car rental market throughout the forecast period. It was discovered that in July 2022, the United States disposable personal income increased by 0.2% over the previous month.
Global Car Rental Market: Key Takeaways
- North America region gains the largest portion of the revenue
- Online segment to dominate the revenue graph
- Commercial sub-segment remains prominent in the application segment
Growing Number of Connected Cars and Rising Number of Autonomous Vehicles to Boost Market Growth
With developments in 5G and the internet of things (IoT). The car rental market is anticipated to develop steadily during the forecasted period as more and more vehicles become connected, and as car rental businesses increasingly rely on data. It was noted that global sales of connected automobiles were estimated to be at 47 million in 2020, and they grew by 20% in 2021. Additionally, the increasing integration of advanced safety systems in new vehicles, supported by ongoing industry innovations are anticipated to boost the market growth.
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Furthermore, the advanced driver assistance systems that are supported by innovations in contemporary automobiles help to further improve traffic safety. Full autonomous driving becomes the ultimate objective as the automotive ecosystem progresses toward higher levels of automation and the growing adoption of autonomous vehicles to drive the growth of the global car rental market over the forecast period. It is believed that the adoption of autonomous vehicles (AVs) is predicted to rise and more than 30 million AVs are estimated to hit the road by 2040.
Global Car Rental Market: Regional Overview
The global car rental market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Car Rental Industry to Drive Growth in the North America Region
The market in North America region is anticipated to hold the biggest market share over the forecast period owing to the region's robust transportation infrastructure. An increase in the number of individuals choosing to rent automobiles, and a thriving car rental sector. For instance, in the United States, the rental automobile business generated over USD 28 billion in sales in 2021. In addition to this, the rising demand for autonomous cars and increasing disposable income in the region are predicted to propel the market growth during the forecast period.
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Increasing Pollution Control Laws to Drive Growth in the Asia Pacific Region
On the other hand, the market in Asia Pacific region is estimated to hold a significant market share over the forecast period owing to increasing technological advancements in the field of autonomous vehicles and rising demand for sales of electric cars. Further, the rising initiatives by the government to reduce carbon footprints and the implementation of stringent pollution control law in the region is estimated to boost the growth of the car rental market over the forecast period. It was found that in June 2021, the PUC (Pollution Under Control) certificate for all cars must be uniform across the nation, and the PUC database must be connected to the National Register, according to a notification from the ministry of highways and road transportation of India. Owing to all these factors, the inclination of people toward the rental car is increasing and in turn predicted to boost the market growth.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Car Rental Market, Segmentation by Application
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- Commercial
- Leisure
By the end of 2033, the commercial segment is predicted to have the highest revenue among these segments, supported by the increasing number of travelers and the rising tourism industry across the world. For instance, the travel and tourism sector increased its contribution to the global GDP by roughly USD 1 trillion between 2020 and 2021, reaching USD 5.8 trillion. Additionally, the rising production of commercial vehicles, backed by the increasing sales of commercial vehicles is estimated to propel the market growth.
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Global Car Rental Market, Segmentation by Booking Type
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- Online
- Offline
Out of these, the online segment is estimated to gain noteworthy market share over the forecast period. The growth of the segment can be ascribed to the increasing usage of smartphones and the internet across the globe. As per the estimation, in 2022, there will be around 6.6 billion smartphone users worldwide. This means, that more than 83 percent of the world's population will be smartphone owners. Moreover, the easy availability of the internet at competitive rates and the rising launch of various car booking mobile applications are predicted to drive segment growth.
Global Car Rental Market, Segmentation by Vehicle Type
- Luxury Cars
- Executive Cars
- Economy Cars
- Sports Utility Vehicle (SUV)
- Multi Utility Vehicle (MUV)
Global Car Rental Market, Segmentation by Rental Type
- Local
- Outstation
Few of the well-known market leaders in the global car rental market that are profiled by Research Nester are Hertz Global Holdings, Inc., Fox Rent A Car, Avis Budget Group, Inc., Sixt Rent A Car, LLC, Europcar International S.A.S.U., Uber Technologies Inc., Silvercar, Inc., Enterprise Holdings, Inc., Ecos (I) Mobility & Hospitality Pvt Ltd., Carzonrent India Pvt. Ltd., and others.
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Recent Developments in the Global Car Rental Market
- In September 2022, An agreement between Hertz Global Holdings, Inc. and General Motors Co. said that Hertz would order 175,000 Chevrolet, Buick, GMC, Cadillac, and BrightDrop electric vehicles over the next five years.
- In July 2022, At Texas' Houston Hobby Airport, Fox Rent A Car has announced the opening of its first dual-branded shop in the US. The dual-branded store will be the first official corporate location for Europcar in the US and the twenty-second corporate location for Fox Rent A Car in the US.
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