Car Rental Market Forecasts Robust Growth and Integration of Eco-Friendly Vehicles by 2028

Dublin, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The "Car Rental Global Market Report 2024" has been added to's offering.

The latest comprehensive research on the global car rental market, anticipating a significant growth trajectory through to 2028, has been published and added to our leading industry report collection. The market is forecasted to expand to a value of $146.7 billion, flourishing at a compound annual growth rate (CAGR) of 7.4%.

As consumer preferences increasingly tilt towards sustainable and eco-friendly travel options, the car rental industry is adapting by incorporating electric vehicles (EVs) into their fleets. This market evolution aligns with burgeoning environmental awareness and the transition to a greener economy.

The widespread adoption of digital technology and advanced platforms is reshaping the industry. Innovative service models like subscription-based car rentals are rapidly gaining popularity, poised to make a substantial contribution to the industry's expansion.

Tourism's Recovery Spurs Car Rental Market Growth

The resurgence of global tourism is proving to be a major factor fueling the car rental market's growth. This industry sector has seen a significant boost, providing travelers with secure and affordable transport solutions critical for a rejuvenated travel sector post-pandemic.

Technology Innovations Propel Market Leaders

Innovation and adaptation are driving market competitiveness, with key players deploying advanced technologies such as artificial intelligence in self-driving rental cars, enhancing customer experience and broadening service capabilities.

Regional Market Insights and Acquisitions

The car rental market report covers a breadth of geographic regions, with North America leading the market in 2023 and Asia-Pacific poised as the fastest-growing region throughout the forecast period. Strategic acquisitions, such as Green Motion International's takeover of U-Save Car & Truck Rental LLC, are set to leverage growth prospects by synergizing service portfolios.

Market Dynamics and Segmentation

  • Analysis of market dynamics including drivers, restraints, and opportunities shaping the car rental industry
  • Examination of fleet types, applications, and end users in the car rental services segment
  • Trends in consumer behavior, such as the preference for on-demand transportation services and remote work patterns influencing rental needs

The market research report synthesizes the sector's statistics, including global market size, regional shares, and insights into major competitors within the car rental space. It provides an in-depth analysis of the current and future scenarios essential for industry stakeholders.

The car rental sector's growth story, a robust climb from $102.29 billion in 2023 to a projected $110.4 billion in 2024, reflects the industry's rapid adaptation to global trends and evolving consumer preferences.

This comprehensive report offers a window into the dynamic global car rental market, combining economic analysis with operational strategies to offer a benchmark for industry success. It is an invaluable resource for industry executives, marketing, sales and product managers, analysts, and anyone looking for key industry data in readily accessible documents with clearly presented tables and graphs.

As the car rental market sails towards a brighter future, incorporating sustainable practices and cutting-edge technology, the industry sets the stage for an era of unprecedented growth and innovation.

Companies Profiled

  • Enterprise Rent-A-Car LLC
  • The Hertz Corporation
  • Europcar Rental Company
  • Avis Budget Group Inc.
  • Uber Technologies Inc.
  • Localiza Rent -a-Car SA
  • National Car Rentals Pte. Ltd.
  • Ace Rent-A-Car Pvt. Ltd.
  • Eco Rent A Car LLC
  • Carzonrent India Pvt. Ltd.
  • Renault Eurodrive Inc.
  • Alamo Rent A Car Inc.
  • Budget Rent a Car System Inc.
  • Thrifty Car Rental
  • Dollar Rent A Car
  • Turo Inc.
  • Getaround Inc.
  • Zipcar Inc.
  • Car2Go GmbH
  • Maven Mobility LLC
  • GIG Mobility LLC
  • RelayGo Inc.
  • Communauto Inc.
  • AUTOshare Inc.
  • Modo Co-operative
  • Silvercar Inc.
  • Fox Rent a Car
  • Green Motion
  • Discovery Rentals

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