New York , Feb. 05, 2024 (GLOBE NEWSWIRE) -- The global car rental market size is estimated to attain at 10% CAGR from 2023 to 2033. The market is expected to garner a revenue of USD 250 billion by the end of 2033, up from a revenue of USD 100 billion in the year 2022. Car rental services are surging worldwide owing to an increasing number of people traveling for various purposes. As per the record, in 2021 about 455 million people traveled internationally increasing from 1.5 billion in 2019. The growth of the market is also credited to the globally rising automobile rental companies. In the United States, the number of car rental firms reached over 3300 in 2023 with a 0.2% rise from 2022
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Further, the global tourist count is going up post-pandemic with the removal of all restrictions on traveling by the governments. The percentage of international trips in the first quarter of 2023 secured 80%. The number of international tourists count was over 230 million in 2023 from January to March which is twice that of 2022.
Car Rental Market: Key Takeaways
- Market in North America region to propel the highest growth.
- The Online segment to garner the highest growth
- Market in Asia Pacific region to grow at the highest rate
Rising Ratio of Self-Driven Car Rentals Across the World the Growth of the Car Rental Industry
The expanding self-driven car rentals across the globe are projected to hike the market size. Also, there has been a multiplying number of middle-class people who love to travel in automated cars but cannot afford to buy is reckoned to strengthen the trends in the market. As per the report, each year more than 100 million individuals globally become middle class and it was estimated that about 110 million people join the category of middle class by the end of 2024 with Asia region contributing the most.
Car Rental Industry: 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.
Increasing Visitors for Business Meetings and Rising Students is Intended to Proliferate Market Growth in the North America Region
The market of the North America region is analyzed to register a share of 39% in the year 2023. The number of students who travel abroad for studies and jobs is assessed to drive the market trend in the region. The number of international visitors who came to the U.S. from Mexico, Germany, and France together was 51 million as of 2022. The business trips to and from the region are getting higher than ever with improving investors determined to boost the market expansion. The total number of Americans who traveled from the country to outside in 2022 was nearly 80 million.
The Nurturing Count of Cars for Travel Services is Envisioned to Hike the Market Expansion in the Asia Pacific Region
Asia Pacific region is expected to garner a sustainable market share of 28% in the year 2023 owing to the enlarging mobile applications that provide car rental services. Further, the market growth is attributed to the rising concern of people towards environmental pollution which increased the sharing of automobiles including bikes, scooters, and cars. According to the reports, the number of car rental users is expected to reach 350 million by the end of 2027 in the Asia region
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Car Rental Market Segmentation by Booking Type
- Online
- Offline
The online segment is foreseen to register a market share of 52% in the coming years. The market segment size is estimated to foster on account of the soaring adoption of digitalization technology around the world. The aggregating percentage of consumers using internet booking applications owing to the convenience and easy access is propelling the market segment growth. The amplifying peer-to-peer (P2P) car-sharing applications allow car owners to rent their car to others for a short time to get extra income which is also anticipated to contribute to the market segment growth during the forecast period. Turo is one of the popular P2P car rental platforms in SanFransico with over 3 million active guests as of 2022.
Car Rental Industry Segmentation by Application
- Commercial
- Leisure
The leisure segment is anticipated to acquire a notable share in the market during the forecast period. The increasing percentage of airport rental cars and the growing number of tourists across the globe are fueling the market growth. Leisure trips are on the rise owing to the propelled ratio of people going on vacations for anniversaries, birthdays, or other special celebrations is expected to reinforce the market segment trends. The growing trend of leisure traveling by employees is anticipated to accelerate the market segment size. As per the statistical record, over 35% of business travelers in North America prolong their stay during tours to enjoy perform leisure activities and sightseeing as of 2021.
Car Rental Market Segmentation by Vehicle Type
- Luxury Cars
- Executive
- Economy
- Sports Utility Vehicle
- Multi Utility Vehicle
Car Rental Market Segmentation by Rental Type
- Local
- Outstation
A 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., Silvecar, Inc., Enterprise Holdings, Inc., Ecos (I) Mobility & Hospitality Pvt Ltd., Carzonrent India Pvt. Ltd., and others.
Recent Development in the Market
- Hertz Global Holdings, Inc. and EVgo Inc., declared a joint promotion exclusively for new EVgo customers. The offer allows the drivers who enroll for the first time to rent any EV model at Hertz with no subscription and session fees for a year. The promotion also provides the drivers with special rates and can earn reward points as charging credit.
- The Board of Directors of Avis Budget Group Inc., declared a special cash dividend which is USD 10 per share of common stock. The announcement was to pay the amount to the shareholders of record on December 21, 2023, at the close of business on December 15, 2023. The company also purchased shares of 1.3 million of its ordinary stock at an aggregate sale price of USD 240 million during the fourth quarter of 2023.
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