Pune, India., May 29, 2023 (GLOBE NEWSWIRE) -- The global car rental & leasing market size was valued at USD 641.54 billion in 2022. The market is projected to grow from USD 728.13 billion in 2023 to USD 1,139.21 billion by 2030, exhibiting a CAGR of 7.6% during the forecast period. The market is growing robustly due to the growing popularity of ride-hailing services. Fortune Business Insights™ presents this information in its report titled “Global Car Rental & Leasing Market, 2023 - 2030.”
Industry Developments:
March 2023: Woodford Group come into acquisition with Enterprise Holdings with an aim to offer long–term and short-term car rental subscriptions with chauffeured drivers and point-to-point services.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 7.6% |
| 2030 Value Projection | USD 1,139.21 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 728.13 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 150 |
Drivers & Restraints:
Increasing Demand for Viable Transportation Options to Propel Industry Growth
Rising investments by government authorities of several nations in eco-friendly vehicles to support a sustainable future have surged the product demand extensively. Furthermore, rising adoption of electric and hybrid vehicles to support the increasing demand for viable transportation options will enhance the industry growth. The inclination toward subscription-based services offered by key players are expected to enhance the industry’s growth.
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Segments-
Leasing Segment to Lead Owing to Easy availability of vehicles
By type, the market is segmented into rental and leasing. The leasing segment is expected to lead as offers greater flexibility in terms of the duration of the lease, the type of vehicle, and the mileage limit.
Commercial Segment to Dominate as It Offers Various Tax Benefits
As per use, the market is classified into personal and commercial. The commercial segment is expected to dominate as leasing offers tax deductions for lease payments or write off the cost of the vehicle as a business expense.
Wide Applications of ICEs Will Favor Segment Growth
In terms of propulsion, the market is fragmented into ICE and electric. The ICE segment is expected to gain popularity due to its wide usage in the automobile industry.
| Segmentation | By Type
|
By Use
| |
By Propulsion
|
Competitive Landscape
Major Players are investing heavily to enhance their Offerings
With rising investments in advanced design and innovation, many small players such as Avis Budget Group, Enterprise Holdings, Europcar Group, Hertz Global Holdings, and National Car Rental are working on advanced solutions to expand their market share for car rental & leasing.
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Regional Insights-
Increasing Tourism across Europe to Impel Market Growth
Europe is poised to maintain its dominance in the car rental & leasing market share during the projected period due to the increasing tourism across the region to explore wide diversities and landscapes.
North America will likely to hold the prominent market share due to increased demand for passenger vehicles across the region. Furthermore, a strong economic structure with low unemployment rates in the region may foster industry growth.
Report Coverage:
The report provides the latest trends in the market and a detailed analysis of the top segments. It comprehensively discusses the impact of COVID-19 on the market and the driving and restraining factors. Additionally, it examines the regional developments and strategies undertaken by the market's leading players to set their global market benchmarks.
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A list of prominent Car Rental & Leasing manufacturers operating in the global market:
- Enterprise Holdings (U.S.)
- Hertz Global Holdings (U.S.)
- AVIS Budget Group (U.S.)
- Europcar Mobility Group (France)
- Sixt SE (Germany)
- ALD Automotive (France)
- LeasePlan Corporation (Netherlands)
- Budget Rent a Car (U.S.)
- National Car Rental (U.S.)
- Dollar Rent a Car (U.S.)
Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Report Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments – Mergers, Acquisitions & Partnerships
- Latest Technological Developments
- Porters Five Forces Analysis
- Impact of COVID-19 on Global Car Rental & Leasing Market
- Global Global Car Rental & Leasing Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Type
- Rental
- Leasing
- Market Analysis, Insights and Forecast – By Use
- Personal
- Commercial
- Market Analysis, Insights and Forecast – By Propulsion
- ICE
- Electric
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-Pacific
- Rest of World
- North America Global Car Rental & Leasing Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Rental
- Leasing
- Market Analysis, Insights and Forecast – By Use
- Personal
- Commercial
- Market Analysis, Insights and Forecast – By Propulsion
- ICE
- Electric
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Market Analysis, Insights and Forecast – By Propulsion
- Canada
- Market Analysis, Insights and Forecast – By Propulsion
- Mexico
- Market Analysis, Insights and Forecast – By Propulsion
- U.S.
- Market Analysis, Insights and Forecast – By Type
- Europe Global Car Rental & Leasing Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Rental
- Leasing
- Market Analysis, Insights and Forecast – By Use
- Personal
- Commercial
- Market Analysis, Insights and Forecast – By Propulsion
- ICE
- Electric
- Market Analysis, Insights and Forecast – By Country
- U.K.
- Market Analysis, Insights and Forecast – By Propulsion
- Germany
- Market Analysis, Insights and Forecast – By Propulsion
- France
- Market Analysis, Insights and Forecast – By Propulsion
- Rest of Europe
- Market Analysis, Insights and Forecast – By Propulsion
- U.K.
- Market Analysis, Insights and Forecast – By Type
- Asia Pacific Global Car Rental & Leasing Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Rental
- Leasing
- Market Analysis, Insights and Forecast – By Use
- Personal
- Commercial
- Market Analysis, Insights and Forecast – By Propulsion
- ICE
- Electric
- Market Analysis, Insights and Forecast – By Country
- China
- Market Analysis, Insights and Forecast – By Propulsion
- Japan
- Market Analysis, Insights and Forecast – By Propulsion
- India
- Market Analysis, Insights and Forecast – By Propulsion
- South Korea
- Market Analysis, Insights and Forecast – By Propulsion
- Rest of Asia Pacific
- Market Analysis, Insights and Forecast – By Propulsion
- China
- Market Analysis, Insights and Forecast – By Type
- Rest of The World Global Car Rental & Leasing Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Rental
- Leasing
- Market Analysis, Insights and Forecast – By Use
- Personal
- Commercial
- Market Analysis, Insights and Forecast – By Propulsion
- ICE
- Electric
- Market Analysis, Insights and Forecast – By Type
- Competitive Analysis
- Key Industry Developments
- Global Market Ranking Analysis (2022)
- Competition Dashboard
- Comparative Analysis – Major Players
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