Dublin, July 31, 2024 (GLOBE NEWSWIRE) -- The "Car Rental Business - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Car Rental Business is estimated at US$69.9 Billion in 2023 and is projected to reach US$102.8 Billion by 2030, growing at a CAGR of 5.7% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the car rental market is driven by several factors that are reshaping the landscape of this industry. Firstly, changing consumer preferences, particularly among millennials and Gen Z, are leaning towards experiences over ownership, making car rental an attractive option. This demographic is more likely to rent a car for specific needs rather than commit to the long-term costs associated with ownership. Secondly, the proliferation of mobile technology and internet penetration has made it easier for customers to access rental services on-the-go, contributing significantly to market expansion.
Another critical driver is the increasing number of business travelers and tourists who prefer renting cars for their convenience and flexibility. Additionally, environmental awareness and regulatory pressures are pushing companies to innovate with cleaner and more sustainable vehicle options. Finally, economic factors such as rising urbanization and improving disposable incomes, especially in emerging markets, are boosting the demand for car rentals as more people can afford to travel and seek rental services for their transportation needs.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Car Rental Business Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Car Rental Business Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Car Rental Business for Airports segment, which is expected to reach US$39.3 Billion by 2030 with a CAGR of a 4.6%. The Car Rental Business for Non-Airport Locations segment is also set to grow at 6.3% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $26.4 Billion in 2023, and China, forecasted to grow at an impressive 10.5% CAGR to reach $15.8 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Toyota Motor Corporation, Zipcar, Inc., Avis Budget Group, Inc., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 454 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $69.9 Billion |
| Forecasted Market Value (USD) by 2030 | $102.8 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
MARKET OVERVIEW
- An Introduction to Car Rental Business
- Evolution of Rent-A-Car Concept Over the Years
- Fleet Ownership Patterns: A Review
- Classification of Car Rental Business by Location & Sector
- Car Rental Business by Location
- Car Rental Business by Sector
- Car Rental Business: Current Market Scenario and Outlook
- Developed Regions: Primary Revenue Contributors
- World Car Rental Business Market by Region (2020 & 2027): Percentage Breakdown of Revenues for Developed and Developing Regions
- High Growth Opportunities in Developing Regions
- World Car Rental Business Market - Geographic Regions Ranked by % CAGR (Revenues) for 2020-2027: China, Asia-Pacific, Middle East, Latin America, Africa, Canada, USA, Japan, and Europe
COMPETITIVE SCENARIO
- Car Rental Market: A Diverse Playfield
- Leading Car Rental Firms across Regional Markets
- Emphasis on Innovative Strategies
- Personalized Offers and Specialized Services
- Subscription Packages: The New Marketing Approach
- Price Matching Systems for Assuring Customers
- End-to-End Customer Support Remains Major Focus Area
- Mergers & Acquisitions (M&A) Gather Steam
- Recent Market Activity
- Car Rental Companies Lean Towards Shared Mobility Service
- Car Rental Business - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Dynamics in the World Travel Industry Favor Robust Growth in Car Rental Market
- Longstanding Growth Drivers for Car Rental Market in the Tourism Industry
- Rising Air Passenger Traffic Steers Airport Car Rental Volumes
- Technology Innovations Spearhead Growth in Post Covid Environment
- Automation Steps-In to Augment Car Rental Business Performance
- IoT Holds Positive Ramifications for Car Rental Automation
- AI Identified as the New Transformative Vehicle
- Convenient Bookings and Innovative Payment Options
- Online Booking Takes Car Rentals to Higher Grounds
- Smartphones & Mobile Apps Widen Scope & Span of Car Rental Business
- Smartphone Penetration (as a Proportion of Total Mobile Users) by Region for the Years 2018 and 2025
- Increasing Implementation of GPS & Telematics
- Cloud-Based Car Rental Software: The Latest 'Tech' Innovation
- Medical Tourism, Overseas Education, and Large Sporting Events: Among Prominent Demand Drivers
- Key Medical Tourism Destinations by Region
- Select Most Attended Sporting Events in the World
- Young Travelers to Provide Traction to Car Rental Business
- Apprehensions Remain High on Revival of Luxury Car Rental Market
- Issues & Challenges
- Rise of Car Sharing Throws Up Biggest Challenge to Traditional Rent-A-Car Market
- Peer-to-Peer Ridehailing Drives Momentum in Car Sharing Volumes
- Car Sharing Attracts New Groups of Enterprises
- Car Manufacturers
- Power Companies
- Micromobility: Another Fast Emerging 'Muscular' Competitor
- Apprehensions Over Hidden and Additional Costs Among Cost Wary and Cost Conscious Consumers
- A Note on Additional Charges Levied In Addition to Base Rental Charges
- Growing Role of Video Conferencing and Digital Technologies in Business Communication
FOCUS ON SELECT PLAYERS (Total 131 Featured)
- Toyota Motor Corporation
- Zipcar, Inc.
- Avis Budget Group, Inc.
- Enterprise Holdings, Inc.
- Sixt SE
- Getaround, Inc.
- Enterprise Rent-A-Car
For more information about this report visit https://www.researchandmarkets.com/r/uxjd8t
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