Latest News- Car Rental Market: Offline is expected to lead the Mode Of Booking segment during 2025-2029
The Car Rental Market is being driven by Rise in vehicle ownership cost
The Car Rental Market is expected to grow at a CAGR of 20.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 188.3 billion. In the past, customers relied on making phone calls to car rental operators to secure reservations and negotiate prices. However, the emergence of online car rental brokers, such as carrentals.com, expedia.com, cartrawler.com, and priceline.com, has revolutionized the industry. These intermediaries act as demand aggregators, allowing customers to compare prices and make informed decisions. From a business perspective, while this model offers customers cost savings, it presents unfavorable sales for operators due to commission payments to brokers.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Mode Of Booking (Offline, Online) Rental Category (Airport transport, Local transport, Outstation transport, Other transport) Type (Economy cars, Executive cars, Luxury cars, SUVs, MUVs) Geography (North America, Europe, APAC, Middle East and Africa, South America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Car Rental Market Research Report
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Car rental services have seen significant growth with the increase in internet penetration and the popularity of mobile apps. Global travelers and commuters now prefer using internet booking applications for a seamless car rental experience. Car rental operators are leveraging information technology, including telematics, to enhance services and ensure employee retention. International trips and tourist agencies also benefit from online booking, verification of documents, e-signing contracts, cashless transactions, and the sales of smartphones. The integration of electric vehicles (EVs) in car rental fleets and navigating travel restrictions are ongoing challenges.
The global passenger ground transportation market encompasses businesses providing passenger ground transportation services and related offerings, such as bus, taxi, car rental, ridesharing, and on-demand platforms, as well as passenger logistics. According to Technavio's market analysis, the market size is determined by the consolidated revenue of enterprises operating within the passenger land transportation sector, which includes car rental, leasing, ridesharing, on-demand ride-sharing platforms, and other passenger logistics. Factors driving the expansion of the global passenger ground transportation market include the surge in disposable income and the proliferation of self-driving car rental services. These trends have significantly altered travel patterns and preferences.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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