Authored By: Sarah
30 Oct 2023

Car Rental Market Analysis through 2023-2027|An increase in vehicle ownership cost is boosting the Car Rental Market Worldwide

The Car Rental Market is forecasted to grow by USD 129.71 Bn, accelerating at a CAGR of over 18% during the forecast period owing to factors like an increase in vehicle ownership cost, the increasing incorporation of advanced digital technologies in car rental services, and the growing interest in self-driving vehicles.

Technavio evaluates the market with a detailed investigation into the market forces, emerging trends, and growth drivers. It also provides competitive benchmarking to equip clients with actionable insights that will help them navigate through the current market scenario. 

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Snapshot of the Car Rental Market

"The growth in travel and tourism industry will drive the growth prospects for the Global Car Rental Market in the forthcoming years. 38% of the market growth will originate from North America during the forecast period," says a Senior Analyst at Technavio.

Car Rental Market Segment Highlights

  • When it comes to market segmentation, it can classified by by mode of booking (offline and online), type (economy cars, executive cars, luxury cars, SUVs, and MUVs), rental category (airport transport, local transport, outstation transport, and other transport), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
  • Geographically 37% of the growth of the global market during the forecast will originate from North America.
  • When it comes to segment-wise growth analysis, the growth of the offline segment will be significant during the forecast period

Prominent names such as Avis Budget Group Inc., Carzonrent India Pvt. Ltd., Enterprise Holdings Inc., Europcar Mobility Group SA, Expedia Group Inc., Hertz Global Holdings Inc., Localiza Rent a Car SA, Movida Participacoes SA, SIXT SE, and Turo Inc. are some of the major market participants and are significantly contributing to the market growth.

Technavio has been monitoring the Car Rental Market's growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking along detailed profiling of the market leaders. Request for our best-selling sample report to discover more about this sector.

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