Car Rental Market 2024-2028: Size and Rising number of car-sharing services; growth driven by the Mode Of Booking, Some of key Companies Positioned Strategically

The car rental market size by Mode Of Booking (Offline and Online), Rental Category (Airport transport, Local transport, Outstation transport, and Other transport), Type (Economy cars, Executive cars, Luxury cars, SUVs, and MUVs), and Geography (North America, Europe, APAC, Middle East and Africa, and South America), is forecast to increase by USD 157.34 billion. The market is expected to grow at a CAGR of  over 20.47% between 2024 and 2028.

• Car sharing represents a pivotal shift in the urban mobility landscape, driven by the growing demand for sustainable and cost-effective transportation solutions. This innovative model, which distinguishes itself from traditional car rental services, enables users to access freely parked vehicles in urban and business areas for short-term usage. Car sharing has garnered considerable popularity in both developed and developing economies, offering a more flexible and eco-friendly alternative to private car ownership. Furthermore, car sharing platforms facilitate the connection of car owners and co-travelers for city-to-city journeys, enhancing the overall efficiency and sustainability of the transportation sector.
• The North American car rental market exhibits a moderate level of consolidation, with Enterprise Holdings Inc., Avis Budget Group Inc. (Avis), and Hertz Global Holdings Inc. (Hertz) being the dominant players in the region. These major companies account for a substantial market share and generate significant revenue. Smaller vendors also exist in the market, but their contribution to the overall revenue is minimal. Factors driving growth in the region include the decrease in fuel prices, which has led to a reduction in transportation costs, making rental cars an attractive option. For instance, in Canada, the combination of lower fuel prices and a weakening currency has resulted in an increase in domestic tourism and spending on car rentals.

Access the full report to know who are the other key countries segment-wise forecast and historic data

Some of the Key Companies:

• Aspark Holidays Pvt. Ltd.
• Autorent Car Rental LLC
• Avis Budget Group Inc.
• Carzonrent India Pvt. Ltd.
• Centauro Rent a Car S.L.U.
• DriiveMe Ltd.
• Enterprise Holdings Inc.
• Europcar Group UK Ltd.
• Expedia Group Inc.
• Getaround Inc.
• GO Rentals Auckland Ltd.
• Hertz Global Holdings Inc.
• Localiza Rent a Car SA
• Movida Participacoes SA
• Renault SAS
• SIXT SE
• Turismo Gargo SA de CV
• Turo Inc.
• Uber Technologies Inc.
• Zoomcar India Pvt. Ltd.

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Jesse Maida
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