Authored By: Sarah
11 Jul 2024

 Car Rental (Self Drive) Market to grow by USD 3424 million between 2024-2028

According to a research report “ Car Rental (Self Drive) Market” by Vehicle Type (Economy cars, Luxury cars) Mode Of Booking (Offline, Online) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 3424 million at a CAGR of  45.08% during the forecast period. In the burgeoning self-driving vehicle (SDV) market, original equipment manufacturers (OEMs), technology providers, and suppliers are collaborating to expand the capabilities of autonomous car technology. From single-lane highway driving to traffic jam autopilot, SDVs are poised to revolutionize the car rental industry, aligning with the UN's goals for safer, more resilient, inclusive, and sustainable urban environments. Major stakeholders are investing heavily to broaden the scope of this transformative technology..

Browse market data tables, figures, and in-depth TOC on “Car Rental (Self Drive) Market” by Vehicle Type (Economy cars, Luxury cars) Mode Of Booking (Offline, Online) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028.

 View detailed Table of Content- Click here

By Vehicle Type, the Economy cars segment is projected to dominate the market size in 2024.

ai_market_segmentation_by

By Mode Of Booking, Offline  segment is expected to hold the largest market size for the year 2024.

In the car rental industry, self-drive economy cars hold significant market share due to their affordability and efficiency. These vehicles, characterized by fewer amenities and smaller engine sizes, cater to budget-conscious consumers and businesses. The elimination of human drivers results in reduced operational costs for rental companies, enabling them to offer competitive pricing. Furthermore, self-driving economy cars exhibit enhanced fuel efficiency, leading to substantial savings on fuel expenses for renters.

North America is forecasted to hold the largest market size by region in 2024.

In the self-drive car rental market, businesses offer customers the flexibility to rent vehicles for personal use, eliminating the need for public transportation or taxi services. This sector experiences significant growth due to increasing consumer preference for convenience and independence in travel. Key trends include the integration of technology for seamless booking and payment processes, as well as the expansion of fleet offerings to cater to various customer segments and preferences.

The Car Rental (Self Drive) Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Aspark Holidays Pvt. Ltd.
  • Aurora Innovation Inc.
  • Autorent Car Rental LLC
  • Avis Budget Group Inc.
  • DriiveMe Ltd.
  • Enterprise Holdings Inc.
  • Hertz Global Holdings Inc.
  • Localiza Rent a Car SA
  • Primemover Mobility Technologies Pvt. Ltd.
  • SIXT SE
  • Volkswagen AG
  • Zoomcar India Pvt. Ltd.
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

In the dynamic and evolving market of mobility solutions, the Car Rental industry stands out as a significant player, catering to both tourists and local commuters. This market encompasses a wide range of offerings, from Economy cars for Inexpensive travel to Executive cars for those seeking Luxury and Comfort. Airports serve as key locations for Car Rental services, making it convenient for travelers to explore the city or commute between Intercity and Intracity destinations. Insurance plans are an essential component of Car Rental services, ensuring peace of mind for customers. Advanced technologies like GPS systems and Entertainment systems add value to the rental experience. Wi-Fi networks offer the added convenience of staying connected on the go. The Car Rental market can be broadly classified into the Organized and Unorganized sectors. The Organized sector offers standardized services, while the Unorganized sector caters to the Millennial population's preference for Offline and On-demand services. Long-Term and Short-Term rental plans cater to diverse customer needs, making Car Rental an essential part of the Tourism and Commuting ecosystem. Car types, including MUVs, SUVs, Sedans, and Hatchbacks, cater to various customer segments and travel requirements. With the advent of Digital platforms, Car Rental services are now easily accessible Online, making mobility infrastructure more accessible and convenient than ever before.

Market Research Overview

The Car Rental (Self Drive) Market caters to the mobility needs of various segments, including tourists, service professionals, and corporate offices. It offers a wide range of vehicles, such as SUVs, MUVs, Executive cars, Economy cars, and Luxury Cars, for both Intra-city and Inter-city travel. The market provides Complementary Services like Insurance plans, GPS systems, Entertainment systems, and Wi-Fi networks, ensuring a comfortable and convenient experience. The market operates in both the Organized and Unorganized sectors, with new-age startups offering e-booking services through mobile applications, websites, and Online Portals. Car Rental services are essential for Quick Getaways and exploring Local Tourist Destinations. Leased or Owned, consumers have the flexibility to choose between Long Term and Short Term lease contracts based on their requirements. The Car Rental sector plays a significant role in the Tourism and Commuting sector, especially during foreign tourist arrivals and international arrivals. It contributes to the development of mobility infrastructure, including national highways and road transportation infrastructure, catering to the urban population and millennial population's needs for personal mobility.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio