Latest News- Car Rental (Self Drive) Market: Economic cars is expected to lead the Vehicle Type segment during 2025-2029

The Car Rental (Self Drive) Market is being driven by Growing interest in self-driving vehicles

The Car Rental (Self Drive) Market is expected to grow at a CAGR of 30.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 2359 million. Telematics technology has revolutionized self-drive car rentals by providing real-time data on vehicle location, speed, and condition. This information enables rental companies to monitor mileage, fuel consumption, and identify potential vehicle issues proactively. Additionally, telematics ensures adherence to traffic laws and rental guidelines, enhancing safety and customer experience. The integration of this technology streamlines the rental process, offering automated check-in and check-out, and simplifying payment procedures. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Vehicle Type
  • Economic cars
  • Luxury cars
• Mode Of Booking
  • Offline
  • Online
• Type
  • Short-term rentals
  • Long-term rentals
• Application
  • Leisure and vacation travel
  • Corporate and business use
  • Airport rentals
  • Intercity and intracity rentals
  • Subscription and leasing services
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing interest in self-driving vehicles
• Growth of travel and tourism industry
• Rise in disposable income and easy availability of autonomous car rentals

However, the market also witnesses some limitations, which are as follows:

• High cost of self-driving car rental
• Rise in number of car-sharing services
• Growing adoption of manual car-hailing services

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Market Scope in Car Rental (Self Drive) Market Research Report

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Research Analysis Overview

The Car Rental market encompasses both Online and Offline segments, catering to Tourism and Commuting needs through Short-Term and Long-Term rentals. The millennial population's mobility infrastructure demands fuel this market's growth. The Organized Market offers a wide range of vehicles like Hatchbacks, Sedans, SUVs, MUVs, in Standard and Luxury classes, while the Unorganized Market focuses on Intercity and Intracity travel. Airports are significant sources for Economy and Executive car rentals, with added features like Wi-Fi networks, Entertainment systems, GPS systems, and Insurance plans enhancing the customer experience. Private automobiles offer inexpensive travel solutions for tourists and locals alike.

Market Research Overview

The global passenger ground transportation market encompasses businesses involved in passenger transportation and associated services, such as bus companies, taxis, vehicle rental and leasing firms, ridesharing platforms, and passenger logistics providers. According to Technavio's market analysis, the market size is determined by the consolidated revenue generated by entities operating within the passenger land transportation sector, specifically vehicle rental, ridesharing, and on-demand ride-sharing services, and other passenger logistics. The expansion of the global passenger ground transportation market is attributable to several key factors, including the growing disposable income and the increasing availability of self-driving car rentals. These trends have significantly influenced travel patterns, particularly among the millennial population, who value mobility and convenience. Additionally, the development of robust tourism and commuting industries, as well as advancements in road transportation infrastructure, further bolster market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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