According to IMARC Group's latest report, titled “Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global car rental market size reached US$ 79.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 95.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.1% during 2023-2028.

Year Considered to Estimate the Market Size:

• Base Year of the Analysis: 2022
• Historical Period: 2017-2022
• Forecast Period: 2023-2028

Car rental refers to the practice of renting a car for a short period of time, usually for a few days or weeks. It is a service offered by rental companies, which allow customers to rent vehicles for various purposes, such as travel, business, or leisure. One of the key features of car rental service is its convenience and flexibility. Customers can choose from a variety of vehicles and rental options, such as daily, weekly, or monthly rentals. Car rental companies often offer additional services, such as insurance, GPS navigation systems, and child safety seats, to enhance the customer experience.

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Car Rental Market Trends:

The key factor influencing the market growth of car rental is the increasing demand for flexible and convenient transportation and commutation options. As people continue to travel for work and leisure, the demand for rental cars as a mode of transportation is rising continually. Moreover, the increasing popularity of ride-sharing services is contributing to the market growth. Other factors contributing to the market growth of car rental include the increasing popularity of road trips and self-drive vacations, the rising demand for luxury and premium rental cars, the development of new rental models, such as subscription-based rentals, and the increasing use of car rental for short-term business needs.

Car Rental Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the car rental market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Avis Budget Group, Inc.
• Carzonrent India Private Limited
• Eco rent a car
• Sixt SE
• Localiza
• Enterprise Holdings, Inc.
• Enterprise Rent-A-Car
• Europcar
• The Hertz Corporation

Key Market Segmentation:

The report has segmented the global car rental market based on booking type, rental length, vehicle type, application, end-user and region.

Breakup by Booking Type:

• Offline Booking
• Online Booking

Breakup by Rental Length:

• Short Term
• Long Term

Breakup by Vehicle Type:

• Luxury
• Executive
• Economy
• SUVs
• Others

Breakup by Application:

• Leisure/Tourism
• Business

Breakup by End-User:

• Self-Driven
• Chauffeur-Driven

Breakup by Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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