The global car rental service market is projected to accrue a value of US$ 307.5 billion by 2033, with the demand growing at a healthy CAGR of 7.2% from 2023 to 2033. The market will likely reach an estimated US$ 153.4 billion in 2023. Substantial growth in the number of people taking business and leisure travel trips is spurring the demand for the car rental market in the forecast period.
The widespread access to and use of the internet across developing as well as developed nations have helped enterprises in the market to expand their customer base with the aid of mobile applications. In addition, the subscription model introduced by many market players is expected to contribute to market growth.
Rapid advancements in technology are anticipated to be an essential factor aiding the expansion of the market size. Technologically-empowered web-based solutions like online sales and booking channels enable consumers to rent a car at their convenience and ease. Technological advancements in this sector have improved customer and corporate information management and enabled hassle-free internet bookings.
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These considerations will supplement the growth of the car rental market. Again, the heightened dependency of consumers on smartphones for carrying out myriad tasks- tasks that were conventionally done by computers- has altered the car rental experience for consumers. This is because swift technological progress has helped enterprises in this sector to introduce various applications that will ensure a smooth booking process for consumers which, in turn, drives global market growth.
The market is also significantly influenced by the introduction of concepts like opaque renting which is a booking platform that allows online customers to offer the value that they will pay for a specific travel-related product or service without knowing the brand beforehand. The brand is only revealed after the consumer makes an online purchase. This concept, thus, enables car rental businesses to grow and use their fleet to their full capacity. This trend is expected to have an immense impact on the car rental services market. Hence, technological advancements in mobile capacities along with advancing web-based media enable the growth of opaque renting which, in turn, drives the overall car rental market growth.
Sharp rises in fuel prices will likely serve as an impediment to the global car rental services market.
Favorable government initiatives like the implementation of policies regarding the reduction of carbon emissions will likely strengthen market prospects.
The car rental market in the US will be driven by the presence of market leaders like The Hertz Corporation.
China's car rental market will dominate the East Asia region with East Asia registering a CAGR of 10.8% from 2023 to 2033.
By car type, the economy cars segment will dominate the international marketplace.
Based on end-users, the on-airport segment will account for over 40% of the market share.
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Enterprise Holding Inc., The Hertz Corporation, Localiza-Rent A Car, Sixt SE, and Avis Budget Group, among others, are a few of the significant players in the car rental market profiled in the full version of the report.
In a competitive market, key players are keen on capitalizing on ongoing technological advancements. These organizations make use of web and mobile-based advancements to attract a wider consumer base. Strategic service offerings, mergers, and acquisitions are also employed by these participants to gain a competitive edge. For instance, Localiza Rent A Car SA merged with Car Rental Systems in 2020 to meet strategic guidelines for simplification and administrative and financial rationalization.
More Insights Into Car Rental Market
In its latest report, FMI offers an unbiased analysis of the global car rental market, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. The report offers insights into a ten-year sales prospect, market drivers, opportunities, trends, and challenges. For a better understanding of the global market potential, growth, and scope, the market is segmented on the basis of car type, end-use, booking mode, sector, and region.
As per FMI reports, based on segmentation, the mobile app booking mode will be the most preferred booking segment during the assessment period. This category will register a CAGR of about 8% during this period. In terms of car type, though the economy segment will lead, the intermediate car type will register a significant CAGR of 7.5% from 2023 to 2033.
Based on region, East Asia and South Asia will emerge as remunerative pockets for the car rental market. Where the East Asian car rental market will witness a 10.5% CAGR, the South Asian market is expected to undergo a CAGR of 8.8% from 2023 to 2033. This is attributed to the expanding tourism sector in countries like China and India. Other countries like the US and Germany will also contribute to the growth of the car rental market.
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