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Car Rental Market Growth at a CAGR of 5% from 2021 to 2030

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The global Car Rental market size is expected to reach USD 150 billion by 2030, registering a CAGR of 5% over the forecast period 2021 – 2030.

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Growth Factors

 Considerable growth in the world tourism sector is one of the critical factors propelling the market growth. Additionally, increasing pollution, rising car prices, and the cost-effective nature of car rental services are some of the other key factors boosting the growth of the market.

The market has witnessed significant attention in the last decade due to the increased use of smartphone-based online booking applications. Bookings/reservations through rental stations have witnessed a decline in recent years since online booking allows users to plan and book vehicles quickly and in advance. Also, the internet offers a convenient way to browse through various websites of car rental providers and get access to numerous options and offers.

A significant rise in the number of people taking business and leisure trips across the globe is driving the demand for car rental services, thereby propelling the industry’s growth. Rising internet penetration across developing as well as developed countries have further helped companies in the market capture a larger customer base with the help of dedicated for the convenience of customers. Technology is considered to be a crucial factor driving market growth.

Report Coverage

Report Scope Details
Market Size USD 150 billion by 2030
Growth Rate CAGR of 5% From 2021 to 2030
Base Year 2020
Historic Data 2017 to 2020
Forecast Period 2021 to 2030
Segments Covered Vehicle type, Application
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned Enterprise Rent-A-Car; The Hertz Corporation; Sixt; Europcar; Avis Budget Group

Report Highlights

Based on vehicle type, the market is segregated into luxury cars, executive cars, economy cars, SUVs, and MUVs. The economy cars segment accounted for the largest share of over 43.0% in 2021 and is expected to retain its dominance over the forecast period.

The executive cars segment is anticipated to register a CAGR of over 10.5% from 2021 to 2030. The increasing number of business travelers across the globe, specifically in developing countries, is one of the prime factors boosting the growth of the segment.

On the basis of application, the market is segmented into local usage, airport transport, outstation, and others. The airport transport segment dominated the market in 2021 and accounted for over 50.0% of the revenue share. It is expected to retain its dominance over the forecast period.

The local usage segment is expected to register the highest CAGR of approximately 10.5% from 2021 to 2030. Standard timings and lack of route flexibility of public transport have resulted in shifting preference of tourists toward car rental services for day-to-day navigation, driving the growth of the segment.

North America accounted for the largest market share of approximately 62.0% in 2021, with the U.S. being the largest market. The presence of some of the leading car rental operators in this region, such as Avis Budget Group and Enterprise Rent-a-Car, is anticipated to provide lucrative growth opportunities.

Key Players

  • Enterprise Rent-A-Car
  • The Hertz Corporation
  • Sixt
  • Europcar
  • Avis Budget Group

Market Segmentation

  • Vehicle Type
    • Luxury cars
    • Executive cars
    • Economy cars
    • SUVs
    • MUVs
  • Application
    • Local usage
    • Airport transport
    • Outstation
    • Others
  • Regional
    • North America
      • U.S.
    • Europe
      • France
      • Germany
      • U.K.
    • Asia Pacific
      • Japan
      • Korea
      • China
      • India
    • South America
    • Middle East & Africa

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Reasons to Purchase this Report:– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Table of Contents

Chapter 1.  Introduction

1.1.  Research Objective

1.2.  Scope of the Study

1.3.  Definition

Chapter 2.  Research Methodology

2.1.  Research Approach

2.2.  Data Sources

2.3.  Assumptions & Limitations

Chapter 3.  Executive Summary

3.1.  Market Snapshot

Chapter 4.  Market Variables and Scope

4.1.  Introduction

4.2.  Market Classification and Scope

4.3.  Industry Value Chain Analysis

4.3.1.    Raw Material Procurement Analysis

4.3.2.    Sales and Distribution Channel Analysis

4.3.3.    Downstream Buyer Analysis

Chapter 5.  Market Dynamics Analysis and Trends

5.1.  Market Dynamics

5.1.1.    Market Drivers

5.1.2.    Market Restraints

5.1.3.    Market Opportunities

5.2.  Porter’s Five Forces Analysis

5.2.1.    Bargaining power of suppliers

5.2.2.    Bargaining power of buyers

5.2.3.    Threat of substitute

5.2.4.    Threat of new entrants

5.2.5.    Degree of competition

Chapter 6.  Competitive Landscape

6.1.1.    Company Market Share/Positioning Analysis

6.1.2.    Key Strategies Adopted by Players

6.1.3.    Vendor Landscape

6.1.3.1.        List of Suppliers

6.1.3.2.        List of Buyers

Chapter 7.  Global Car Rental Market, By Vehicle Type

7.1.  Car Rental Market, by Vehicle Type, 2021-2030

7.1.1.    Luxury cars

7.1.1.1.        Market Revenue and Forecast (2017-2030)

7.1.2.    Executive cars

7.1.2.1.        Market Revenue and Forecast (2017-2030)

7.1.3.    Economy cars

7.1.3.1.        Market Revenue and Forecast (2017-2030)

7.1.4.    SUVs

7.1.4.1.        Market Revenue and Forecast (2017-2030)

7.1.5.    MUVs

7.1.5.1.        Market Revenue and Forecast (2017-2030)

Chapter 8.  Global Car Rental Market, By Application

8.1.  Car Rental Market, by Application, 2021-2030

8.1.1.    Local usage

8.1.1.1.        Market Revenue and Forecast (2017-2030)

8.1.2.    Airport transport

8.1.2.1.        Market Revenue and Forecast (2017-2030)

8.1.3.    Outstation

8.1.3.1.        Market Revenue and Forecast (2017-2030)

8.1.4.    Others

8.1.4.1.        Market Revenue and Forecast (2017-2030)

Chapter 9.  Global Car Rental Market, Regional Estimates and Trend Forecast

9.1.  North America

9.1.1.    Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.1.2.    Market Revenue and Forecast, by Application (2017-2030)

9.1.3.    U.S.

9.1.3.1.        Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.1.3.2.        Market Revenue and Forecast, by Application (2017-2030)

9.1.4.    Rest of North America

9.1.4.1.        Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.1.4.2.        Market Revenue and Forecast, by Application (2017-2030)

9.2.  Europe

9.2.1.    Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.2.2.    Market Revenue and Forecast, by Application (2017-2030)

9.2.3.    UK

9.2.3.1.        Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.2.3.2.        Market Revenue and Forecast, by Application (2017-2030)

9.2.4.    Germany

9.2.4.1.        Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.2.4.2.        Market Revenue and Forecast, by Application (2017-2030)

9.2.5.    France

9.2.5.1.        Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.2.5.2.        Market Revenue and Forecast, by Application (2017-2030)

9.2.6.    Rest of Europe

9.2.6.1.        Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.2.6.2.        Market Revenue and Forecast, by Application (2017-2030)

9.3.  APAC

9.3.1.    Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.3.2.    Market Revenue and Forecast, by Application (2017-2030)

9.3.3.    India

9.3.3.1.        Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.3.3.2.        Market Revenue and Forecast, by Application (2017-2030)

9.3.4.    China

9.3.4.1.        Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.3.4.2.        Market Revenue and Forecast, by Application (2017-2030)

9.3.5.    Japan

9.3.5.1.        Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.3.5.2.        Market Revenue and Forecast, by Application (2017-2030)

9.3.6.    Rest of APAC

9.3.6.1.        Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.3.6.2.        Market Revenue and Forecast, by Application (2017-2030)

9.4.  MEA

9.4.1.    Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.4.2.    Market Revenue and Forecast, by Application (2017-2030)

9.4.3.    GCC

9.4.3.1.        Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.4.3.2.        Market Revenue and Forecast, by Application (2017-2030)

9.4.4.    North Africa

9.4.4.1.        Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.4.4.2.        Market Revenue and Forecast, by Application (2017-2030)

9.4.5.    South Africa

9.4.5.1.        Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.4.5.2.        Market Revenue and Forecast, by Application (2017-2030)

9.4.6.    Rest of MEA

9.4.6.1.        Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.4.6.2.        Market Revenue and Forecast, by Application (2017-2030)

9.5.  Latin America

9.5.1.    Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.5.2.    Market Revenue and Forecast, by Application (2017-2030)

9.5.3.    Brazil

9.5.3.1.        Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.5.3.2.        Market Revenue and Forecast, by Application (2017-2030)

9.5.4.    Rest of LATAM

9.5.4.1.        Market Revenue and Forecast, by Vehicle Type (2017-2030)

9.5.4.2.        Market Revenue and Forecast, by Application (2017-2030)

Chapter 10.  Company Profiles

10.1.              Enterprise Rent-A-Car

10.1.1.  Company Overview

10.1.2.  Vehicle Type Offerings

10.1.3.  Financial Performance

10.1.4.  Recent Initiatives

10.2.              The Hertz Corporation

10.2.1.  Company Overview

10.2.2.  Vehicle Type Offerings

10.2.3.  Financial Performance

10.2.4.  Recent Initiatives

10.3.              Sixt

10.3.1.  Company Overview

10.3.2.  Vehicle Type Offerings

10.3.3.  Financial Performance

10.3.4.  Recent Initiatives

10.4.              Europcar

10.4.1.  Company Overview

10.4.2.  Vehicle Type Offerings

10.4.3.  Financial Performance

10.4.4.  Recent Initiatives

10.5.              Avis Budget Group

10.5.1.  Company Overview

10.5.2.  Vehicle Type Offerings

10.5.3.  Financial Performance

10.5.4.  Recent Initiatives

Chapter 11.  Research Methodology

11.1.              Primary Research

11.2.              Secondary Research

11.3.              Assumptions

Chapter 12.  Appendix

12.1.              About Us

Glossary of Terms

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