According to Markntel Advisors Report, Car Rental Market is expected to grow at a significant growth rate, and the analysis period is 2025-2030, considering the base year as 2024.Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
Car rental service provides rental cars, ranging from small economy cars to luxury cars, SUVs, and vans. The market bifurcates into airport rentals, leisure rentals, and business rentals. It’s a highly competitive market due to the presence of global brands & small regional players.
Global Car Rental Market Research Report & Summary:
The Global Car Rental Market size is valued at around USD 108 Billion in 2024 and is projected to reach around USD 256 Billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 18.84% during the forecast period i.e., 2025-30.
Time Period Captured in the Report:
· Historical Years: 2020-2023
· Base Years: 2024
· Forecast Years: 2025-2030
Who are the Key Players Operating in the Car Rental Market?
The top companies of the Car Rental Market ruling the industry are:
Avis Budget Group Inc., Sixt SE, Enterprise Holdings (Alamo), Hertz Corp., Europcar, Localiza, Carzonrent India Pvt. Ltd. (CIPL), ZoomCar, Inc., Dollar Rent a Car, Green Motion, Buchbinder, etc
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What is Included in Car Rental Market Segmentation?
The Car Rental Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
-By Booking Mode
-Offline
-Online
-By Application
-Leisure
-Business
-By Vehicle Type
-Luxury
-Economy Cars
-Executive Cars
-Sports Utility Vehicles (SUVs)
-Multi Utility Vehicles (MUVs)
-By Rental Category
-Local
-Airport
-Outstation
-By Driver Type
-Self-Driving
-Chauffeur
-By Rental Duration
-Short Term
-Long Term
-By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific
Explore the Complete Car Rental Market Analysis Report – https://www.marknteladvisors.com/research-library/car-rental-market.html
Global Car Rental Market Key Drivers:
Expansion of Global Tourism to Augment the Market Growth - Tourism is a rapidly growing industry, especially in countries like China, the UAE, France, etc., and this has been a major driver for the Car Rental market across the globe. According to World Travel and Tourism Council, the growth rate of the global travel & tourism sector outpaced the growth of the global economy for nine consecutive years prior to the COVID-19 pandemic. During the pandemic, the industry witnessed a downfall of 50.4%, and later on, it recovered by 21.7% in 2021. As more individuals travel globally, they seek convenient means of transportation, owing to which they opt for these services.
Moreover, many countries, like Saudi Arabia, Qatar, Thailand, Singapore, etc., are implementing plans to boost their sector. For instance,
· In 2022, Saudi’s Ministry of Tourism launched 10 new regulations to develop the tourism sector. The regulation covers tourism hospitality facilities, traveling & tourism services, tourist guides, tourism hospitality facilities management, tourism consultancy, private tourist hospitality facility, etc.
Consequently, the plans by different countries to boost tourism are leading to enhanced investment in theme parks, new hotels, resorts, etc., & as the number of tourists surges, there would be an increase in car rental demand to explore these places, which would aid in enhancing the Car Rental market share during the forecast period.
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