Car Rental & Leasing Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Car Rental & Leasing Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Car Rental & Leasing Market

The car rental & leasing market size was valued at USD 28.61 billion in 2023, and the market is now projected to grow from USD 33.04 billion in 2024 to USD 60.17 billion by 2032, exhibiting a CAGR of 6.3% during the forecast period of 2024-2032.

The COVID-19 pandemic created significant opportunities on the car rental & leasing market growth as curbing coronavirus outbreak was prioritized. The COVID-19 pandemic seriously impacted the amusement journey segment of the marketplace as many people postponed or cancelled their journey plans. As a result, many automobile condominium businesses experienced a sizable decline in demand for long-term leasing services and a shift toward quick-term rental alternatives.

The car rental & leasing market share has been contributed because of the rising importance of convenience. Convenience performs a pivotal function inside the success of the auto apartment and leasing industries. The ease of entry, streamlined reserving strategies, and bendy pickup and drop-off alternatives contribute to the industry’s appeal. The capacity to ebook a vehicle on line from everywhere at any time improves comfort.

Furthermore, there’s been a splendid fashion shift towards electric and hybrid cars and the use of predictive preservation. The trend toward inexperienced transportation alternatives is developing at a notable tempo. Vehicle condominium corporations are increasing their fleets with electric-powered cars to meet the growing call for sustainable transportation. Many corporations are enforcing green practices, consisting of adopting a strength-efficient era, recycling applications, and carbon offset duties, to align with the wider international consciousness on sustainability.

Comprehensive Analysis of Car Rental & Leasing Market

The car rental & leasing market and automotives industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the automotives industry. These segmentations are methodically segregated by types of type, use, propulsion, and mode. The propulsion types include, ICE based on propulsion. However, the mode is such as online and offline.

The Europe region is conducive to the global car rental & leasing market, leading to a recall of USD 8.9 billion owing to popular tourist destinations. The area is one of the most popular visitor destinations in the world, with thousands and thousands of humans touring the continent each year. Car rental and leasing services are in excessive demand amongst tourists who need to discover the vicinity's numerous towns and landscapes. This issue is boosting the market’s boom throughout the region.

The top players in the market play a crucial role in the automotives industry assuring industrial prospectus growth and setting market standards. These players include, Europcar Mobility Group (France), Hertz Global Holdings (U.S.), AVIS Budget Group (U.S.), Sixt SE (Germany), ALD Automotive (France), Budget Rent a Car (U.S.), LeasePlan Corporation (Netherlands), National Car Rental (U.S.), Enterprise Holdings (U.S.),and Dollar Rent a Car (U.S.) these market players provide a level-playing competitive landscape.

In January 2024, Enterprise Holdings, Inc. opened new branches in Chile, the Cayman Islands, and the U.S. Virgin Islands as a part of its global vehicle apartment enlargement program. This expansion inside the Caribbean and Latin America will provide greater vehicle condominium and mobility options for amusement and enterprise travelers throughout those areas.

Segmentation Table

ATRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 8.0% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Type

Rental

Leasing

By Use

Personal

Commercial

By Propulsion

ICE

Electric

By Mode

Online

Offline

By Region

North America (By Type, By Use, By Propulsion, and By Mode)

- U.S. (By Propulsion)

- Canada (By Propulsion)

- Mexico (By Propulsion)

Europe (By Type, By Use, By Propulsion, and By Mode)

- U.K. (By Propulsion)

- Germany (By Propulsion)

- France (By Propulsion)

- Rest of Europe (By Propulsion)

Asia Pacific (By Type, By Use, By Propulsion, and By Mode)

- China (By Propulsion)

- Japan (By Propulsion)

- India (By Propulsion)

- South Korea (By Propulsion)

- Rest of Asia Pacific (By Propulsion)

Rest of the World (By Type, By Use, By Propulsion, and By Mode)


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