Global Car Rental Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Car Rental Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A car rental, hire car, or car hire company provides vehicles on rent for short periods of time, generally ranging from a few hours to a few weeks. Car rental providers have a number of local branches and offices near airports, bus stops, railway station, and busy city areas.

Market Overview:

The latest research study on the global Car Rental market finds that the global Car Rental market reached a value of USD 86053.65 million in 2022. It’s expected that the market will achieve USD 164202.14 million by 2028, exhibiting a CAGR of 11.37% during the forecast period.

Limitations


The increase in operating costs hinders the growth of the market, because consumers cannot choose luxury cars, and ultimately they can only choose more economical and cost-effective cars. Industry players compete with each other based on fleet size, price, and location flexibility and marketing expertise. The fierce market competition forces companies to reduce their profit margins in order to provide customers with better services than their competitors. Fierce competition within the industry has also encouraged major players to acquire smaller companies to strengthen their position in the market. Several well-known service providers have launched their own brands at affordable prices to expand their customer base.
In addition, the high cost of airport services and price fluctuations in gasoline and petroleum products may hinder the growth of the car rental market.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

The top three companies are Enterprise Holdings, The Hertz Corporation, ALD Automotive with the revenue market share of 28.78%, 14.68% and 11.57% in 2018.

Enterprise Holdings, Inc. operates as a holding company. The Company through its subsidiaries, offers automobile and commercial truck rentals, fleet management services, vehicles sales, car sharing programs, and other transportation services. Enterprise Holdings serves customers worldwide.

The Hertz Corporation, a subsidiary of Hertz Global Holdings Inc., is an American car rental company based in Estero, Florida that operates 10,200 corporate and franchisee locations internationally. The Hertz Corporation operates as a car rental company. The Company provides equipment and automobile rental services, as well as offers ancillary products to business and leisure travelers.

Hertz serves customers worldwide.

Segmentation Overview:

Among different product types, Leisure Leasing segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Airport Transport segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Car Rental market covered in Chapter 3:

Avis Budget Group
Localiza
ALD Automotive
The Hertz Corporation
LeasePlan
Unidas
SIXT Group Europcar CAR Inc.
EHi Car Services
Movida RI
Enterprise Holdings

In Chapter 4 and Chapter 14.2, on the basis of types, the Car Rental market from 2018 to 2029 is primarily split into:

Business Leasing
Leisure Leasing

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Car Rental market from 2018 to 2029 covers:

Local Usage
Airport Transport
Outstation
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)