Car Rental Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032
Car rental market size is anticipated to witness over 7% CAGR between 2024 and 2032 driven by the surging demand for flexible transportation. As urbanization takes hold and disposable incomes rise, more individuals are turning to car rentals as an alternative to ownership, especially for short-term needs. According to Worldbank.org, urban areas currently house 50% of the global population. This trend is bolstered by the advantages of rental services, which, when compared to long-term ownership, offer savings on maintenance, insurance, and depreciation.
Technological innovations, including mobile apps and online booking platforms, are revolutionizing the car rental landscape, making it more accessible and user-friendly. Furthermore, the adoption of smart technologies, such as GPS and telematics, not only streamlines vehicle management but also elevates customer satisfaction, driving up market growth.
The industry is divided into booking channel, rental length, vehicle, application, end user, and region.
Based on booking channel, the car rental market size from the online segment is slated to witness significant growth during 2024-2032. This surge is attributed to the unmatched convenience and accessibility these channels offer. With online platforms and mobile applications, customers can effortlessly search, compare, and book rental vehicles anytime, anywhere. This digital approach alleviates traditional hurdles like tedious paperwork and in-person dealings.
Car rental market value from the leisure/ tourism application segment will foresee considerable growth up to 2032. Travelers are increasingly leaning towards flexible and tailored transportation to enrich their journeys. Renting vehicles empowers tourists to navigate destinations at their rhythm, reach off-the-beaten-path locales, and optimize their schedules. This growing demand spans diverse preferences and group sizes.
Asia Pacific car rental industry size is anticipated to witness substantial growth through 2032 attributed to rising disposable incomes, along with increased travel and tourism activities in the region. As cities expand and the population grows, there is a higher demand for flexible transportation solutions that car rentals provide. The increasing middle-class population with higher spending power also contributes to a greater need for temporary vehicle access in APAC.
- Chapter 1 Methodology and Scope
- 1.1 Market scope and definition
- 1.2 Research design
- 1.2.1 Research approach
- 1.2.2 Data collection methods
- 1.3 Base estimates and calculations
- 1.3.1 Base year calculation
- 1.3.2 Key trends for market estimation
- 1.4 Forecast model
- 1.5 Primary research and validation
- 1.5.1 Primary sources
- 1.5.2 Data mining sources
- Chapter 2 Executive Summary
- 2.1 Industry 360°synopsis, 2021 - 2032
- Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Supplier landscape
- 3.2.1 Car OEMs
- 3.2.2 Component suppliers
- 3.2.3 Service providers
- 3.2.4 Distribution channel
- 3.2.5 End-users
- 3.3 Profit margin analysis
- 3.4 Technology and innovation landscape
- 3.5 Patent analysis
- 3.6 Key news and initiatives
- 3.7 Regulatory landscape
- 3.8 Impact forces
- 3.8.1 Growth drivers
- 3.8.1.1 Growing travel and tourism industry
- 3.8.1.2 Shift towards on-demand mobility services
- 3.8.1.3 Increasing demand for rental services at airports
- 3.8.1.4 Rising middle class population and urbanization in Asia Pacific
- 3.8.2 Industry pitfalls and challenges
- 3.8.2.1 Price fluctuations and competition from ride-sharing services
- 3.8.2.2 High operational cost
- 3.9 Growth potential analysis
- 3.10 Porter’s analysis
- 3.11 PESTEL analysis
- Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
- Chapter 5 Market Estimates and Forecast, By Booking Channel, 2021 - 2032 ($Bn)
- 5.1 Key trends
- 5.2 Online
- 5.3 Offline
- Chapter 6 Market Estimates and Forecast, By Rental Length, 2021 - 2032 ($Bn)
- 6.1 Key trends
- 6.2 Short term
- 6.3 Long term
- Chapter 7 Market Estimates and Forecast, By Vehicle, 2021 - 2032 ($Bn)
- 7.1 Key trends
- 7.2 Luxury cars
- 7.3 Executive cars
- 7.4 Economy cars
- 7.5 SUVs
- 7.6 MUVs
- Chapter 8 Market Estimates and Forecast, By Application, 2021 - 2032 ($Bn)
- 8.1 Key trends
- 8.2 Leisure/tourism
- 8.2.1 By vehicle
- 8.3 Business
- 8.3.1 By vehicle
- Chapter 9 Market Estimates and Forecast, By End User, 2021 - 2032 ($Bn)
- 9.1 Key trends
- 9.2 Self-driven
- 9.3 Chauffeur-driven
- Chapter 10 Market Estimates and Forecast, By Region, 2021 - 2032 ($Bn)
- 10.1 Key trends
- 10.2 North America
- 10.2.1 U.S.
- 10.2.2 Canada
- 10.3 Europe
- 10.3.1 UK
- 10.3.2 Germany
- 10.3.3 France
- 10.3.4 Italy
- 10.3.5 Spain
- 10.3.6 Russia
- 10.3.7 Nordics
- 10.3.8 Rest of Europe
- 10.4 Asia Pacific
- 10.4.1 China
- 10.4.2 India
- 10.4.3 Japan
- 10.4.4 Australia
- 10.4.5 South Korea
- 10.4.6 Southeast Asia
- 10.4.7 Rest of Asia Pacific
- 10.5 Latin America
- 10.5.1 Brazil
- 10.5.2 Mexico
- 10.5.3 Argentina
- 10.5.4 Rest of Latin America
- 10.6 MEA
- 10.6.1 South Africa
- 10.6.2 Saudi Arabia
- 10.6.3 UAE
- 10.6.4 Rest of MEA
- Chapter 11 Company Profiles
- 11.1 ACE Rent-a-Car Reservations, Inc.
- 11.2 Advantage Rent-a-car
- 11.3 Alamo Rent-a-Car LLC
- 11.4 ANI Technologies Pvt. Ltd.
- 11.5 Avis Budget Group
- 11.6 Budget Rent a Car System, Inc.
- 11.7 Carzonrent India Pvt Ltd
- 11.8 Dollar Rent a Car, Inc.
- 11.9 Enterprise Holdings Inc
- 11.10 Europcar
- 11.11 Fox Rent a Car, Inc.
- 11.12 Global Cars
- 11.13 Hertz System, Inc.
- 11.14 Localiza
- 11.15 National Car Rental
- 11.16 SIXT SE
- 11.17 Thrifty Car Rental, Inc.
- 11.18 Toyota Rent-a-Car
- 11.19 Uber Technologies, Inc.
- 11.20 Zipcar, Inc.
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