Global Automotive Rental Market was valued at USD 6.15 Billion in 2022 and is projected to reach USD 10.12 Billion by 2030, growing at a CAGR of 6.7% from 2024 to 2030.
The automotive rental market has experienced significant growth in recent years, driven by factors like increased global travel, rising disposable incomes, and shifting consumer preferences towards flexible transportation options. According to recent market research, the global automotive rental industry is expected to continue expanding at a healthy rate, with projections showing a compound annual growth rate (CAGR) of over 10% from 2023 to 2030.
One of the key trends shaping the automotive rental market is the rising popularity of ride-sharing and car subscription services. These innovative models offer consumers a more flexible and convenient way to access vehicles without committing to long-term ownership. This shift is particularly noticeable in urban areas, where car ownership can be expensive and impractical. Additionally, advancements in technology, such as mobile apps and contactless rental processes, have made renting a car easier and more seamless than ever before.
Another factor contributing to the growth of the automotive rental market is the increasing demand for environmentally friendly options. Many rental companies are now offering electric vehicles (EVs) and hybrids as part of their fleets, catering to the growing number of eco-conscious consumers. Furthermore, as governments around the world implement stricter emissions regulations, rental agencies are focusing on sustainability to remain competitive.
In terms of geographical growth, North America and Europe continue to dominate the automotive rental market, with a substantial share of global revenue. However, regions such as Asia-Pacific and Latin America are expected to see the fastest growth due to rising middle-class populations and increasing international travel.
The ongoing recovery of the travel industry, particularly after the COVID-19 pandemic, is also expected to drive demand for rental cars, especially in tourism hotspots. Whether it's for business, leisure, or special events, consumers are increasingly opting for rentals as a convenient and cost-effective transportation solution.
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Enterprise
Hertz
Avis Budget
ALD Automotive
Arval
Sixt
Europcar
Localiza
Unidas
CAR Inc.
Shouqi Group
Goldcar
Movida
Fox Rent A Car
eHi Car Services
U-Save
Yestock Car Rental
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Automotive Rental Market
Airport
Off-Airport
Based on Types the Market is categorized into Below types that held the largest Automotive Rental market share In 2023.
Leisure Leasing
Business Leasing
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Global, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Automotive Rental Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Automotive Rental Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Automotive Rental Market, By Type
6. Global Automotive Rental Market, By Application
7. Global Automotive Rental Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Automotive Rental Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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