Global Car Rental Market Overview
The global car rental market experienced significant growth over recent years.
- The global car rental market size was USD 108.97 billion in 2022 and is expected to surpass around USD 186.59 billion by 2030.
- The profit margins are about 6% for most car rental businesses.
- The demand has grown due to leisure getaways and business trips.
- Mobile applications, websites, and advertisements have made renting a car more convenient.
- Online renting is easier for tracking statuses, bookings, cars, and bills.
- Peer-to-Peer car sharing has emerged as a trend.
- The car rental industry serves business travelers, tourists, and individuals needing temporary transportation.
- Keyless entry systems are being adopted for a more secure and streamlined rental experience.
- Hassle-free online booking methods and information management have revolutionized the industry.
Market Growth Projections
A look into the industry’s future growth trends.
- The global car rental industry’s value was USD 98 billion in 2020, with anticipated growth at 4.6% annually from 2021 to 2028.
- The industry is expected to grow at 5.40% CAGR in 2024-2032, reaching $166.61 billion by 2032.
Future Perspectives and Trends
Insight into industry perspectives and emerging trends.
- The market is driven by improvements in infrastructure, rising travelers, and evolving consumer preferences.
- Car rental companies anticipate extensive leisure use to dominate the customer segment, offering a wide range of vehicles.
Market Size and Revenue Forecasts
Anticipated industry worth and growth projections.
- The car rental revenue is projected to reach $119.30bn by 2027, showing 3.49% CAGR 2023-2027.
- The market is projected to cross $250 Billion by 2033, growing at 10% CAGR during 2023-2033.