Car Rental Market - Rise in Trend of On-Demand Transportation Services is Expected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 4.3% from 2022 to 2028

Car Rental
  • Car Rental Market

As stated in our extensive report, the Global Car Rental Market accounted for USD 98.4 Billion in 2021.

Over the past ten years, there has been a marked rise in international travel. Global travelers are becoming pickier about their travel needs, expecting well-known, dependable, and of the highest caliber services. Some of the significant automobile rental companies are making an effort to take advantage of this development by extending their brands and disbandment networks on a global scale. These operators should be able to manage their regionally distributed company activities by developing an integrated global vehicle rental system. However, due to travel limitations imposed worldwide to stop the virus spread, there has been a drop in demand for rental automobiles at airports due to decreased global air traffic.

Additionally, during the anticipated period, the market's expansion is predicted to be hampered by the rising cost of gasoline and diesel in developing nations. The global financial crisis has only sped up the use of rental automobiles. However, methods for disinfecting autos are strictly adhered to in the post-pandemic era since safety and hygiene have become imperative. The demand for personal mobility and social distance standards will inevitably lead to an improvement in market conditions. Since it enables customers to experience momentary benefits, the subscription model has recently become the face of the automobile rental business and temporary car possession without worrying about supplemental expenses like maintenance, insurance premiums, to name a few.

Regarding region, North America has the highest share of the global car rental automobile industry. Due to the substantial market participants in this area, the U.S. is regarded as the top nation. The rise of the automobile rental market in North America is being driven by market participants who have integrated car rental software into mobile applications. Leading vehicle rental businesses in the United States include Avis, Alamo, Hertz, and Enterprise.

Some of the prominent players in the Global Car Rental Market include- Avis Budget Group, Europcar, Enterprise Holdings Inc., Hertz System Inc., Localiza SIXT, Uber Technologies Inc., Carzonrent India Pvt Ltd., Eco Rent a Car, Ani Technologies Private Limited (Ola Cabs.Com) and others.