Car Rental Market Trends and Analysis by Region, Deals and Competitive Landscape

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Published: October 31, 2023 Report Code: GDTT-GT23-01-ST

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Explore actionable market insights from the following data in our ‘Car Rental Market’ report:

  • Analysis of the car rental industry including snapshot
  • Insights into car rentals as per geographic region
  • Key market trends driving the growth of the market
  • Leading car rental company profiles and major deals governing the industry

How is the ‘Car Rental Market’ report different from other reports in the market?

Businesses need to have a deeper understanding of the market dynamics to gain a competitive edge in the coming decade. Get the ‘Car Rental Market’ report today, which will help you to:

  • Understand the impact of COVID-19 on this market.
  • Gauge which are the biggest and most promising regional markets for the car rental market.
  • Understand the demand-side dynamics within the industry to identify key trends and growth opportunities.
  • Gain an understanding of the outlook for regional markets and learn from existing successes and our recommendations.

We recommend this valuable source of information to anyone involved in:

  • Car Rental Companies and Tourism Operators
  • Tech Mobility Startup Companies
  • Automotive OEMs
  • Consulting and Professional Services Firms
  • Venture Capitalist/Investment Firms

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Car Rental Market Report Overview

The global car rental market value is expected to reach $134.08 billion by 2027 primarily driven by the advancements in technology and shifts in customer behavior. For instance, AI, smart parking, driverless cars, and other technologies give rental companies the ability to remain competitive and adjust to a future car rental market. The growing use of technology could lead to significant reductions in overhead expenses in the future.

Car Rental Market Outlook, 2022-2027 ($ Billion)

Car Rental Market Outlook, 2022-2027 ($ Billion)

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The car rental market research report provides an analysis of the car rental industry including a snapshot, and insights into car rentals as per geographic region. The report also provides and outlook on key market trends and leading players.

Market Size (2027) $134.08 Billion
Forecast Period 2022-2027
Key Regions ·        The Americas

·        Africa

·        APAC

·        Europe

·        The Middle East
Key Companies ·        Hertz Global Holdings, Inc.

·        Avis Budget Group Inc.

·        Enterprise Holdings

·        Sixt SE

·        Europcar Mobility Group
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Car Rental Market Trends

Technology-driven services, focus on sustainability, rise in self-drive, subscription, and car/ride sharing instead of vehicle ownership, diverse vehicle options, and developing customer loyalty are some of the key trends impacting the car rental market.

For instance, to provide travelers with a continuously excellent user experience, technology is used as the most important tool. The companies that invest in technology, meet international standards of service, and assume full responsibility for service delivery will be at the leading edge of the car rental and mobility sectors as consumer expectations continue to rise.

Furthermore, the ownership of a car entails obligations, substantial expenses, and difficulties in handling risks related to insurance, maintenance, etc. All the advantages and pleasures of ownership are provided without the headaches and expenses of ownership by car rental which offer cars with drivers, without drivers, or for self-drive for short-term requirements and subscriptions for longer-term requirements.

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Car Rental Market Segmentation by Region

The Americas led the global car rental market in 2022

The key regions analyzed in the car rental market report are the Americas, Africa, APAC, Europe, and the Middle East. The major countries in the Americas are the US, Canada, Brazil, Argentina, and Mexico.

Other major countries in the global car rental market are Germany, the UK, South Korea, Canada, and France among others. Since 2022, the US has stood in the first position in the global car rental market and is expected to remain the prime market driven mainly by leisure travel. It is followed by Germany and South Korea.

Americas Car Rental Share by Country, 2022 (%)

Americas Car Rental Share by Country, 2022 (%)

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Car Rental Market - Competitive Landscape

Some of the major car rental companies are:

  • Hertz Global Holdings, Inc.
  • Avis Budget Group Inc.
  • Enterprise Holdings
  • Sixt SE
  • Europcar Mobility Group

Enterprise Holdings Inc (Enterprise): Its service portfolio includes car rental, car sharing, van-pooling, car sales, truck rental, online ride-matching, and fleet management services. The company operates through brands such as Enterprise Fleet Management, Enterprise Car Sales, Enterprise Truck Rental, Enterprise CarShare, Exotic Car Collection by Enterprise, Enterprise Car Club, Enterprise Flex-E-Rent, Enterprise Rent-A-Car, Commute with Enterprise, National Car Rental and Alamo Rent A Car. It operates in several countries across North America, Central America, South America, the Caribbean and Europe, Asia-Pacific, and the Middle East. Enterprise is headquartered in St. Louis, Missouri, the US.

Hertz Global Holdings Inc (Hertz Global): It offers car and equipment rental services at the airport and off-airport locations. The company provides car rental services under different programs including Ultimate Choice, Hertz Gold Plus Rewards, Hertz 24/7, and Hertz My Car. Hertz Global offers its car rental services under Dollar, Hertz, and Thrifty brands. It also offers fleet leasing and fleet management solutions through its subsidiaries. The company operates corporate and franchisee locations in several countries across North America, the Caribbean, Latin America, Europe, Asia-Pacific, and the Middle East. Hertz Global is headquartered in Estero, Florida, the US.

Leading Car Rental Companies

Leading Car Rental Companies

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Car Rental Market Segments:

Car Rental Regional Outlook (Value, $Billion, 2022-2027)

  • The Americas
  • Africa
  • APAC
  • Europe
  • The Middle East
Enterprise Holdings
Hertz Global Holdings, Inc
Avis Budget Group Inc
Sixt SE
Europcar Mobility Group

Table of Contents

Snapshot

Key Trends

Deals

Key Insights

Outlook

Company Profiles

Appendix

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