Global Car Rental Market was Valued at USD 86.3 Billion in 2019 and is Expected to Reach USD 131.0 Billion by 2025, Observing a CAGR of 6.9% during 2020–2025

Published Date: Apr, 2020

The global car rental market was valued at USD 86.3 billion in 2019 and is expected to reach USD 131.0 billion by 2025, growing at a CAGR of 6.9% during 2020-2025. In 2019, tourism industry witnessed massive growth with tourists enhancing their tourism budget that is significantly supporting the growth of car rental market. Tourism is expanding as tourists find it leisure and socially acceptable activity as a result to which apart from business meetings or exploring city tourists are splurging ample amount on visiting new places. Additionally, car rental provides convenience and flexibility to the tourist to explore any location.  

The executive type of vehicle segment is expected to witness fastest growth in the global car rental market during the forecast period (2020 – 2025)

Based on vehicle type, the global car rental market is segmented into executive, luxury, SUVs, economy, and MUVs. Of all the vehicle type, the executive type of vehicle segment is expected to witness fastest growth in the global market during the forecast period. This is due to the growing number of business travellers globally specifically in emerging economies.

Global Car Rental Market Segmentation Analysis

Segment

Categorization

Leading Category

Vehicle Type

Executive, Luxury, SUVs, Economy, and MUVs

Executive (Fastest)

Application

Airport Transport, Outstation, Local Usage, and Others

Airport Transport (Largest)

Region

North America, Europe, Asia-Pacific, and Rest of the World

North America (Largest)

Asia-Pacific (Fastest)

 

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Geography Insight

Geographically, North America is the largest car rental market and is expected to generate largest revenue by 2025. This is owing to the increasing number of business and leisure trips both domestic and international. On the other hand, Asia-Pacific is expected to witness highest CAGR during the forecast period due to the improved road infrastructure along with accessibility to high end luxury vehicles.

Competitive Insight

Some of the key players operating in the global car rental market are Sixt SE, Uber Technologies Inc., Carzonrent India Pvt Ltd., Europcar, Avis Budget Group, Inc, German Rent a Car, DTG Operations, Inc., Localiza Rent a Car S.A., Enterprise Holdings Inc., Tempest Car Hire, The Hertz Corporation, Alamo, and Eco Rent a Car.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015 – 2025

Historical Period

2015 – 2019

Base Year

2019

Forecast Period

2020 – 2025

Segments Covered in the Study

Vehicle Type, Application, and Region

Geographies Covered in the Study

North America (U.S., Canada, and Mexico), Europe (Germany, U.K., France, Italy, Spain, the Netherlands), Asia-Pacific (China, Japan, India, Australia), and Rest of the World (Brazil, U.A.E.)

Companies Covered in the Study

Sixt SE, Uber Technologies Inc., Carzonrent India Pvt Ltd., Europcar, Avis Budget Group, Inc., Budget Rent a Car System, Inc., German Rent a Car, DTG Operations, Inc., Localiza Rent a Car S.A., Enterprise Holdings Inc., Tempest Car Hire, The Hertz Corporation, Alamo, and Eco Rent a Car

Global Car Rental Market Coverage

Vehicle Type Insight and Forecast 2015 – 2025

  • Executive
  • Luxury
  • SUVs
  • Economy
  • MUVs

Application Insight and Forecast 2015 – 2025

  • Airport Transport
  • Outstation
  • Local Usage
  • Others

Geographical Segmentation

Car Rental Market by Region

North America

  • By Vehicle Type
  • By Application
  • By Country – U.S., Canada, and Mexico

Europe

  • By Vehicle Type
  • By Application
  • By Country – Germany, U.K., France, Italy, Spain, The Netherlands, and Rest of Europe

Asia-Pacific (APAC)

  • By Vehicle Type
  • By Application
  • By Country – China, Japan, India, Australia, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Vehicle Type
  • By Application
  • By Country – Brazil, U.A.E., and Other Countries

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Global Car Rental Market was Valued at USD 86.3 Billion in 2019 and is Expected to Reach USD 131.0 Billion by 2025, Observing a CAGR of 6.9% during 2020–2025