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Car Rental Market Trends

Report ID: GMI6508
Published Date: Aug 2023
Report Format: PDF

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Car Rental Market Trends

Evolving from the sharing economy concept, Peer-to-Peer (P2P) car sharing has emerged as a major trend in the car rental industry. Enabled by digital platforms, individuals can rent out their vehicles to users, increasing the utility of privately owned cars. This trend has improved the rental fleet without the need for additional investments by rental companies. P2P car sharing offers vehicle owners an income stream and customers a wider array of vehicle options, transforming the way people access & utilize vehicles for various needs.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of car rental reached USD 122.3 billion in 2022 and is set to grow at 7.4% CAGR through 2023-2032, due to the proliferation of online booking platforms and user-friendly mobile applications worldwide.

Short-term car rental segment registered 72% of the market share in 2022, impelled by advantages, such as flexibility and convenience.

North America held 49% of the market share in 2022, owing to the increase in tourism and business trips in the region.

Some of the influential car rental companies are Rent-a-car, Avis Budget Group, Sixt, Alamo Rent-a-Car LLC, Hertz, Enterprise Holdings Inc., Europcar, Uber Technologies Inc., Localiza, and Ola Cabs.