Car Rental Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

Car rental market size is anticipated to witness over 7% CAGR between 2024 and 2032 driven by the surging demand for flexible transportation. As urbanization takes hold and disposable incomes rise, more individuals are turning to car rentals as an alternative to ownership, especially for short-term needs. According to Worldbank.org, urban areas currently house 50% of the global population. This trend is bolstered by the advantages of rental services, which, when compared to long-term ownership, offer savings on maintenance, insurance, and depreciation.

Technological innovations, including mobile apps and online booking platforms, are revolutionizing the car rental landscape, making it more accessible and user-friendly. Furthermore, the adoption of smart technologies, such as GPS and telematics, not only streamlines vehicle management but also elevates customer satisfaction, driving up market growth.

The industry is divided into booking channel, rental length, vehicle, application, end user, and region.

Based on booking channel, the car rental market size from the online segment is slated to witness significant growth during 2024-2032. This surge is attributed to the unmatched convenience and accessibility these channels offer. With online platforms and mobile applications, customers can effortlessly search, compare, and book rental vehicles anytime, anywhere. This digital approach alleviates traditional hurdles like tedious paperwork and in-person dealings.

Car rental market value from the leisure/ tourism application segment will foresee considerable growth up to 2032. Travelers are increasingly leaning towards flexible and tailored transportation to enrich their journeys. Renting vehicles empowers tourists to navigate destinations at their rhythm, reach off-the-beaten-path locales, and optimize their schedules. This growing demand spans diverse preferences and group sizes.

Asia Pacific car rental industry size is anticipated to witness substantial growth through 2032 attributed to rising disposable incomes, along with increased travel and tourism activities in the region. As cities expand and the population grows, there is a higher demand for flexible transportation solutions that car rentals provide. The increasing middle-class population with higher spending power also contributes to a greater need for temporary vehicle access in APAC.

Product Code: 6508

Report content

Chapter 1 Methodology and Scope

1.1 Market scope and definition
1.2 Research design
- 1.2.1 Research approach
- 1.2.2 Data collection methods
1.3 Base estimates and calculations
- 1.3.1 Base year calculation
- 1.3.2 Key trends for market estimation
1.4 Forecast model
1.5 Primary research and validation
- 1.5.1 Primary sources
- 1.5.2 Data mining sources

Chapter 2 Executive Summary

2.1 Industry 360°synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Supplier landscape
- 3.2.1 Car OEMs
- 3.2.2 Component suppliers
- 3.2.3 Service providers
- 3.2.4 Distribution channel
- 3.2.5 End-users
3.3 Profit margin analysis
3.4 Technology and innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
- 3.8.1 Growth drivers
  - 3.8.1.1 Growing travel and tourism industry
  - 3.8.1.2 Shift towards on-demand mobility services
  - 3.8.1.3 Increasing demand for rental services at airports
  - 3.8.1.4 Rising middle class population and urbanization in Asia Pacific
- 3.8.2 Industry pitfalls and challenges
  - 3.8.2.1 Price fluctuations and competition from ride-sharing services
  - 3.8.2.2 High operational cost
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates and Forecast, By Booking Channel, 2021 - 2032 ($Bn)

5.1 Key trends
5.2 Online
5.3 Offline

Chapter 6 Market Estimates and Forecast, By Rental Length, 2021 - 2032 ($Bn)

6.1 Key trends
6.2 Short term
6.3 Long term

Chapter 7 Market Estimates and Forecast, By Vehicle, 2021 - 2032 ($Bn)

7.1 Key trends
7.2 Luxury cars
7.3 Executive cars
7.4 Economy cars
7.5 SUVs
7.6 MUVs

Chapter 8 Market Estimates and Forecast, By Application, 2021 - 2032 ($Bn)

8.1 Key trends
8.2 Leisure/tourism
- 8.2.1 By vehicle
8.3 Business
- 8.3.1 By vehicle

Chapter 9 Market Estimates and Forecast, By End User, 2021 - 2032 ($Bn)

9.1 Key trends
9.2 Self-driven
9.3 Chauffeur-driven

Chapter 10 Market Estimates and Forecast, By Region, 2021 - 2032 ($Bn)

10.1 Key trends
10.2 North America
- 10.2.1 U.S.
- 10.2.2 Canada
10.3 Europe
- 10.3.1 UK
- 10.3.2 Germany
- 10.3.3 France
- 10.3.4 Italy
- 10.3.5 Spain
- 10.3.6 Russia
- 10.3.7 Nordics
- 10.3.8 Rest of Europe
10.4 Asia Pacific
- 10.4.1 China
- 10.4.2 India
- 10.4.3 Japan
- 10.4.4 Australia
- 10.4.5 South Korea
- 10.4.6 Southeast Asia
- 10.4.7 Rest of Asia Pacific
10.5 Latin America
- 10.5.1 Brazil
- 10.5.2 Mexico
- 10.5.3 Argentina
- 10.5.4 Rest of Latin America
10.6 MEA
- 10.6.1 South Africa
- 10.6.2 Saudi Arabia
- 10.6.3 UAE
- 10.6.4 Rest of MEA

Chapter 11 Company Profiles

11.1 ACE Rent-a-Car Reservations, Inc.
11.2 Advantage Rent-a-car
11.3 Alamo Rent-a-Car LLC
11.4 ANI Technologies Pvt. Ltd.
11.5 Avis Budget Group
11.6 Budget Rent a Car System, Inc.
11.7 Carzonrent India Pvt Ltd
11.8 Dollar Rent a Car, Inc.
11.9 Enterprise Holdings Inc
11.10 Europcar
11.11 Fox Rent a Car, Inc.
11.12 Global Cars
11.13 Hertz System, Inc.
11.14 Localiza
11.15 National Car Rental
11.16 SIXT SE
11.17 Thrifty Car Rental, Inc.
11.18 Toyota Rent-a-Car
11.19 Uber Technologies, Inc.
11.20 Zipcar, Inc.