Car rental market size to grow by USD 129.71 billion from 2022 to 2027|The advent of intermediaries is a primary trend in the market -Technavio

NEW YORK, Oct. 30, 2023 /PRNewswire/ — The car rental market size is expected to grow by USD 129.71 billion between 2022 to 2027, according to Technavio. As per the latest report, the market will progress at a CAGR of 20.16% during 2022-2027. The advent of intermediaries is a primary trend in the market. Customers can rent a car cheaply through intermediaries. As a result, the market becomes highly competitive and price becomes the main decision-making factor for customers. Commissions are paid to brokers. Therefore, intermediaries and sales through intermediaries are more disadvantageous to businesses than direct sales. In addition, the point of contact with the customer becomes an intermediary, making it difficult to differentiate the brand. Such trends may hamper market growth during the forecast period. View the new Sample Report within minutes!

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Autorent Car Rental LLC, Avis Budget Group Inc., Carzonrent India Pvt. Ltd., Centauro Rent a Car S.L.U., DriiveMe Ltd., Enterprise Holdings Inc., Europcar Group UK Ltd., Expedia Group Inc., Getaround Inc., GO Rentals Auckland Ltd., Hertz Global Holdings Inc., Localiza Rent a Car SA, Mex Rent a Car, Movida Participacoes SA, Renault SAS, SIXT SE, Turo Inc., Uber Technologies Inc., Zoomcar India Pvt. Ltd., and Aspark Holidays Pvt. Ltd. are some of the major market participants.

The increase in vehicle ownership cost is notably driving the market growth. The cost of owning a car depends on several factors, including fuel, registration, tax, finance, maintenance, and annual depreciation. The cost of owning a car is increasing year by year. According to the American Automobile Association (AAA), depreciation accounts for 43% of operating costs. Other costs, such as maintenance and fuel costs, together account for 25%. As a result, the percentage of car owners aged 18 to 35 is decreasing year by year. Such developments are increasing the demand for car rental services and will drive the growth of the car rental market during the forecast period.

Car Rental Market 2023-2027: Segmentation
Car Rental Market is segmented as below:

Mode of Booking Offline Online Type Economy CarsExecutive CarsLuxury CarsSUVsMUVsRental CategoryAirport transportLocal transportOutstation transportOther transportThe market share growth by the offline segment will be significant during the forecast period. Offline booking allows customers to book a car in advance without relying on an internet connection. Customers can provide information to rental companies by phone or email. Demand for offline bookings has raised significantly in recent years due to increasing customer preferences. Additionally, offline bookings provide customers with an extra layer of security. This is mainly important for those who need reliable transportation for business or personal use. Such factors are expected to drive the growth of the offline segment in the car rental market during the forecast period.

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Car Rental Market 2023-2027: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our car rental market report covers the following areas:

Car Rental Market sizeCar Rental Market trendsCar Rental Market industry analysisCar Rental Market five forces analysisCar Rental Market competitive landscape

Car Rental Market – Key Challenge

The rising number of car-sharing services may impede market growth. A common trend toward mobility has raised the popularity of car sharing. The concept of car-sharing is gaining attention to reduce carbon emissions and decongest city roads. The car-sharing model allows the free use of vehicles parked in different locations. Moreover, car-sharing services are growing the popularity in urban areas of both developed and developing countries. These services connect car owners with other travelers to share journeys from city to city. This model is designed for long-distance travel and is aimed at motorists looking to fill empty seats during journeys. Thus, the rising adoption of car-sharing services is expected to hamper the growth of the car rental market during the forecast period.

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Car Rental Market 2023-2027: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the Car Rental Market. Backed with competitive intelligence and benchmarking, our research reports on the Car Rental Market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.

Autorent Car Rental LLC: The company offers car rental services such as self-driven car rental service.Avis Budget Group Inc.: The company offers car rental services with hatchbacks, sedans, SUVs.Carzonrent India Pvt. Ltd: The company offers car rental services such as one-way airport car rental, luxury car rental, SUV rental.Centauro Rent a Car S.L.U.DriiveMe Ltd.Enterprise Holdings Inc.Europcar Group UK Ltd.Expedia Group Inc.Getaround Inc.GO Rentals Auckland Ltd.Hertz Global Holdings Inc.Localiza Rent a Car SAMex Rent a CarMovida Participacoes SARenault SAS, SIXT SETuro Inc.Uber Technologies Inc.Zoomcar India Pvt. Ltd. Aspark Holidays Pvt. Ltd.

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Car Rental Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027Detailed information on factors that will assist car rental market growth during the next five yearsEstimation of the car rental market size and its contribution to the parent marketPredictions on upcoming trends and changes in consumer behaviorThe growth of the car rental marketAnalysis of the market’s competitive landscape and detailed information on vendorsComprehensive details of factors that will challenge the growth of car rental market vendors

Related Reports:

The electric car rental market size is estimated to grow at a CAGR of 12.64% between 2022 and 2027. The size of the market is forecast to increase by USD 11,246.65 million. Furthermore, this report extensively covers market segmentation by type (economy cars and luxury cars), distribution channel (offline and online), and geography (Europe, North America, APAC, South America, and Middle East and Africa). The growing government regulations, incentives, and subsidies on EVs are notably driving the market growth during the forecast period.

The Car Rental (Self Drive) Market is estimated to grow by USD 1,702.15 million between 2022 and 2027 accelerating at a CAGR of 35.8%. Furthermore, this car rental (self drive) market research report extensively covers market segmentation by vehicle type (economy cars and luxury cars), mode of booking (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The growing interest in self-driving vehicles is the key factor driving the global car rental (self drive) market growth during the forecast period.

Table Of Contents :

1 Executive Summary

1.1 Market overviewExhibit 01: Executive Summary – Chart on Market OverviewExhibit 02: Executive Summary – Data Table on Market OverviewExhibit 03: Executive Summary – Chart on Global Market CharacteristicsExhibit 04: Executive Summary – Chart on Market by GeographyExhibit 05: Executive Summary – Chart on Market Segmentation by Mode of BookingExhibit 06: Executive Summary – Chart on Market Segmentation by TypeExhibit 07: Executive Summary – Chart on Market Segmentation by Rental CategoryExhibit 08: Executive Summary – Chart on Incremental GrowthExhibit 09: Executive Summary – Data Table on Incremental GrowthExhibit 10: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystemExhibit 11: Parent marketExhibit 12: Market Characteristics

3 Market Sizing

3.1 Market definitionExhibit 13: Offerings of vendors included in the market definition3.2 Market segment analysis Exhibit 14: Market segments3.3 Market size 20223.4 Market outlook: Forecast for 2022-2027 Exhibit 15: Chart on Global – Market size and forecast 2022-2027 (USD billion)Exhibit 16: Data Table on Global – Market size and forecast 2022-2027 (USD billion)Exhibit 17: Chart on Global Market: Year-over-year growth 2022-2027 (%)Exhibit 18: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

4.1 Global car rental market 2017 – 2021 Exhibit 19: Historic Market Size – Data Table on global car rental market 2017 – 2021 (USD billion)4.2 Mode of Booking Segment Analysis 2017 – 2021 Exhibit 20: Historic Market Size – Mode of Booking Segment 2017 – 2021 (USD billion)4.3 Type Segment Analysis 2017 – 2021 Exhibit 21: Historic Market Size – Type Segment 2017 – 2021 (USD billion)4.4 Rental Category Segment Analysis 2017 – 2021 Exhibit 22: Historic Market Size – Rental Category Segment 2017 – 2021 (USD billion)4.5 Geography Segment Analysis 2017 – 2021 Exhibit 23: Historic Market Size – Geography Segment 2017 – 2021 (USD billion)4.6 Country Segment Analysis 2017 – 2021 Exhibit 24: Historic Market Size – Country Segment 2017 – 2021 (USD billion)

5 Five Forces Analysis

5.1 Five forces summaryExhibit 25: Five forces analysis – Comparison between 2022 and 20275.2 Bargaining power of buyers Exhibit 26: Chart on Bargaining power of buyers – Impact of key factors 2022 and 20275.3 Bargaining power of suppliers Exhibit 27: Bargaining power of suppliers – Impact of key factors in 2022 and 20275.4 Threat of new entrants Exhibit 28: Threat of new entrants – Impact of key factors in 2022 and 20275.5 Threat of substitutes Exhibit 29: Threat of substitutes – Impact of key factors in 2022 and 20275.6 Threat of rivalryExhibit 30: Threat of rivalry – Impact of key factors in 2022 and 20275.7 Market conditionExhibit 31: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Mode of Booking

6.1 Market segmentsExhibit 32: Chart on Mode of Booking – Market share 2022-2027 (%)Exhibit 33: Data Table on Mode of Booking – Market share 2022-2027 (%)6.2 Comparison by Mode of Booking Exhibit 34: Chart on Comparison by Mode of BookingExhibit 35: Data Table on Comparison by Mode of Booking6.3 Offline – Market size and forecast 2022-2027 Exhibit 36: Chart on Offline – Market size and forecast 2022-2027 (USD billion)Exhibit 37: Data Table on Offline – Market size and forecast 2022-2027 (USD billion)Exhibit 38: Chart on Offline – Year-over-year growth 2022-2027 (%)Exhibit 39: Data Table on Offline – Year-over-year growth 2022-2027 (%)6.4 Online – Market size and forecast 2022-2027 Exhibit 40: Chart on Online – Market size and forecast 2022-2027 (USD billion)Exhibit 41: Data Table on Online – Market size and forecast 2022-2027 (USD billion)Exhibit 42: Chart on Online – Year-over-year growth 2022-2027 (%)Exhibit 43: Data Table on Online – Year-over-year growth 2022-2027 (%)6.5 Market opportunity by Mode of Booking Exhibit 44: Market opportunity by Mode of Booking (USD billion)Exhibit 45: Data Table on Market opportunity by Mode of Booking (USD billion)

7 Market Segmentation by Type

7.1 Market segmentsExhibit 46: Chart on Type – Market share 2022-2027 (%)Exhibit 47: Data Table on Type – Market share 2022-2027 (%)7.2 Comparison by TypeExhibit 48: Chart on Comparison by TypeExhibit 49: Data Table on Comparison by Type7.3 Economy cars – Market size and forecast 2022-2027 Exhibit 50: Chart on Economy cars – Market size and forecast 2022-2027 (USD billion)Exhibit 51: Data Table on Economy cars – Market size and forecast 2022-2027 (USD billion)Exhibit 52: Chart on Economy cars – Year-over-year growth 2022-2027 (%)Exhibit 53: Data Table on Economy cars – Year-over-year growth 2022-2027 (%)7.4 Executive cars – Market size and forecast 2022-2027 Exhibit 54: Chart on Executive cars – Market size and forecast 2022-2027 (USD billion)Exhibit 55: Data Table on Executive cars – Market size and forecast 2022-2027 (USD billion)Exhibit 56: Chart on Executive cars – Year-over-year growth 2022-2027 (%)Exhibit 57: Data Table on Executive cars – Year-over-year growth 2022-2027 (%)7.5 Luxury cars – Market size and forecast 2022-2027 Exhibit 58: Chart on Luxury cars – Market size and forecast 2022-2027 (USD billion)Exhibit 59: Data Table on Luxury cars – Market size and forecast 2022-2027 (USD billion)Exhibit 60: Chart on Luxury cars – Year-over-year growth 2022-2027 (%)Exhibit 61: Data Table on Luxury cars – Year-over-year growth 2022-2027 (%)7.6 SUVs – Market size and forecast 2022-2027 Exhibit 62: Chart on SUVs – Market size and forecast 2022-2027 (USD billion)Exhibit 63: Data Table on SUVs – Market size and forecast 2022-2027 (USD billion)Exhibit 64: Chart on SUVs – Year-over-year growth 2022-2027 (%)Exhibit 65: Data Table on SUVs – Year-over-year growth 2022-2027 (%)7.7 MUVs – Market size and forecast 2022-2027 Exhibit 66: Chart on MUVs – Market size and forecast 2022-2027 (USD billion)Exhibit 67: Data Table on MUVs – Market size and forecast 2022-2027 (USD billion)Exhibit 68: Chart on MUVs – Year-over-year growth 2022-2027 (%)Exhibit 69: Data Table on MUVs – Year-over-year growth 2022-2027 (%)7.8 Market opportunity by Type Exhibit 70: Market opportunity by Type (USD billion)Exhibit 71: Data Table on Market opportunity by Type (USD billion)

8 Market Segmentation by Rental Category

8.1 Market segmentsExhibit 72: Chart on Rental Category – Market share 2022-2027 (%)Exhibit 73: Data Table on Rental Category – Market share 2022-2027 (%)8.2 Comparison by Rental Category Exhibit 74: Chart on Comparison by Rental CategoryExhibit 75: Data Table on Comparison by Rental Category8.3 Airport transport – Market size and forecast 2022-2027 Exhibit 76: Chart on Airport transport – Market size and forecast 2022-2027 (USD billion)Exhibit 77: Data Table on Airport transport – Market size and forecast 2022-2027 (USD billion)Exhibit 78: Chart on Airport transport – Year-over-year growth 2022-2027 (%)Exhibit 79: Data Table on Airport transport – Year-over-year growth 2022-2027 (%)8.4 Local transport – Market size and forecast 2022-2027 Exhibit 80: Chart on Local transport – Market size and forecast 2022-2027 (USD billion)Exhibit 81: Data Table on Local transport – Market size and forecast 2022-2027 (USD billion)Exhibit 82: Chart on Local transport – Year-over-year growth 2022-2027 (%)Exhibit 83: Data Table on Local transport – Year-over-year growth 2022-2027 (%)8.5 Outstation transport – Market size and forecast 2022-2027 Exhibit 84: Chart on Outstation transport – Market size and forecast 2022-2027 (USD billion)Exhibit 85: Data Table on Outstation transport – Market size and forecast 2022-2027 (USD billion)Exhibit 86: Chart on Outstation transport – Year-over-year growth 2022-2027 (%)Exhibit 87: Data Table on Outstation transport – Year-over-year growth 2022-2027 (%)8.6 Other transport – Market size and forecast 2022-2027 Exhibit 88: Chart on Other transport – Market size and forecast 2022-2027 (USD billion)Exhibit 89: Data Table on Other transport – Market size and forecast 2022-2027 (USD billion)Exhibit 90: Chart on Other transport – Year-over-year growth 2022-2027 (%)Exhibit 91: Data Table on Other transport – Year-over-year growth 2022-2027 (%)8.7 Market opportunity by Rental Category Exhibit 92: Market opportunity by Rental Category (USD billion)Exhibit 93: Data Table on Market opportunity by Rental Category (USD billion)

9 Customer Landscape

9.1 Customer landscape overview Exhibit 94: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

10 Geographic Landscape

10.1 Geographic segmentation Exhibit 95: Chart on Market share by geography 2022-2027 (%)Exhibit 96: Data Table on Market share by geography 2022-2027 (%)10.2 Geographic comparison Exhibit 97: Chart on Geographic comparisonExhibit 98: Data Table on Geographic comparison10.3 North America – Market size and forecast 2022-2027 Exhibit 99: Chart on North America – Market size and forecast 2022-2027 (USD billion)Exhibit 100: Data Table on North America – Market size and forecast 2022-2027 (USD billion)Exhibit 101: Chart on North America – Year-over-year growth 2022-2027 (%)Exhibit 102: Data Table on North America – Year-over-year growth 2022-2027 (%)10.4 Europe – Market size and forecast 2022-2027 Exhibit 103: Chart on Europe – Market size and forecast 2022-2027 (USD billion)Exhibit 104: Data Table on Europe – Market size and forecast 2022-2027 (USD billion)Exhibit 105: Chart on Europe – Year-over-year growth 2022-2027 (%)Exhibit 106: Data Table on Europe – Year-over-year growth 2022-2027 (%)10.5 APAC – Market size and forecast 2022-2027 Exhibit 107: Chart on APAC – Market size and forecast 2022-2027 (USD billion)Exhibit 108: Data Table on APAC – Market size and forecast 2022-2027 (USD billion)Exhibit 109: Chart on APAC – Year-over-year growth 2022-2027 (%)Exhibit 110: Data Table on APAC – Year-over-year growth 2022-2027 (%)10.6 Middle East and Africa – Market size and forecast 2022-2027 Exhibit 111: Chart on Middle East and Africa – Market size and forecast 2022-2027 (USD billion)Exhibit 112: Data Table on Middle East and Africa – Market size and forecast 2022-2027 (USD billion)Exhibit 113: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)Exhibit 114: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)10.7 South America – Market size and forecast 2022-2027 Exhibit 115: Chart on South America – Market size and forecast 2022-2027 (USD billion)Exhibit 116: Data Table on South America – Market size and forecast 2022-2027 (USD billion)Exhibit 117: Chart on South America – Year-over-year growth 2022-2027 (%)Exhibit 118: Data Table on South America – Year-over-year growth 2022-2027 (%)10.8 US – Market size and forecast 2022-2027 Exhibit 119: Chart on US – Market size and forecast 2022-2027 (USD billion)Exhibit 120: Data Table on US – Market size and forecast 2022-2027 (USD billion)Exhibit 121: Chart on US – Year-over-year growth 2022-2027 (%)Exhibit 122: Data Table on US – Year-over-year growth 2022-2027 (%)10.9 China – Market size and forecast 2022-2027 Exhibit 123: Chart on China – Market size and forecast 2022-2027 (USD billion)Exhibit 124: Data Table on China – Market size and forecast 2022-2027 (USD billion)Exhibit 125: Chart on China – Year-over-year growth 2022-2027 (%)Exhibit 126: Data Table on China – Year-over-year growth 2022-2027 (%)10.10 Germany – Market size and forecast 2022-2027 Exhibit 127: Chart on Germany – Market size and forecast 2022-2027 (USD billion)Exhibit 128: Data Table on Germany – Market size and forecast 2022-2027 (USD billion)Exhibit 129: Chart on Germany – Year-over-year growth 2022-2027 (%)Exhibit 130: Data Table on Germany – Year-over-year growth 2022-2027 (%)10.11 Italy – Market size and forecast 2022-2027 Exhibit 131: Chart on Italy – Market size and forecast 2022-2027 (USD billion)Exhibit 132: Data Table on Italy – Market size and forecast 2022-2027 (USD billion)Exhibit 133: Chart on Italy – Year-over-year growth 2022-2027 (%)Exhibit 134: Data Table on Italy – Year-over-year growth 2022-2027 (%)10.12 France – Market size and forecast 2022-2027 Exhibit 135: Chart on France – Market size and forecast 2022-2027 (USD billion)Exhibit 136: Data Table on France – Market size and forecast 2022-2027 (USD billion)Exhibit 137: Chart on France – Year-over-year growth 2022-2027 (%)Exhibit 138: Data Table on France – Year-over-year growth 2022-2027 (%)10.13 Market opportunity by geography Exhibit 139: Market opportunity by geography (USD billion)Exhibit 140: Data Tables on Market opportunity by geography (USD billion)

11 Drivers, Challenges, and Trends

11.1 Market drivers11.2 Market challenges11.3 Impact of drivers and challenges Exhibit 141: Impact of drivers and challenges in 2022 and 202711.4 Market trends

12 Vendor Landscape

12.1 Overview12.2 Vendor landscapeExhibit 142: Overview on Criticality of inputs and Factors of differentiation12.3 Landscape disruptionExhibit 143: Overview on factors of disruption12.4 Industry risksExhibit 144: Impact of key risks on business

13 Vendor Analysis

13.1 Vendors coveredExhibit 145: Vendors covered13.2 Market positioning of vendors Exhibit 146: Matrix on vendor position and classification13.3 Aspark Holidays Pvt. Ltd. Exhibit 147: Aspark Holidays Pvt. Ltd. – OverviewExhibit 148: Aspark Holidays Pvt. Ltd. – Product / ServiceExhibit 149: Aspark Holidays Pvt. Ltd. – Key offerings13.4 Autorent Car Rental LLC Exhibit 150: Autorent Car Rental LLC – OverviewExhibit 151: Autorent Car Rental LLC – Product / ServiceExhibit 152: Autorent Car Rental LLC – Key offerings13.5 Avis Budget Group Inc. Exhibit 153: Avis Budget Group Inc. – OverviewExhibit 154: Avis Budget Group Inc. – Business segmentsExhibit 155: Avis Budget Group Inc. – Key offeringsExhibit 156: Avis Budget Group Inc. – Segment focus13.6 Carzonrent India Pvt. Ltd. Exhibit 157: Carzonrent India Pvt. Ltd. – OverviewExhibit 158: Carzonrent India Pvt. Ltd. – Product / ServiceExhibit 159: Carzonrent India Pvt. Ltd. – Key offerings13.7 DriiveMe Ltd.Exhibit 160: DriiveMe Ltd. – OverviewExhibit 161: DriiveMe Ltd. – Product / ServiceExhibit 162: DriiveMe Ltd. – Key offerings13.8 Enterprise Holdings Inc. Exhibit 163: Enterprise Holdings Inc. – OverviewExhibit 164: Enterprise Holdings Inc. – Product / ServiceExhibit 165: Enterprise Holdings Inc. – Key newsExhibit 166: Enterprise Holdings Inc. – Key offerings13.9 Europcar Group UK Ltd. Exhibit 167: Europcar Group UK Ltd. – OverviewExhibit 168: Europcar Group UK Ltd. – Product / ServiceExhibit 169: Europcar Group UK Ltd. – Key offerings13.10 Expedia Group Inc.Exhibit 170: Expedia Group Inc. – OverviewExhibit 171: Expedia Group Inc. – Business segmentsExhibit 172: Expedia Group Inc. – Key offeringsExhibit 173: Expedia Group Inc. – Segment focus13.11 GO Rentals Auckland Ltd. Exhibit 174: GO Rentals Auckland Ltd. – OverviewExhibit 175: GO Rentals Auckland Ltd. – Product / ServiceExhibit 176: GO Rentals Auckland Ltd. – Key offerings13.12 Hertz Global Holdings Inc. Exhibit 177: Hertz Global Holdings Inc. – OverviewExhibit 178: Hertz Global Holdings Inc. – Business segmentsExhibit 179: Hertz Global Holdings Inc. – Key offeringsExhibit 180: Hertz Global Holdings Inc. – Segment focus13.13 Localiza Rent a Car SA Exhibit 181: Localiza Rent a Car SA – OverviewExhibit 182: Localiza Rent a Car SA – Business segmentsExhibit 183: Localiza Rent a Car SA – Key offeringsExhibit 184: Localiza Rent a Car SA – Segment focus13.14 Mex Rent a CarExhibit 185: Mex Rent a Car – OverviewExhibit 186: Mex Rent a Car – Product / ServiceExhibit 187: Mex Rent a Car – Key offerings13.15 Movida Participacoes SA Exhibit 188: Movida Participacoes SA – OverviewExhibit 189: Movida Participacoes SA – Business segmentsExhibit 190: Movida Participacoes SA – Key offeringsExhibit 191: Movida Participacoes SA – Segment focus13.16 SIXT SEExhibit 192: SIXT SE – OverviewExhibit 193: SIXT SE – Business segmentsExhibit 194: SIXT SE – Key newsExhibit 195: SIXT SE – Key offeringsExhibit 196: SIXT SE – Segment focus13.17 Turo Inc.Exhibit 197: Turo Inc. – OverviewExhibit 198: Turo Inc. – Product / ServiceExhibit 199: Turo Inc. – Key offerings

14 Appendix

14.1 Scope of the report14.2 Inclusions and exclusions checklist Exhibit 200: Inclusions checklistExhibit 201: Exclusions checklist14.3 Currency conversion rates for USUSD Exhibit 202: Currency conversion rates for USUSD14.4 Research methodologyExhibit 203: Research methodologyExhibit 204: Validation techniques employed for market sizingExhibit 205: Information sources14.5 List of abbreviations Exhibit 206: List of abbreviations

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