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Car Rental Market by Booking Channel (Online, Offline), by Rental Length (Short term, Long term), by Vehicle (Luxury cars, Executive cars, Economy cars, SUVs, MUVs), by Application (Leisure/tourism, Business), by End User (Self-driven, Chauffeur-driven), by North America (U.S., Canada), by Europe (UK, Germany, France, Italy, Spain, Russia, Nordics, Rest of Europe), by Asia Pacific (China, India, Japan, Australia, South Korea, Southeast Asia, Rest of Asia Pacific), by Latin America (Brazil, Mexico, Argentina, Rest of Latin America), by MEA (South Africa, Saudi Arabia, UAE, Rest of MEA) Forecast 2025-2033
The size of the Car Rental Market was valued at USD 129.1 Billion in 2023 and is projected to reach USD 207.31 Billion by 2032, with an expected CAGR of 7% during the forecast period. The Car Rental Market offers consumers the opportunity to lease vehicles for short periods, catering to a range of transportation needs such as travel, business, and leisure. This industry offers a wide variety of vehicle choices, including economy cars, luxury cars, and SUVs, to meet the needs of a wide range of customers. The growth in this sector is being driven by urbanization and changing consumer preferences, which are leading to a higher demand for mobility solutions. Furthermore, the emergence of ride-sharing and app-based services has resulted in advancements in car rental options, including peer-to-peer rentals and subscription services. The market is being influenced by environmental concerns, leading companies to increase their fleets by adding electric and hybrid vehicles. Moreover, progress in technology, such as the use of mobile apps for booking and tracking vehicles, is improving the customer service. With the resurgence of travel and increasing demand for adaptable transportation choices, the Car Rental Market is projected to experience notable expansion, presenting possibilities for both existing firms and new players to cater to changing consumer needs.
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Market Size:
The Car Rental Market is valued at $129.1 billion as of 2023 and is projected to reach $196.2 billion by 2029, exhibiting a CAGR of 7.0%.
Market Share:
Growth:
The market is expected to grow steadily over the forecast period, driven by increasing tourism and business travel, urbanization, and technological advancements.
Booking Channel:
Rental Length:
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Aspects | Details |
---|---|
Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of 7% from 2019-2033 |
Segmentation |
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Note* : In applicable scenarios
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