Car Rental Market Size Worth $141.17 Billion By 2028 | CAGR: 4.6%: Grand View Research, Inc.

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Sep 23, 2021, 05:05 ET

SAN FRANCISCO, Sept. 23, 2021 /PRNewswire/ -- The global car rental market size is anticipated to reach USD 141.17 billion by 2028, registering a CAGR of 4.6% from 2021 to 2028, according to a new study by Grand View Research, Inc. Considerable growth in the world tourism sector is one of the critical factors propelling the market growth. Additionally, increasing pollution, rising car prices, and the cost-effective nature of car rental services are some of the other key factors boosting the growth of the market.

Key Insights & Findings:

Car rental providers across the globe are focusing on implementing various technologies for training, sales and marketing, and customer support to stand out among competitors and enable better communication with their customers
Rising environmental concerns and awareness regarding low emission vehicles are shifting consumer preference toward vehicle rental options
The evolution of 'Bleisure' is one of the prominent emerging trends in the travel and tourism sector, which refers to a combination of business and leisure trips. This trend is anticipated to drive the market among business and leisure travelers
Prominent players are focusing on having their reach across the globe, in an attempt to cater to the customer needs and acquire a higher customer base

Read 120 page market research report, "Car Rental Market Size, Share & Trends Analysis Report By Vehicle Type (Luxury Cars, Executive Cars, Economy Cars, SUVs, MUVs), By Application (Local Usage, Airport Transport, Outstation), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research

The market has witnessed significant attention in the last decade due to the increased use of smartphone-based online booking applications. Bookings/reservations through rental stations have witnessed a decline in recent years since online booking allows users to plan and book vehicles quickly and in advance. Also, the internet offers a convenient way to browse through various websites of car rental providers and get access to numerous options and offers.

Car rental operators in developed countries, such as the U.S., are increasingly implementing advanced technology solutions to streamline their processes. Some of the key market players are using smartphone applications to promote discounts and offer information such as real-time car tracking as well as the availability of the vehicle. Industry participants in the moderately fragmented market compete on the basis of pricing, location, fleet size, and marketing expertise.

Grand View Research has segmented the global car rental market by vehicle type, application, and region:

Car Rental Vehicle Type Outlook (Revenue, USD Million, 2018 - 2028)

Luxury Cars
Executive Cars
Economy Cars
SUVs
MUVs

Car Rental Application Outlook (Revenue, USD Million, 2018 - 2028)

Local Usage
Airport Transport
Outstation
Others

Car Rental Regional Outlook (Revenue, USD Million, 2018 - 2028)

North America

U.S.

Europe

France
Germany
U.K.

Asia Pacific

Japan
Korea
China
India

South America
Middle East & Africa

List of Key Players of the Car Rental Market

Enterprise Rent-A-Car
The Hertz Corporation
Sixt
Europcar
Avis Budget Group

Browse through Grand View Research's coverage of the Global Automotive & Transportation Industry:

Intelligent Transportation System Market – The global intelligent transportation system market size was valued at USD 25,378.2 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2021 to 2028. The growing demand for traffic control solutions along with smart vehicles integrated with the latest telecommunications technologies, are expected to drive the growth of the market.
Semi-trailer Market – The global semi-trailer market size was valued at USD 19.73 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2021 to 2028. Rising urbanization, increasing manufacturing activities, and the need for effective transportation are anticipated to be the major factors driving the demand for semi-trailers.
Micro-mobility Market – The global micro-mobility market size was valued at USD 25.42 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 13.7% from 2021 to 2028. Micro-mobility is an evolving field of transportation that includes travel undertaken using a range of light vehicles such as electric kick scooters, electric skateboards, and electric bicycles.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.