Car Rental Market Outlook 2023: Expected Market Growth Rate, Major Driver And Segments | Enterprise Rent-A-Car LLC, The Hertz Corporation, SIXT Car Rental, Europcar Rental Company, Avis Budget Group Inc., Europcar Rental Company

The Car Rental Global Market Report 2023 by The Business Research Company, provides car rental market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Car Rental Global Market Report 2023, the market size is expected to grow from $94.75 billion in 2022 to $102.29 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global car rental market size is expected to reach $136.02 billion in 2027 at a CAGR of 7.4%.

The significant growth in the tourism industry is expected to propel the growth of the car rental market going forward. The tourism industry refers to the business that deals with the traveling of individuals from one destination to another for various purposes such as business, vacations, pleasure traveling of individuals from one destination to for various purposes such as business, vacations, or pleasure. In the tourism industry, renting a car or vehicle helps travelers to enjoy the journey at an affordable cost and provides the passengers with a secure, comfortable, and relaxing ride by following a simple booking procedure.

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The car rental market is segmented:

1) By Vehicle Type: Luxury Cars, Executive Cars, Economy Cars, SUVs, MUVs

2) By Booking Type: Online, Offline

3) By Application: Local Usage, Airport Transport, Outstation, Other Applications

4) By End User: Self-Driven, Chauffeur-Driven

Technological advancements are the key trends gaining popularity in the car rental market. Companies operating in the car rental market are adopting new technologies to sustain their position in the market. For instance, in October 2022, The Growr Inc., a UK-based self-driving car rental company, launched the ‘AI Smart Drive’ self-driving cars in the car rental industry. AI (artificial intelligence) Smart Drive is an innovation in the car rental industry that enables the incorporation of self-driving vehicles into already-available rental services. The Growr’s self-driving automobiles are also referred to as driverless or autonomous vehicles. They represent unique technological advances. These vehicles use a collection of sensors to sense their surroundings and move safely with little to no human intervention. The goal of AI Smart Drive is to offer fully autonomous automobiles.

The car rental market report table of contents includes: