Passenger Car Rental Market Analysis 2024 – Estimated Market Size And Key Drivers

The Passenger Car Rental by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Passenger Car Rental, The passenger car rental market size has grown steadily in recent years. It will grow from $171.99 billion in 2023 to $179.97 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%.  The growth in the historic period can be attributed to travel and tourism trends, business travel needs, urbanization and mobility, economic conditions, changing consumer preferences.

The passenger car rental market size is expected to see steady growth in the next few years. It will grow to $211.78 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%.  The growth in the forecast period can be attributed to growth in international travel, rise in business and corporate travel, sustainability and environmental concerns, urban mobility solutions, consumer behavior post-pandemic. Major trends in the forecast period include collaborations with ride-hailing services, expansion of short-term rentals, corporate car rental programs, integration of autonomous vehicles, customization of rental experiences.

The low rate of car ownership among millennials is expected to propel the growth of the passenger car rental market going forward. The owner of a vehicle is defined as either a person who is legally in possession of the vehicle or the person whose name is on the vehicle’s registration with the Department of Motor Vehicles. The high cost of maintaining vehicles has led to a lower rate of car ownership among millennials resulting in increasingly renting cars instead of buying them. For instance, in July 2021, according to Experian PLC, an Ireland-based provider of data and analytical tools, the millennials saw a decrease in new car registrations, with 27.3% in 2021 and further demand for cars in younger generations decreasing by around 12%. Therefore, the low rate of car ownership among millennials is driving the growth of the passenger car rental market.

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The passenger car rental market covered in this report is segmented –
1) By Vehicle Type: Luxury Cars, Executive Cars, Economy Cars, Sports Utility Vehicle(SUV), Multi Utility Vehicle(MUV)
2) By Rental Duration: Long-Term, Short-Term
3) By Application: Local Usage, Airport Transport, Outstation, Others

Top Major Players:

• Avis Budget Group Inc.
• Sixt SE
• Hertz Global Holdings Inc.
• Enterprise Holdings Inc.
• Europcar Mobility Group SA

North America was the largest region in the passenger car rental market in 2023.

Technological advancement is a key trend gaining popularity in the passenger car rental market. Major companies operating in the passenger car rental industry are focused on developing innovative solutions to strengthen their position in the market. For instance, in June 2021, Localiza, a Brazilian-based car rental company, introduced Zarp Localiza, a new business platform. It is uniquely designed with telemetry and data sciences that allow tracking the driver and monitoring the behaviour. The app allows drivers who rent vehicles for work, and it brings together the services that comprise an app that centralizes all car rental services. It is a service platform for app drivers that includes an exclusive app as well as benefits like fuel discounts and can alert drivers with risky driving profiles and reduce the risk of accidents.

The passenger car rental market report table of contents includes:
1. Executive Summary
2. Passenger Car Rental Market Characteristics
3. Global Passenger Car Rental Market Trends And Strategies
4. Passenger Car Rental Market – Macro Economic Scenario
5. Global Passenger Car Rental Market Size and Growth
…….
26.  Passenger Car Rental Market Competitive Benchmarking
27. Global Passenger Car Rental Market Competitive Dashboard
28. Key Mergers and Acquisitions Passenger Car Rental Market
29. Passenger Car Rental Market Future Outlook and Potential Analysis
30.  Appendix

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