The Business Research Company’s report on the Self-Drive Car Rental Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the self-drive car rental market further?
The expansion of the travel and tourism sector is expected to propel the growth of the self-drive car rental market going forward. The travel and tourism sector refers to the industry that provides services for travel, accommodation, transportation, and leisure activities for tourists and travelers. The growth of the travel and tourism sector is fueled by economic development, technological advancements, improved infrastructure, government support, and increasing global connectivity. Self-drive car rentals enhance the travel and tourism sector by offering flexible, cost-effective, and convenient transportation, enabling travelers to explore destinations at their own pace. For instance, in August 2022, according to the World Travel and Tourism Council, a UK-based organization that represents the travel and tourism industry, in 2023, the travel and tourism sector accounted for 9.1% of the global GDP, reflecting a 23.2% increase from 2022. Therefore, the expansion of the travel and tourism sector is driving the growth of the self-drive car rental market.
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What are the key factors influencing the forecasted market size of the self-drive car rental industry?
The self-drive car rental market size has grown strongly in recent years. It will grow from $60.81 billion in 2024 to $65.52 billion in 2025 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to the rise in tourism, increasing smartphone penetration, growth of urban mobility, expanding middle-class income, and rising demand for cost-effective transportation.
The self-drive car rental market size is expected to see strong growth in the next few years. It will grow to $87.57 billion in 2029 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to the growing adoption of electric vehicles, rising demand for contactless rental solutions, rising preference for subscription-based mobility, increasing integration of AI and IoT, and increasing car-sharing culture. Major trends in the forecast period include advanced fleet management systems, developed AI-powered customer support, adoption of connected car technology, expanded use of telematics for monitoring, and expanding partnerships with ride-hailing services.
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Who are the leading competitors in the self-drive car rental market?
Major companies operating in the self-drive car rental market are Avis Budget Group Inc., The Hertz Corporation, Localiza Rent a Car S.A., Budget Rent A Car System Inc., Europcar Mobility Group, eHi Car Services Limited, Kayak Inc, Carzonrent India Private Limited, Getaround Inc., Bolt Technology OÜ, CarDekho, Eco Rent A Car Private Limited, U Drive Ltd, Kendall Cars, Myles Automotive Technologies Pvt. Ltd., Zoomcar Inc., MyChoize Self Drive Cars, Rentrip Services Pvt. Ltd., DriveNow, Saxons Self Drive Hire.
Which emerging trends are set to transform the self-drive car rental market landscape?
Major companies operating in the self-drive car rental market are leveraging advanced innovations, such as state-of-the-art mobile apps, to gain a competitive edge in the market. State-of-the-art mobile apps leverage cutting-edge technologies to enhance user experience, streamline functionality, and optimize performance. For instance, in May 2023, IndusGo, an India-based self-drive car rental startup, launched its advanced app, IndusGo 2.0. The new app features an improved user interface, real-time vehicle tracking, and seamless booking options. It also includes AI-powered vehicle recommendations and flexible pickup or drop points. This launch is significant as it enhances customer experience and positions the company in the self-drive car rental industry. By integrating advanced technology, IndusGo aims to provide a superior, streamlined, and personalized experience for all users.
How do different geographies compare in terms of market share and growth potential in the self-drive car rental market?
North America was the largest region in the self-drive car rental market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the self-drive car rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Which major segments of the self-drive car rental market are experiencing the fastest growth?
The self-drive car rental market covered in this report is segmented –
1) By Type: Hatchback, Sedan, Sports Utility Vehicles, Luxury, Convertible, Vans
2) By Rental Length: Long Term, Short Term
3) By Application: Airport Transport, Local usage, Outstation, Other Applications
4) By End-User: Individual, Corporate
Subsegments:
1) By Hatchback: Compact Hatchback, Mid-Size Hatchback, Electric Hatchback, Performance Hatchback
2) By Sedan: Compact Sedan, Mid-Size Sedan, Full-Size Sedan, Luxury Sedan, Electric Sedan
3) By Sports Utility Vehicles (SUVs): Compact SUV, Mid-Size SUV, Full-Size SUV, Off-Road SUV, Electric SUV
4) By Luxury: Luxury Sedans, Luxury SUVs, Exotic Sports Cars, Limousines
5) By Convertible: Soft-Top Convertible, Hard-Top Convertible, Luxury Convertible, Sports Convertible
6) By Vans: Passenger Vans, Cargo Vans, Minivans, Electric Vans
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What defines the structure and scope of the self-drive car rental market?
A self-drive car rental is a service that allows customers to rent and drive a vehicle themselves without a chauffeur. It offers flexibility, convenience, and cost-effectiveness for short-term or long-term use. Customers can choose from various vehicle types based on their needs, such as economy, luxury, or SUVs. Self-drive rentals are popular for business trips, vacations, and local commuting.
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