Global Vehicle Rental Market – Size, Outlook, Trends and Forecast (2024 – 2032)

The global vehicle rental market is related to running vehicle on a rental basis or taking the vehicle on lease by paying falls under this category. With the increase of pollution control and population, the vehicle rental market has seen a drastic change in recent years. Consumers along with manufacturers depend on multiple car rental schemes, such as leasing cars from owners for three years and then putting these cars on a rental basis through app-based bookings. Vehicle rental market is analysed to have inclined growth within the forecast period.

Global Vehicle Rental Market Size & Growth:

Global Vehicle Rental Market is valued at $84.54 billion in 2018 and estimated to reach a value of $160.25 billion in 2024 at CAGR of 17.50%. Key points like expansion and progression of worldwide travel and tourism industry, incorporation of advanced digital technologies in car rental services, investment by global funds and players opting for aggregator based business model are accelerating this market and the factors like negative impact of volatile prices of gasoline and petroleum products on expenditure in car rental industry, immense traffic problems in metropolitan cities & pollution effect on environment are hampering the market growth.

Global Vehicle Rental Market Share:

Global Vehicle Rental market is classified by Application, by Vehicle type, by Mode of booking, by Location and by Geography. By application vehicle, rental markets are segmented as a business, leisure, and others. By vehicle type, they are segmented as the economy, executive, luxury, SUV, MUV cars. By mode of booking, they are segmented as online and offline. By Location, they are segmented as on-airport and off-airport.  By geography, they are segmented as North America, Europe, South America, Middle East & Africa and APAC regions. North America is expected to remain the most significant market due to increasing domestic tourist volume and air passenger traffic rate APAC is the fast-growing region which is followed by European regions.

Global Vehicle Rental Market Trends:

• The markets related to the vehicle rental are having the inclined growth. As the key players like Avis budget group and Carzonrent Ltd. have seen good growth from past few years.
• Advantage Rent A Car Canadian Owned car rental company acquired value priced car rental company named E-Z Rent-A-Car Group Holding, LLC. One of the biggest deal in the car rental market was the acquisition of Dollar Thrifty Automotive Group by Hertz.
• Fox Rent A Car has announced the new corporate location grand opening in San Antonio, Texas.

Global Vehicle Rental Market Research Reports Includes:

• An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
• To have complete market analysis through industry value chain analysis, Porter’s five, PESTLE, SWOT analysis, and Y-o-Y analysis.
• Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year–On–Year
• Identifying DROC in the current market and their impact in altering the market dynamics.
• Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial study with significant competitors.
• Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
• Identify the latest developments, market shares and strategies that are employed by the major market players, such as
• Avis Budget Group Inc.
• Localiza – Rent a Car SA
• Advantage Rent-a-car Corporation
• Carzonrent Ltd
• Fox-Rent-a-car