Car Rental Market Size & Share, by Vehicle Type {Luxury Cars, Executive Cars, Economy Cars, Sports Utility Vehicles (SUVs), Multi Utility Vehicles (MUVs)}; Rental Type (Local, Outstation); Application (Commercial, Leisure); Booking Type (Offline, Online) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4421
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Car Rental Market size is anticipated to cross USD 250 Billion by the end of 2033, growing at a CAGR of 10% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of car rental was over USD 100 Billion. The growth of the market can primarily be attributed to the growing demand for rented cars worldwide. For instance, in 2021 ~29 million cars were rented in United States which is projected to touch ~46 million rentals by 2024.

Rental is also an excellent choice for freedom from driving, carelessness, security. It provides the opportunity to explore places, or to fulfill official trips and is a good option for commercial travelers. The increasing cost of fuels and high automobile maintenance cost will surge the demand for rented cars in the upcoming years. With the recent advancements automotive technologies as well as rising disposable income, the demand for rented cars is on the rise amongst the travelers, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global car market during the forecast period. For instance, it was found that, the disposable personal income in the United States grew by ~0.2 percent from the previous month in July 2022.

Get more information on this report: Request Free Sample PDF

Car Rental Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Number of Connected Cars – with advancements in internet of things (IoT) and 5G technology. Continuous growth of vehicles becoming more and more connected is expected to drive the car rental market in the projected period, as is car rental services are becoming more data driven these days. It was observed that, globally, ~ 47 million connected cars were sold in 2020, and it increased by 20% in 2021.
  • Increasing Employment in Car Rental Industry – for instance, in 2020, car rental industry employed ~ 132,900 employees in United States.
  • Upsurge in Share Mobility Services – for instance, car sharing is bound to get better, as it is forecasted that by 2030, ~400 million people will rely on robotic car sharing.
  • Rising Number of Autonomous Vehicles – according to the estimation by 2040, there will be more than 30 million autonomous vehicles in the world.


  • Need of High Investment
  • Restricting Organizational Terms and Conditions
  • Availability of Low-Cost Alternatives

Car Rental Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2022)

 USD 100 Billion

Forecast Year Market Size (2033)

USD 250 Billion

Get more information on this report: Request Free Sample PDF

Car Rental Segmentation

Application (Commercial, Leisure)

The global car rental market is segmented and analyzed for demand and supply by application into commercial and leisure. Amongst these segments, the commercial segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing number of tourists along with the surge in the tourism industry worldwide. For instance, travel and tourism industry contributed about USD 5.8 trillion to the global GDP in 2021, which marked an increase of ~ USD 1 trillion as compared to 2020.

Our in-depth analysis of the global car market includes the following segments:

      By Vehicle Type

  • Luxury Cars
  • Executive Cars
  • Economy Cars
  • Sports Utility Vehicle (SUV)
  • Multi Utility Vehicle (MUV)

       By Rental Type

  • Local
  • Outstation

       By Application

  • Commercial
  • Leisure

       By Booking Type

  • Online
  • Offline

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Car Rental Industry - Regional Synopsis

Regionally, the global market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033, backed by the presence of a strong mobility network in the region, surge in the number of people opting for rental cars well as the growing car rental industry. For instance, the rental car industry’s revenue in United States accounted around USD 28 billion in 2021.

Research Nester
Get more information on this report: Request Free Sample PDF

Companies Dominating the Car Rental Landscape

    • Hertz Global Holdings, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Fox Rent A Car
    • Avis Budget Group, Inc.
    • Sixt Rent A Car, LLC
    • Europcar International S.A.S.U.
    • Uber Technologies Inc.
    • Silvercar, Inc.
    • Enterprise Holdings, Inc.
    • Ecos (I) Mobility & Hospitality Pvt Ltd.
    • Carzonrent India Pvt. Ltd.


In The News

  • Hertz Global Holdings, Inc. - and General Motors Co. announced an agreement according to which Hertz to order 175,000 Chevrolet, Buick, GMC, Cadillac and BrightDrop electric vehicles in the upcoming 5 years.

  • Fox Rent A Car – announced the opening of its first US dual-branded location at Houston Hobby Airport in Texas. The dual-branded location will be the twenty-second corporate location in the US for Fox Rent A Car and the first official Europcar corporate location in the US.

Author Credits:  Harshita Srivastava, Saima Khursheed

  • Report ID: 4421
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for rented cars as well as rising disposable income along with growing sale of connected vehicles are some of the major factors anticipated to drive the growth of the market.

The market is anticipated to attain a CAGR of 10% over the forecast period, i.e., 2023-2033.

Restricting organizational terms and conditions as well as availability of low-cost alternatives are some of the factors estimated to hamper the market growth.

The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Hertz Global Holdings, Inc., Fox Rent a Car, Avis Budget Group, Inc., Sixt Rent a Car, LLC, Europcar International S.A.S.U., Uber Technologies Inc., Silvercar, Inc., and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by vehicle type, rental type, application, booking type and by region.

The commercial segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Car Rental Market Report Scope

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying