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

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.