Car Rental Market Trends

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.

Challenges

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

Car Rental Market: Key Insights

Base Year	2024
Forecast Year	2025-2037
CAGR	9.6%
Base Year Market Size (2024)	USD 149 billion
Forecast Year Market Size (2037)	USD 434.02 billion
Regional Scope	North America (U.S., and Canada) Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific) Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Latin America (Mexico, Argentina, Brazil, Rest of Latin America) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of car rental is evaluated at USD 160.56 billion.

The car rental market size was valued at USD 149 billion in 2024 and is set to exceed USD 434.02 billion by the end of 2037, expanding at over 9.6% CAGR during the forecast period i.e., between 2025-2037. Increasing demand for rented cars as well as rising disposable income along with growing sale of connected vehicles will propel the market growth.

North America industry is expected to hold the largest revenue share by 2037, backed by presence of a strong mobility network in the region.

The major players in the market include 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., Enterprise Holdings, Inc., Ecos (I) Mobility & Hospitality Pvt Ltd., Carzonrent India Pvt. Ltd.

Car Rental Market Trends