The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The tourism industry’s significant growth is likely to drive innovation in automobile rental production, propelling the market throughout the forecast period.

The global car rental market is expected to grow from $94.75 billion in 2022 to $102.29 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The global car rental market size is expected to reach $136.02 billion in 2027 at a CAGR of 7.4%.

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 Global Car Rental Market Segments Include:

• By Vehicle Type: Luxury Cars, Executive Cars, Economy Cars, SUVs, MUVs
• By Booking Type: Online, Offline
• By Application: Local Usage, Airport Transport, Outstation, Other Applications
• By End User: Self-Driven, Chauffeur-Driven
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global car rental market in 2021.

Major Market Players in the car rental market include Enterprise Rent-A-Car LLC, The Hertz Corporation, SIXT Car Rental, Europcar Rental Company, Avis Budget Group Inc., Europcar Rental Company, Localiza Rent -a-Car SA, Uber Technologies Inc.

The primary trends gaining traction in the car rental business are technological developments. Companies in the car rental market are embracing new technology in order to maintain their market position. For example, The Growr Inc., a UK-based self-driving car rental company, released the ‘AI Smart Drive’ self-driving automobiles in the car rental sector in October 2022. AI (artificial intelligence) Smart Drive is a car rental industry breakthrough that allows self-driving vehicles to be integrated into existing rental businesses. The Growr’s self-driving cars are also known as driverless or autonomous vehicles. They symbolise one-of-a-kind technological advances. These vehicles assess their surroundings and move safely with little to no human assistance, thanks to a network of sensors. The purpose of AI Smart Drive is to provide fully autonomous vehicles.

The Car Rental Global Market Report 2023  provides a car rental market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The car rental market forecast analyzes car rental market size, car rental market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Car rental is a type of business that entails renting or borrowing a car for a short length of time, often ranging from a few hours to several weeks. Travellers, tourists, and individuals who require a temporary form of transportation for a variety of reasons, such as vacations, business travels, or vehicle repairs, usually use car rental services.

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