Car Rental Market Size Worth $82.1 billion in 2022 with the Highest Contribution from North America – GlobalData Plc

The global car rental market size was valued at $82.1 billion in 2022, according to a new report by GlobalData Plc. This growth was largely driven by the recovery of the travel & tourism industry post the COVID-19 pandemic, growing demand for contactless car rental systems, and availability of flexible options considering customer needs.

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Car Rental Market FAQs

• What was the car rental market size in 2022?
  The car rental market size was valued at $82.1 billion in 2022.
• What will be the car rental market CAGR during 2023-2026?
  The car rental market will grow at a CAGR of 10.6% during 2023-2026.
• Which are the key segments in car rental market?
  The car rental market is segmented based on customer type, rental location, rental sales by channel, fleet size, rental occasion and days, average revenue per day and rental length, utilization rate, and region.
• Who are the key players in the car rental market?
  Enterprise Holdings Inc, Avis Budget Group Inc, Hertz Global Holdings Inc, Sixt SE, Europcar Mobility Group SA, Localiza Rent A Car SA, Tourism Holdings Ltd, SK Rent A Car Co Ltd, ALD SA, and Autohellas S.A are some of the leading car rental market players.
• Which region dominated the car rental market in 2022?
  North America accounted for the largest car rental market share in 2022.

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Car Rental Market Dynamics

According to statistics published in November 2022 by World Tourism Barometer from UNWTO, an expected 700 million tourists traveled internationally between January and September in 2022, more than double (+133%) the number recorded for the same period in 2021. This equates to 63% of 2019 levels and puts the sector on course to reach 65% of its pre-pandemic levels in 2022. With the increase in travel, people are looking for more flexible transportation options, and rental cars provide a convenient solution.

In addition, with the rise of digital technologies, car rental companies have been impacted by even more competition due to the availability of new mobility options like peer-to-peer car-sharing and ride-hailing services. Car rental companies understand the need for change and as a result, have put many programs in place to engage in technology-enabled mobility.

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Car Rental Market Report Highlights

• The global car rental market is projected to witness a CAGR of 10.6% from 2023 to 2026. The travel & tourism market has rebounded well in the past year, recovering from the slowdown recorded in 2020-2021 due to the pandemic.
• The airport rentals by leisure customers segment accounted for a significant market share in 2022. It is attributed to convenience, flexibility, and security. Airport car rentals are often in high demand, as many travelers prefer the convenience and flexibility of having a car available to them when they arrive at their destination. This is especially true in areas where public transportation is limited or unreliable.
• In 2022, the direct suppliers segment remained the preferred mode of sales channel opted by the customers. The segment captured over 40% of the overall car rental market demand in 2022. Direct suppliers may offer better prices than third-party resellers, as they do not have to pay commissions or other fees to intermediaries, and they are likely to have a significant impact on the overall growth of the car rental market.
• Asia-Pacific will register the fastest growth by 2026 at a CAGR of 11.4% from 2023-2026. This can be attributed to the rising middle-class population and exponential economic growth that supported the increase in tourist volume (both leisure and business) and expenditure, consequently leading to a rise in demand for car rentals.
• North America captured over 50% of the overall car rental market demand in 2022. According to GlobalData analysis based on 60 countries around the world, the US was the leader in the car rental market in terms of both market value and fleet size. The US recorded more than $35 billion market value in 2022, which is more than five times its closest competitor, Japan, which recorded less than $6 billion market value.
• The key car rental market players analyzed as part of this report include Enterprise Holdings Inc; Avis Budget Group Inc; Hertz Global Holdings Inc; Sixt SE, Europcar Mobility Group SA; Localiza Rent A Car SA; Tourism Holdings Ltd; SK Rent A Car Co Ltd; ALD SA; and Autohellas SA.

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Car Rental Market Segments

Car Rental Customer Type & Rental Location Outlook (Revenue, $ Billion, 2018-2026)

• Business
• Airport
• Non-Airport
• Insurance Replacement
• Leisure
• Airport
• Non-Airport

Car Rental Market Sales By Channel Outlook (Revenue, $ Billion, 2018-2026)

• Offline
• Online
  • Direct Suppliers
  • Intermediaries

Car Rental Market Regional Outlook (Revenue, $ Billion, 2018-2026)

• North America
• The US
• Canada
• Mexico
• Europe
• Germany
• The UK
• Italy
• France
• Spain
• Rest of Europe
• Asia Pacific
• China
• Japan
• Indonesia
• Australia
• South Korea
• Rest of Asia Pacific
• South & Central America
• Brazil
• Chile
• Argentina
• Peru
• Colombia
• Rest of South & Central America
• Middle East & Africa
• The United Arab Emirates (UAE)
• Saudi Arabia
• South Africa
• Morocco
• Egypt
• Rest of Middle East & Africa

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