Car Rental Market to See Massive Growth by 2024

Car rental services thrive on the convenient mobility feature offered by them. Renting a car enables individuals to enjoy the perks of owning a personal car without the need to actually buyit. Owning a private vehicle demands heavy investment that includes the vehicle cost, insurance cost, fuel cost, maintenance charges, and parking charges. Thus, the growing financial burden is expected to fuel the car rental market advance at a 7.9% CAGR during 2019–2024. At this rate, the revenue of the market will increase from $78.7 billion in 2018 to $122.6 billion by 2024.

Car Rental Market Outlook

Furthermore, the demand for rental car services has surged tremendously due to the growing digitization in this niche. Customers can now rent a car by simply making a booking on the website or mobile application of the company. These mobile apps provide assistance, intricate details, and customized rental services to users while booking the car. Additionally, the growing travel and tourism sector across the globe is propelling the demand for car rental services. Tourists are opting for driving cars themselves, rather than using public transport, to have a personalized experience.

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In 2018, Europe and North America registered the highest combined demand for rental cars due to the existence of major service companies, who charter their vehicles for longer periods at a time. According to P&S Intelligence, the North American car rental market is expected to register the highest revenue in the coming years. Moreover, the Asia-Pacific (APAC) region will also witness a notable usage of such services, on account of the rising preference for rented cars in the travel and tourism industry of the region. In APAC, Indians will supersede Japanese in using these services due to the entry of international car rental companies in the country.

Thus, the financial burden attached to owning and maintaining cars and high preference for personalized traveling experience shave led to the promotion of car rental services across the world.