The car rental market was worth USD 86 billion in 2020 and is predicted to grow to USD 131 billion by 2026

 Market Overview

The car rental market was worth USD 86 billion in 2020 and is predicted to grow to USD 131 billion by 2026, with a CAGR of over 7% during that time period.



The global COVID-19 pandemic has wreaked havoc on economies around the world, with firms across industries feeling the brunt of the damage. Transportation services have been particularly heavily struck. The challenges that have arisen as a result of the worldwide shutdown are immense and insurmountable in many areas. Due to travel restrictions around the world to control the spread of the virus, demand for rental automobiles has slowed at airports due to lower worldwide air traffic. Furthermore, rising petrol and diesel prices in developing countries are expected to stifle market expansion over the projection period.

The global financial crisis has only encouraged the use of rental automobiles. However, in the aftermath of the epidemic, with safety and hygiene being more important than ever, car disinfection procedures are scrupulously followed. Individual mobility and social distancing norms will undoubtedly improve industry conditions. In recent years, the subscription model has become the face of the car rental industry. Because this model allows customers to experience temporary ownership of a vehicle while avoiding additional fees like as maintenance and insurance premiums, 

North America is predicted to dominate the global market in terms of revenue, and this dominance is expected to continue throughout the forecast period, owing to an increase in the number of local and international business trips and holidays across various countries in this region.

Due to increased travel and tourism, as well as increased availability of high-end luxury as well as economy vehicles, the Asia Pacific market is predicted to rise at a considerable CAGR throughout the forecast period, particularly in developing nations in the region.

Key Market Trends

Increasing Demand For Online Car Rental Services

Over the forecast period, technology is expected to be a major driver of the market. Increased information technology use is altering the sector and allowing operators to provide better services to their clients. This includes the development of user-friendly internet booking tools and the use of efficient corporate and customer information management.

For example, you may order models online or pick them up in person, and you're at the vanguard of figuring out how to use beacons and near-field communications (NFC). Newer players, such as Zipcar and BlaBlaCar, are doing extremely well by utilizing innovative business models such as car-sharing and telematics. Uber and Lyft are utilizing mobile technologies and gadgets to better meet the transportation demands of their customers. These initiatives are helping to set the environment for the vehicle rental business to be disrupted.

Currently, online booking is used for a number of functions, including verifying the renter's documentation, providing information about the automobile to the renter, services such as drop-off and pick-up of the rented car at a specific location, e-signing contracts, and cashless transactions..

Another important driver of the market is smartphone sales. Customers' increasing reliance on smartphones to do a number of tasks previously performed by personal computers has considerably aided in the transformation of the automobile rental experience. The rising availability of comprehensive demand-oriented mobility solutions adds to this. Industry leaders including Sixt SE, Uber, and Avis have built smartphone apps that allow clients to quickly select vehicles from a portfolio and make reservations.


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