Global Car Rental Market Size is Expected to Grow to $164213.41 Million by 2028

Global Car Rental Market Overview

According to Global Market Monitor, it is expected that the global car rental market size will grow to $164213.41 million by 2028 with a CAGR of 11.37% from 2023-2028.

The Recovery of Tourism has Boosted the Growth of the Car Rental Market.

According to the United Nations World Tourism Organization, in the first quarter of 2023, global tourist arrivals doubled from the same period in 2022 to 235 million, which was equivalent to 80% pre-COVID-19. In the first quarter, passenger flows around the world recovered rapidly, and the Middle East maintained its leading position, with passenger flows not only returning to pre-epidemic levels but also exceeding 15%. In addition, tourist arrivals recovered to 90% of pre-pandemic in Europe, 88% in Africa, and 85% in North and South America. Global international tourist arrivals in 2022 were double from 2021 to 900 million, returning to 63% of pre-pandemic.

Global commuters are increasingly demanding familiar, reliable, and high-quality travel services during their travel. Some of the key car rental operators are attempting to leverage this trend by expanding their brand and distribution platforms on a global level. The implementation of an integrated global car rental system is anticipated to enable these operators to manage their geographically dispersed business operations. The growing demand is driving the development of the car rental market.

North America Dominates the Global Car Rental Market.

North America dominates the global car rental market and the United States is the regional largest market. Some of the main factors driving US market growth are the development of tourism and the increase in business tourism in the country. In addition, consumers’ preferences for rental services, increasing usage of car rental services in the United States, increasing adoption of electric vehicles, and growing consumers’ concern and awareness of low emissions in the region are expected to accelerate revenue generation prospects in North America. Car rental companies are also expanding their range of services to maintain their position in the market.

China Car Rental Industry is Still in its Infancy.

China car rental industry is still in its infancy. In recent years, China has continuously issued laws and regulations and management methods documents to strengthen the supervision system of the car rental industry.In the future, as tourism consumption increases, the demand for self-service tourism using small transportation and self-designed tourism routes will continue to expand, and China car rental industry still has a long way to go.

North America	Major Market Technology and Talent Advantages International Supply Companies
Europe	Major Market High Purchasing Power
China	Big Market Technology Advantages Investment of Enterprises High Purchasing Power
Japan	Potential Market Technology Advantages Investment of Enterprises High Purchasing Power
Middle East & Africa	Potential Market
India	Potential Market
South America	Potential Market