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In 2022, the worldwide car rental and leasing market was estimated to be worth USD 640.89 billion. The market is expected to increase at a CAGR of 7.5% between 2023 and 2030, from USD 727.11 billion to USD 1,141.11 billion.
The term "car rental & leasing" is used to describe the business of renting and leasing automobiles to customers. While leases usually last between two and four years, rental agreements can be for as little as one day and as long as several months. People who only require a car for a short time, such those on vacation or business trips, frequently use car rental services. In contrast, car leasing is frequently employed by those who desire a new vehicle but can't afford the hefty out-of-pocket expense of buying one. The rising popularity of car-sharing services and ride-hailing applications, which allow people to easily access transportation without owning a vehicle, is the primary reason driving the expansion of the car rental & leasing market. More people are looking for versatile and affordable vehicle access choices, and the rise of the sharing economy has contributed to this trend.
As businesses and governments in more and more countries shift towards a more environmentally friendly future, the increasing popularity of electric and hybrid vehicles is another major development in the industry. Companies that rent or lease cars are increasingly putting money into environmentally friendly automobiles to meet rising consumer demand and government mandates for greener transportation.
Report Coverage
Global Car Rental & Leasing research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Car Rental & Leasing report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Car Rental & Leasing competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Car Rental & Leasing market players and analyses their core competencies in each global market sub-segments.
EFFECTIVE CAUSES
The rising need for adaptable and inexpensive modes of travel is the primary driver propelling the market. Car ownership is becoming increasingly unfeasible and expensive as urbanisation speeds up. As a result, a growing number of individuals and organisations are opting to postpone or abandon car ownership in favour of alternate modes of transportation including ridesharing, public transportation, or vehicle rental and leasing. Companies that specialise in renting and leasing automobiles are well-positioned to capitalise on this expanding industry by providing customers with a wide selection of vehicles and flexible rental terms. Careem and Swapp formed a partnership in April 2022 to provide convenient automobile rental options through the Careem mobile app. Swapp's fleet of rental automobiles includes compact cars like the Kia Picanto and the Mitsubishi Attrage, mid-size SUVs like the Nissan Kicks, and full-size luxury cars like the Chevrolet Tahoe and the BMW.
CAUSES OF RESTRICTIONS
As ridesharing has become more popular, fewer people are buying their own vehicles. It caused a shift in consumer taste, with more individuals choosing on-demand transportation services over automobile ownership or car rental. Gross bookings for Uber were up 33% year over year in the company's second fiscal quarter of 2022. Booking and paying for journeys with ride-sharing services is typically simplified by the use of cutting-edge technology. To stay competitive, car rental and leasing firms have been pushed to implement similar technologies.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Car Rental & Leasing market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Car Rental & Leasing market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
• Enterprise Holdings
• Hertz Global Holdings
• AVIS Budget Group
• Europcar Mobility Group
• Sixt SE
• ALD Automotive
• LeasePlan Corporation
• Budget Rent a Car
• National Car Rental
• Dollar Rent a Car
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Car Rental & Leasing market based on the below-mentioned segments:
Global Car Rental & Leasing Market, By Type
Global Car Rental & Leasing market, By Use
Global Car Rental & Leasing Market, By Propulsion
Global Car Rental & Leasing market, Regional Analysis
The term "car rental & leasing" is used to describe the business of renting and leasing automobiles to customers. While leases usually last between two and four years, rental agreements can be for as little as one day and as long as several months. People who only require a car for a short time, such those on vacation or business trips, frequently use car rental services. In contrast, car leasing is frequently employed by those who desire a new vehicle but can't afford the hefty out-of-pocket expense of buying one. The rising popularity of car-sharing services and ride-hailing applications, which allow people to easily access transportation without owning a vehicle, is the primary reason driving the expansion of the car rental & leasing market. More people are looking for versatile and affordable vehicle access choices, and the rise of the sharing economy has contributed to this trend.
As businesses and governments in more and more countries shift towards a more environmentally friendly future, the increasing popularity of electric and hybrid vehicles is another major development in the industry. Companies that rent or lease cars are increasingly putting money into environmentally friendly automobiles to meet rising consumer demand and government mandates for greener transportation.
Report Coverage
Global Car Rental & Leasing research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Car Rental & Leasing report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Car Rental & Leasing competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Car Rental & Leasing market players and analyses their core competencies in each global market sub-segments.
EFFECTIVE CAUSES
The rising need for adaptable and inexpensive modes of travel is the primary driver propelling the market. Car ownership is becoming increasingly unfeasible and expensive as urbanisation speeds up. As a result, a growing number of individuals and organisations are opting to postpone or abandon car ownership in favour of alternate modes of transportation including ridesharing, public transportation, or vehicle rental and leasing. Companies that specialise in renting and leasing automobiles are well-positioned to capitalise on this expanding industry by providing customers with a wide selection of vehicles and flexible rental terms. Careem and Swapp formed a partnership in April 2022 to provide convenient automobile rental options through the Careem mobile app. Swapp's fleet of rental automobiles includes compact cars like the Kia Picanto and the Mitsubishi Attrage, mid-size SUVs like the Nissan Kicks, and full-size luxury cars like the Chevrolet Tahoe and the BMW.
CAUSES OF RESTRICTIONS
As ridesharing has become more popular, fewer people are buying their own vehicles. It caused a shift in consumer taste, with more individuals choosing on-demand transportation services over automobile ownership or car rental. Gross bookings for Uber were up 33% year over year in the company's second fiscal quarter of 2022. Booking and paying for journeys with ride-sharing services is typically simplified by the use of cutting-edge technology. To stay competitive, car rental and leasing firms have been pushed to implement similar technologies.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Enterprise Holdings, Hertz Global Holdings, AVIS Budget Group, Europcar Mobility Group, Sixt SE, ALD Automotive, LeasePlan Corporation, Budget Rent a Car, National Car Rental, Dollar Rent a Car |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Car Rental & Leasing Market from 2021 to 2030.
- Market Forecast for Car Rental & Leasing Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Car Rental & Leasing competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Car Rental & Leasing
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Car Rental & Leasing market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Car Rental & Leasing market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
• Enterprise Holdings
• Hertz Global Holdings
• AVIS Budget Group
• Europcar Mobility Group
• Sixt SE
• ALD Automotive
• LeasePlan Corporation
• Budget Rent a Car
• National Car Rental
• Dollar Rent a Car
Primary Target Market
- Market Players of Car Rental & Leasing
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Car Rental & Leasing market based on the below-mentioned segments:
Global Car Rental & Leasing Market, By Type
- Rental
- Leasing
- Others
Global Car Rental & Leasing market, By Use
- Personal
- Commercial
- Others
Global Car Rental & Leasing Market, By Propulsion
- Electric
- ICE
Global Car Rental & Leasing market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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