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Market Snapshot

CAGR:7.71

2023

2032

Source: Market Expertz

Study Period	2019-2032
Base Year	2023
Forcast Year	2023-2032
CAGR	7.71

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Report Overview

Vehicle Rental Market Analysis Report 2023-2032

The Vehicle Rental Market is poised to experience a Compound Annual Growth Rate (CAGR) of 6.92% between 2022 and 2032. Over this period, the market size is expected to witness a substantial increase of USD 148.3 billion. The growth of this market is driven by a combination of factors, including changing consumer preferences, the rise of the sharing economy, and the increasing need for convenient and flexible transportation solutions. Vehicle rental services cater to individuals and businesses looking for short-term or long-term access to a wide range of vehicles.

Vehicle Rental Market Overview

Drivers

One of the key drivers behind the expansion of the Vehicle Rental Market is the evolving preferences of consumers. Many individuals and businesses are moving away from traditional vehicle ownership, opting for rental services that offer cost-effective, hassle-free, and flexible transportation options.

The rise of the sharing economy, with the success of platforms like Uber and Lyft, has also contributed to the growth of vehicle rental services. Consumers are more open to sharing vehicles or renting them on-demand, encouraging the growth of the rental market.

Trends

An important trend shaping the Vehicle Rental Market is the adoption of digital platforms and mobile apps to book and manage rentals. This technology-driven approach provides customers with convenience and transparency, allowing them to access vehicles, check availability, and make reservations easily.

Additionally, the market is seeing a shift towards more sustainable and eco-friendly vehicle options. Many rental companies are expanding their fleets to include electric and hybrid vehicles, aligning with the growing environmental awareness and desire for green transportation solutions.

Restraints

The Vehicle Rental Market faces challenges related to vehicle maintenance and depreciation. Rental companies must invest in regular maintenance and replacement of their vehicles to ensure safety and customer satisfaction. Managing vehicle depreciation while maintaining a profitable fleet can be a restraint.

Competition among rental companies and pricing pressures can also impact profitability. Maintaining competitive pricing while offering high-quality services can be a challenging balancing act for market players.

Vehicle Rental Market Segmentation By Vehicle Type

The passenger car segment is expected to be a prominent growth segment within the Vehicle Rental Market. Many travelers and individuals opt for passenger cars for their daily commute and leisure travel needs, making it a key category for rental services.

Commercial vehicles, including vans and trucks, also constitute a significant segment, catering to businesses and logistics companies in need of short-term or long-term vehicle solutions.

Vehicle Rental Market Segmentation By Rental Duration

Short-term rentals are projected to experience significant growth during the forecast period. These rentals cater to individuals and businesses in need of vehicles for a few hours or days, making them ideal for tourism, urban transportation, and special occasions.

Long-term rentals offer extended access to vehicles, often ranging from months to years, and are well-suited for businesses, corporate clients, and individuals who require vehicles for an extended period.

Regional Overview:

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North America is anticipated to be a key driver of global Vehicle Rental Market growth. The region has a strong presence of well-established rental companies and experiences high demand for vehicle rental services, driven by both business and leisure travelers.

Europe is another significant market for vehicle rentals, with robust tourism and urban transportation industries. Major European cities attract millions of tourists annually, fueling the need for convenient transportation options.

The market experienced some slowdown during the COVID-19 pandemic due to travel restrictions and reduced mobility. However, as travel resumes and the need for flexible transportation solutions persists, the Vehicle Rental Market is expected to regain momentum.

Vehicle Rental Market Customer Landscape

The Vehicle Rental Market report offers insights into the preferences and profiles of rental customers, ranging from tourists and business travelers to local residents and corporate clients. The report examines customer behaviors, such as rental duration, vehicle preferences, and loyalty to specific rental brands, helping rental companies tailor their services to meet diverse customer demands.

Major Vehicle Rental Market Companies

Prominent players in the Vehicle Rental Market are implementing various strategies to enhance their market presence. These strategies may include expanding their fleets, offering diverse vehicle options, and leveraging technology to provide seamless booking and rental experiences.

Sample list of major companies in the market:

Enterprise Holdings
The Hertz Corporation
Avis Budget Group
Europcar Group
Sixt SE

Qualitative and quantitative analyses of these companies offer valuable insights into the competitive landscape. This analysis enables stakeholders to comprehend market dynamics and assess the strengths and weaknesses of key players. The categorization of companies based on their market focus and influence provides a comprehensive view of the competitive environment.

Segment Overview

The Vehicle Rental Market report provides revenue forecasts at the global, regional, and country levels. It also includes an analysis of emerging trends and growth opportunities spanning from 2019 to 2032.

Vehicle Type Outlook (USD Billion, 2019 - 2032)

Passenger Cars
Commercial Vehicles
Others

Rental Duration Outlook (USD Billion, 2019 - 2032)

Short-Term Rentals
Long-Term Rentals
Others

Geography Outlook (USD Billion, 2019 - 2032)

North America

United States
Canada

Europe

United Kingdom
Germany
France
Rest of Europe

Asia-Pacific

China
Japan
India
Rest of Asia-Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

United Arab Emirates
South Africa
Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL European Vehicle Rental MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. European Vehicle Rental MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. European Vehicle Rental Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

4.5.1. Power Of Suppliers

4.5.2. Power Of Buyers

4.5.3. Threat Of Substitutes

4.5.4. Threat Of New Entrants

4.5.5. Competitive Rivalry

Chapter 5. European Vehicle Rental MARKET BY Application type landscape

SIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2 Leisure/Tourism

5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3 Business

5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. European Vehicle Rental MARKET BY booking type INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2 Online Access

6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3 Offline Access

6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. European Vehicle Rental MARKET REGIONAL OUTLOOK

7.1. European Vehicle Rental Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

7.2.1. North America European Vehicle Rental Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.2. North America European Vehicle Rental Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.3. North America European Vehicle Rental Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.4. North America European Vehicle Rental Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

7.2.5.1. U.S. European Vehicle Rental Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.5.2. U.S. European Vehicle Rental Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.5.3. U.S. European Vehicle Rental Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.5.4. U.S. European Vehicle Rental Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

7.2.6.1. Canada European Vehicle Rental Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.6.2. Canada European Vehicle Rental Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.6.3. Canada European Vehicle Rental Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.6.4. Canada European Vehicle Rental Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

7.3.1. Europe European Vehicle Rental Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.2. Europe European Vehicle Rental Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.3. Europe European Vehicle Rental Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.4. Europe European Vehicle Rental Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

7.3.5.1. Germany European Vehicle Rental Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.5.2. Germany European Vehicle Rental Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.5.3. Germany European Vehicle Rental Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.5.4. Germany European Vehicle Rental Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

7.3.6.1. France European Vehicle Rental Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.6.2. France European Vehicle Rental Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.6.3. France European Vehicle Rental Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.6.4. France European Vehicle Rental Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

7.3.7.1. U.K. European Vehicle Rental Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.7.2. U.K. European Vehicle Rental Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.7.3. U.K. European Vehicle Rental Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.7.4. U.K. European Vehicle Rental Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

7.4.1. Asia Pacific European Vehicle Rental Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.2. Asia Pacific European Vehicle Rental Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.3. Asia Pacific European Vehicle Rental Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.4. Asia Pacific European Vehicle Rental Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.5. CHINA

7.4.5.1. China European Vehicle Rental Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.5.2. China European Vehicle Rental Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.5.3. China European Vehicle Rental Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.5.4. China European Vehicle Rental Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

7.4.6.1. India European Vehicle Rental Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.6.2. India European Vehicle Rental Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.6.3. India European Vehicle Rental Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.6.4. India European Vehicle Rental Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

7.4.7.1. Japan European Vehicle Rental Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.7.2. Japan European Vehicle Rental Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.7.3. Japan European Vehicle Rental Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.7.4. Japan European Vehicle Rental Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

7.4.8.1. Australia European Vehicle Rental Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.8.2. Australia European Vehicle Rental Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.8.3. Australia European Vehicle Rental Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.8.4. Australia European Vehicle Rental Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

7.5.1. Mea European Vehicle Rental Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.5.2. Mea European Vehicle Rental Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.5.3. Mea European Vehicle Rental Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.5.4. Mea European Vehicle Rental Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

7.6.1. Latin America European Vehicle Rental Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.6.2. Latin America European Vehicle Rental Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.6.3. Latin America European Vehicle Rental Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.6.4. Latin America European Vehicle Rental Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

7.6.5. Latin America European Vehicle Rental Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

8.2.1. New Product Launches

8.2.2. Investment & Expansion

8.2.3. Acquisitions

8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

8.3.1. North American Suppliers

8.3.2. European Suppliers

8.3.3. Asia-Pacific Suppliers

8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1 Avis Budget Group

9.1.1. Company Overview

9.1.2. Financial Performance

9.1.3. Product Insights

9.1.4. Strategic Initiatives

9.2 SIXT SE

9.2.1. Company Overview

9.2.2. Financial Performance

9.2.3. Product Insights

9.2.4. Strategic Initiatives

9.3 Enterprise Holdings

9.3.1. Company Overview

9.3.2. Financial Performance

9.3.3. Product Insights

9.3.4. Strategic Initiatives

9.4 Europcar International

9.4.1. Company Overview

9.4.2. Financial Performance

9.4.3. Product Insights

9.4.4. Strategic Initiatives

9.5 The Hertz Corporation

9.5.1. Company Overview

9.5.2. Financial Performance

9.5.3. Product Insights

9.5.4. Strategic Initiatives

9.6 Company 6

9.6.1. Company Overview

9.6.2. Financial Performance

9.6.3. Product Insights

9.6.4. Strategic Initiatives

9.7 Company 7

9.7.1. Company Overview

9.7.2. Financial Performance

9.7.3. Product Insights

9.7.4. Strategic Initiatives

9.8 Company 8

9.8.1. Company Overview

9.8.2. Financial Performance

9.8.3. Product Insights

9.8.4. Strategic Initiatives

9.9 Company 9

9.9.1. Company Overview

9.9.2. Financial Performance

9.9.3. Product Insights

9.9.4. Strategic Initiatives

9.10 Company 10

9.10.1. Company Overview

9.10.2. Financial Performance

9.10.3. Product Insights

9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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Vehicle Rental Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032