The global car rental and leasing market is projected to grow at a significant CAGR of 7.6% during 2023-2030, fueled by changing consumer preferences, and an increase in the number of people who are opting for car-sharing and ride-hailing services.
New York, March 08, 2023 (GLOBE NEWSWIRE) — According to the “Car Rental and Leasing Market” research report by Reports Insights, the global market for car rental and leasing was valued at USD 210.91 Billion in 2022 and is expected to exceed USD 386.57 Billion by 2030, exhibiting a CAGR of 7.6% during the forecast period. Furthermore, the report notes the growing preference for long-term car leasing options among consumers and the increasing focus of rental and leasing companies on offering eco-friendly and sustainable mobility solutions as other factors that are expected to drive the market’s growth.
Car Rental and Leasing Market Size, Share & Trends Analysis, By Type (Car Rental, Car Lease (Open-end Lease, Close-end Lease)), Platform (Online (Website, Mobile Application), Offline), Vehicle Type (Sedan, SUV, Luxury Cars, Others (TUVs, etc.)), End Use (Residential, Commercial), By Region and Segment, Forecast Period 2023 – 2030.
ReportsInsights Consulting Pvt. Ltd. is providing an inclusive research report on the car rental and leasing market. The report evaluates numerous growth factors to help manufacturers in comprehending the current and future potential of the market. These factors include the latest trends, pricing analysis, market size, value, and supply chain, as well as the regulatory environment that impacts the market’s growth trajectory. Additionally, the research study examines various trends and opportunities in significant segments such as type, platform, vehicle type, end-use, and region.
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Key Questions Covered in the Car Rental and Leasing Market Report
What are the projected growth rate and market size of the market of car rental and leasing?
Who are the leading players currently operating in the market environment?
What segments are taken into consideration in the car rental and leasing market report?
What factors drive the car rental and leasing market statistics during the forecast period?
Which region offered favorable circumstances for market growth in 2022?
High demand among businesses located in regions with large land masses such as Europe, North America, and the Middle East is expected to boost the demand for car rental and leasing among businesses. For instance, according to research called Fleet leasing & management in North America published by Deloitte, huge numbers of businesses heavily rely on offered corporate fleets which results in more than one million cars being sold to corporate clients annually.
The flourishing tourism industry is a significant driver of the car rental and leasing market. With the increase in the number of people traveling for leisure or business, the requirement for reliable transportation is expected to witness a sudden increase. Such favorable preference is estimated to offer favorable opportunities for car rental and leasing companies in terms of convenient options for travelers to explore new destinations, attend business meetings, and navigate unfamiliar terrain.
In recent years, shifts in consumer preferences for car ownership and usage witnessed several evolvements. Various consumers prioritize flexibility and affordability over ownership, and car rental and leasing companies offer solutions that cater to these preferences. Also, such consumer preferences will lead to a rise in shared mobility services, such as car-sharing and ride-hailing services.
|Report Attributes||Report Details|
|Market Size By 2030||USD 386.57 Billion|
|Key Players||Avis Budget Group National Car Rental, Ford Credit, LeasePlan, Holidays auto, Uber, OLA, Zoomcar, Alamo, Auto Europe, E-Z Rent-A-Car Group, Dollar, Easy Car, Europcar, Hertz, Enterprise Holdings|
|By Type||Car Rental, Car Lease (Open-end Lease, Close-end Lease)|
|By Platform||Online (Website, Mobile Application), Offline|
|By Vehicle Type||Sedans, SUVs, Luxury Cars, and Others (TUVs, etc.)|
|By End Use||Residential, Commercial|
|Report Coverage||Company Ranking and Market Share, Regional Competitive Landscape, Growth Factors, Total Revenue Forecast, Business Strategies, and more.|
|By Geography||North America [United States, Canada, Mexico]
Asia-Pacific [China, Japan, India, Southeast Asia, Korea, Western Asia]
South America [Brazil, Argentina, Columbia, Chile, Peru]
Europe [Germany, UK, Turkey, Spain, France, Italy, Russia, Netherlands, Switzerland]
Middle East & Africa [GCC, North Africa, South Africa]
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Several businesses are expected to offer certain innovations in retail and leasing solutions, which will rise the need for increased funding from established players in the market. For instance, in November 2022, Kyte, an emerging venture which is focused on revolutionizing the transportation industry by providing consumers with the freedom to travel, secured USD 60 million in Series B funding. The funding round was led by InterAlpen Partners, whose founder Stephen George was an early investor in Tesla and SpaceX, and will be joining Kyte’s board. Kyte aims to redefine the limitations of traditional car ownership, leasing, and car rental by offering a convenient and hassle-free transportation solution to customers.
The scope of expansion into new geographic locations, both domestically and internationally, is estimated to create lucrative opportunities for market players to explore new customer bases and potentially increase revenues.
Moreover, car rental and leasing companies have the opportunity to partner with corporations to provide transportation solutions for their employees. Such collaborations are anticipated to help businesses in terms of long-term leases or short-term rentals for business travel as well as the daily commute of employees.
Key Market Takeaways
- The global car rental and leasing market size is expected to exceed USD 386.57 billion by 2030 with an astounding CAGR of 7.6% during the forecast period (2023-2030).
- Based on the type, the car rental segment is estimated to grow with the fastest CAGR from 2023 to 2030 in terms of volume.
- By platform, the online segment contributed the largest shares to the market of the car rental and leasing in 2022.
- In the context of vehicle type, the sedan segment is projected to contribute substantial shares to the market growth in terms of value and volume.
- Based on end use, the commercial segment is anticipated to support the market growth in terms of value.
- Asia Pacific is expected to offer lucrative opportunities for the growth of market statistics of car rental and leasing. As the Asia Pacific region is a popular tourist destination, several tourists prefer to rent cars to explore the area. Thus, such an increase in tourism is anticipated to create favorable circumstances for car rental and leasing companies to expand their services and cater to the needs of tourists
- With a large presence of established commercial infrastructure in North America, many businesses prefer to rent or lease vehicles for their employees in terms of their daily commute to work. Thus, high demand among such businesses for car rental and leasing as a cost-effective alternative to employees’ reimbursements for the use of their personal vehicles supports the growth of market statistics in this region.
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Car Rental and Leasing Market Growth Drivers:
- Favorable consumer behavior is one of the key drivers of the market of car rental and leasing. The trend towards a sharing economy, in which consumers prioritize access over ownership, has led to an increase in car rental services. Additionally, many consumers prefer the flexibility and convenience of short-term car rentals over the long-term commitment of car ownership.
- Growing adoption of technological advancements in terms of car rental companies to monitor the location and usage of their vehicles boosts the market growth as such advancements help to optimize their fleet management. In the context of consumers, mobile applications help consumers easily search for and book car rentals on their smartphones.
- Rising rate of business infrastructure in several regions boosts the demand, especially for car leasing in terms of daily employee commute to workplaces and business trips.
- High maintenance costs of a large fleet of vehicles limit the growth of the market, especially in terms of the profitability of market players.
- Economic factors such as inflation, recession, and interest rates significantly hamper the demand for car rental and leasing services. During an economic downturn, consumers may reduce their spending on non-essential items like car rentals, which is expected to result in decreased demand for car rental companies.
As per the study, LeasePlan, Avis Budget Group National Car Rental, Auto Europe, Enterprise Holdings, Europcar, and Hertz are key market players with a strong presence in the latest market circumstances. The car rental and leasing market is a highly competitive industry, with a wide range of companies competing for customers. Such companies offer a huge variety of services such as short-term rentals, long-term leasing, and fleet management services. As the industry continues to evolve, market players are also expected to compete on technology and innovation through increased investments in new technologies such as electric and autonomous vehicles.
In January 2022, Volkswagen Passenger Cars India broadened the offered Omni-channel mobility services by combining the Subscription and Power Lease ownership model for its highly sought-after sedan, Virtus. This new offering provides customers with the freedom and autonomy to buy their beloved car model through easy, adaptable, and economical rental options, without any complications.
In June 2022, Lockheed Martin and General Motors have collaborated to develop an autonomous Moon rover in order to explore the remaining 95% of the Moon’s surface, which has not yet been explored by humans. As part of the Artemis program, NASA astronauts will require robust transportation to reach these areas, and the new rover is expected to provide them with the necessary capabilities.
List of Major Car Rental and Leasing Market Players
• Avis Budget Group National Car Rental
• Ford Credit
• Holidays auto
• Auto Europe
• E-Z Rent-A-Car Group
• Easy Car
• Enterprise Holdings
Global Car Rental and Leasing Market Segmentation:
- By Type
- Car Rental
- Car Lease
- Open-end Lease
- Closed-end Lease
- By Platform
- Mobile Application
- By Vehicle Type
- Luxury Cars
- Others (TUVs, etc.)
- By End Use
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