Car Rental Market Gears Up for Growth: Projected to Hit $214.04 Billion by 2027 Amid Rising Travel & Mobility Trends

Rise in on-demand transportation services and declining preference for car ownership drive the growth of the global car rental market.

OREGON, DE, UNITED STATES, March 17, 2025 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global car rental market size garnered $92.92 billion in 2019, and is expected to generate $214.04 billion by 2027, registering a CAGR of 10.7% from 2020 to 2027. The research offers a detailed analysis of changing market dynamics, top investment pockets, key segments, value chain, and competitive landscape.

🔰 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/2073

Increase in on-demand transportation services and reduced inclination toward car ownership among millennial drive the growth of the global car rental market. However, less internet penetration in developing nations hinders the market growth. On the other hand, adoption of car rental management software is expected to present new opportunities in the next few years.

𝑲𝒆𝒚 𝑫𝒆𝒗𝒆𝒍𝒐𝒑𝒎𝒆𝒏𝒕𝒔:

In 𝐅𝐞𝐛𝐫𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟎, Sixt, one of the leading providers of high-quality mobility services is expanding network of stations in Central Asia and incorporating new locations at Uzbekistan.
In November 2019, Europcar Mobility Group acquired Fox Rent A Car, one of the players in the U.S. car rental market. In addition, this acquisition would strengthen Europecar's ability to provide services to the customers on a global scale.
In 𝐎𝐜𝐭𝐨𝐛𝐞𝐫 𝟐𝟎𝟏𝟗, Avis Budget Group renewed the multi-year agreement for extending its relationship as exclusive car rental provider for AARP members. This partnership is expected to provide AARP members with discounted rates and special offers.
In 𝐌𝐚𝐲 𝟐𝟎𝟏𝟗, Sixt SE incorporated car sharing services in Munich after Berlin and Hamburg. In addition, the customers in Munich can not only opt for traditional car rental but also use a vehicle for short period of time.

The report offers a detailed segmentation of the global car rental market based on application, vehicle type, and region.

Based on application, the leisure segment accounted for the largest share in 2019, holding more than half of the market, and is estimated to maintain its leadership position during the forecast period. However, the commercial segment is expected to manifest the highest CAGR of 11.5% from 2020 to 2027.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/2073

Based on vehicle type, the economical car segment contributed to the largest share in 2019, accounting for nearly one-third of the market, and will maintain its highest share during the forecast period. However, the sports utility vehicle (SUV) segment is expected to witness the fastest CAGR of 14.7% during the forecast period.

Based on region, North America held the highest market share in 2019, accounting for more than two-fifths of the total share, and will maintain its dominance by 2027. However, LAMEA is estimated to witness the largest CAGR of 15.1% from 2020 to 2027. The research also discusses regions including Europe and Asia-Pacific.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐂𝐚𝐫 𝐑𝐞𝐧𝐭𝐚𝐥 𝐌𝐚𝐫𝐤𝐞𝐭

Avis Budget Group, Inc.,
Enterprise Holdings, Inc.,
EuropeCar,
Localiza,
Hertz System, Inc.,
Carzonrent India Pvt Ltd.,
Sixt,
ANI Technologies Pvt. Ltd.,
Eco Rent a Car,

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/car-rental-market/purchase-options

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Market Research
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