New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Passenger Car Rental Global Market Report 2023" - https://www.reportlinker.com/p06464083/?utm_source=GNW
, Eco Rent a Car, ANI Technologies Pvt Ltd., Uber Technologies Inc., Tourism Holdings Ltd., SK Rent A Car Co Ltd., ALD Automotive, Autohellas SA, and Alamo Rent-a-Car LLC.
The global passenger car rental market is expected to grow from $164.30 billion in 2022 to $173.19 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The passenger car rental market is expected to reach $202.40 billion in 2027 at a CAGR of 4%.
The passenger car rental market includes revenues earned by entities by self-drive rental car services, intercity car rental services, and outstation car rental services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Passenger car rentals are auto services that rent vehicles for a predetermined, typically brief amount of time. Rental cars typically have lower mileage and are serviced on a regular basis to ensure a safe and enjoyable drive.
North America was the largest region in the passenger car rental market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in passenger car rental report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main passenger car rental vehicle types are luxury cars, executive cars, economy cars, sports utility vehicle(suv), and multi utility vehicle(muv).A luxury car is a car that offers above-average to high-end comfort, features, equipment, and/or performance.
The rental durations are long-term and short-term applied for local usage, airport transport, outstation, and others.
The low rate of car ownership among millennials is expected to propel the growth of the passenger car rental market going forward.The owner of a vehicle is defined as either a person who is legally in possession of the vehicle or the person whose name is on the vehicle’s registration with the Department of Motor Vehicles.
The high cost of maintaining vehicles has led to a lower rate of car ownership among millennials resulting in increasingly renting cars instead of buying them. For instance, in July 2021, according to Experian PLC, an Ireland-based provider of data and analytical tools, the millennials saw a decrease in new car registrations, from 27.8% in Q1 2020 to 27.3% in 2021 and further demand for cars in younger generations decreasing by around 12%. Therefore, the low rate of car ownership among millennials is driving the growth of the passenger car rental market.
Technological advancement is a key trend gaining popularity in the passenger car rental market.Major companies operating in the passenger car rental industry are focused on developing innovative solutions to strengthen their position in the market.
For instance, in June 2021, Localiza, a Brazilian-based car rental company, introduced Zarp Localiza, a new business platform.It is uniquely designed with telemetry and data sciences that allow tracking the driver and monitoring the behaviour.
The app allows drivers who rent vehicles for work, and it brings together the services that comprise an app that centralizes all car rental services. It is a service platform for app drivers that includes an exclusive app as well as benefits like fuel discounts and can alert drivers with risky driving profiles and reduce the risk of accidents.
In September 2020, Enterprise Holdings, an US-based car rental agency company, acquired Discount Car and Truck Rentals for an undisclosed amount.With this acquisition, Enterprise Holdings aims to improve both the quality of its service and its capacity to satisfy the specific mobility requirements of Canadian customers.
Discount Car and Truck Rentals is a Canadian-based car and truck rental company serving customers across Canada.
The countries covered in the passenger car rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The passenger car rental market research report is one of a series of new reports that provides passenger car rental market statistics, including passenger car rental industry global market size, regional shares, competitors with a passenger car rental market share, detailed passenger car rental market segments, market trends and opportunities, and any further data you may need to thrive in the passenger car rental industry. This passenger car rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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