Car Rental Platform Market By Type (Economy Cars, Midsize Cars, Compact Cars), Application (Leisure/Tourism, Airport Transportation, Business) & Region for 2024-2031
Report ID: 58910|No. of Pages: 202
Car Rental Platform Market By Type (Economy Cars, Midsize Cars, Compact Cars), Application (Leisure/Tourism, Airport Transportation, Business) & Region for 2024-2031
Car Rental Platform Market Valuation – 2024-2031
Increasing demand for convenient and flexible transportation options, especially in urban areas. Rising disposable income in developing economies leads to more travel and car rental needs. The growth of market size to surpass USD 100.91 Billion in 2024, to reach a valuation of USD 135.13 Billion by 2031
The continued growth of the sharing economy, with peer-to-peer car rental platforms gaining traction. Technological advancements in car rental platforms, such as improved mobile apps and integration with ride-hailing services Expansion of car rental services into new markets, particularly in developing regions. The market is to grow at a CAGR of 4.10% from 2024 to 2031
Car Rental Platform Market: Definition/ Overview
A car rental platform is a digital service that allows users to rent vehicles for short-term use, typically via a website or mobile app. These platforms connect car owners or rental companies with customers looking for flexible, convenient access to transportation without the long-term commitment of ownership. Users can search for vehicles based on location, type, and rental duration, book online, and often pick up or have the vehicle delivered. The service can range from basic economy cars to luxury vehicles, catering to various customer needs such as travel, business, or special occasions. Popular examples include traditional rental companies like Hertz or newer peer-to-peer services like Turo.
Car rental platforms are positioned to grow significantly due to trends like urbanization, the shift toward the sharing economy, and the rise of electric vehicles (EVs). These platforms are likely to integrate more sustainable vehicle options and adopt technology like AI to enhance user experiences, such as offering personalized rental recommendations and more efficient fleet management. The integration of autonomous vehicles into rental fleets could also revolutionize the industry, offering on-demand self-driving rentals. Car rental platforms may evolve into mobility-as-a-service (MaaS) ecosystems, where users can seamlessly combine car rentals with public transport, ridesharing, and other transit options.
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Will the Increasing Tourism and Business Travel Drive the Car Rental Platform Market?
Increasing tourism and business travel is driving the growth of the car rental platform market. As international tourist arrivals continue to rise, with 1.5 billion in 2019 according to the UNWTO, the demand for convenient transportation options like car rentals increases. The U.S. Travel Association projects travel spending to surpass pre-pandemic levels in 2023, reaching $1.1 trillion, further highlighting the recovery of both leisure and business travel. This rebound fuels the need for rental services, as travelers prefer flexible, private transportation options to enhance their travel experience.
The rise of the sharing economy and digital platforms is driving the car rental platform market. The shift towards shared resources has led to increased user adoption of car-sharing services, with user penetration expected to reach 20.1% by 2027, according to Statista. Digital platforms enable seamless transactions, providing convenience and accessibility to users, which has pressured traditional car rental companies to enhance their online presence. This transformation has also paved the way for peer-to-peer car-sharing platforms, creating new opportunities and expanding the market’s reach.
Will Economic Fluctuations Hamper the Growth of the Car Rental Platform Market?
Economic fluctuations can restrain the growth of the car rental platform market. During periods of economic uncertainty or downturns, consumer spending typically declines, leading to reduced demand for non-essential services such as car rentals. Individuals and businesses may opt for more cost-effective transportation solutions or delay travel plans, directly impacting the car rental industry. Fluctuating fuel prices, inflation, and rising vehicle maintenance costs can further strain the profitability of car rental companies, limiting their ability to expand or offer competitive rates.
Technological challenges could restrain the growth of the car rental platform market. Issues such as data security, integration of advanced technologies like AI, and ensuring seamless user experience across various platforms pose significant hurdles. For instance, safeguarding sensitive customer information from cyber threats is critical but can be costly and complex. Integrating real-time data analytics for fleet management, dynamic pricing, and vehicle tracking requires substantial investment and technological expertise, which smaller or traditional companies may struggle with. These challenges could slow down market growth if not effectively addressed.
Category-Wise Acumens
Will the Easy Access and 24/7 Availability Raise the Online Segment for the Car Rental Platform Market?
The car rental platform market is currently dominated by online booking channels. Easy access and 24/7 availability are major drivers in the online car rental platform market. Consumers increasingly appreciate the convenience of renting automobiles at any time and from any location, eliminating the necessity for physical visits to rental offices. This 24/7 accessibility, along with user-friendly apps and websites, allows for instant comparisons, real-time updates on vehicle availability, and convenient payment methods. As digital platforms remove geographical and time limits, they meet the modern desire for flexibility, making online bookings more appealing, particularly for business travelers, tourists, and spontaneous rental needs.
Mobile apps, real-time availability, and online check-in greatly improve the consumer experience, propelling the online part of the car rental platform market. These capabilities offer users a smooth, on-the-go experience by allowing them to rapidly book, change, or cancel rentals, view live vehicle availability, and speed up the pickup process with online check-ins. This convenience, combined with faster service and shorter wait times, addresses the growing consumer desire for efficiency and control, making the online segment more desirable.
Will Freedom and Flexibility Fuel the Self-Driver Segment for the Car Rental Platform Market?
The self-driver segment is experiencing significant growth in the car rental market. Freedom and flexibility are key drivers in the self-driver portion of the car rental platform market. Consumers prefer self-drive choices as they provide more control over travel schedules, itineraries, and privacy than standard chauffeur-driven rentals. This liberty appeals to both leisure and business travelers who prefer personalized, self-directed travel experiences. The ability to explore at their own pace, without relying on drivers or public transportation, adds to the appeal of self-driving rentals, resulting in a rapidly developing area of the car rental market.
The wide appeal of the self-driver segment, which caters to a diverse range of passengers, is propelling its growth in the car rental market. This segment appeals to both leisure travelers and business professionals, as well as adventure seekers, by providing bespoke travel experiences to meet a variety of needs and interests. Self-drive rentals offer freedom, privacy, and control, making them a popular choice among a wide range of consumer demographics. This versatility is crucial to the segment’s growing appeal and demand.
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Country/Region-wise Acumens
Will The Rising Demand for Convenient Transportation Accelerate the North American Region for the Car Rental Platform Market?
North America is dominating the car rental platform market due to various factors. The rising demand for convenient transportation is a major driver of the Car Rental Platform Market in North America. The region’s market dominance is partly due to the increasing adoption of digital technologies that streamline the rental process, enhancing customer convenience. This growing preference for seamless and flexible transportation solutions is reflected in the substantial revenue figures; for instance, the U.S. car rental industry generated $32 billion in 2022 and is projected to exceed $40 billion by 2025. This trend underscores the importance of convenience in attracting consumers and driving market expansion in North America.
The expanding tourism sector will significantly drive the North American region of the Car Rental Platform Market. The U.S. Travel Association’s report highlighting a 12% increase in domestic leisure travel spending in 2023 underscores the surge in tourism and its direct impact on car rental demand. As more travelers seek flexible and personalized transportation options to enhance their travel experience, the car rental market is poised to benefit from this growing need. The rise in leisure travel spending reflects a broader trend of increased travel activity, which correlates with higher demand for car rentals, making it a key driver for market growth in North America.
Will Increasing Urbanization Lead the Asia Pacific Region of the Car Rental Platform Market?
Asia Pacific region is rapidly growing in the car rental platform market due to several factors. Increasing urbanization will drive the Car Rental Platform Market in the Asia Pacific region. The rapid urban population growth in Asia, projected to rise from 1.9 billion in 2020 to 3.2 billion by 2050 according to the Asian Development Bank (ADB), creates a substantial demand for convenient transportation solutions. As cities expand and traffic congestion intensifies, urban dwellers seek flexible and efficient ways to navigate their environments. The rise in disposable incomes and the rapid adoption of digital technologies further enhance the appeal of car rentals as a practical option for city residents and visitors alike, contributing to the market’s growth in the region.
Digital transformation will drive the Asia Pacific region of the Car Rental Platform Market. The region’s internet economy is projected to reach $300 billion by 2025, with a significant share coming from online travel services like car rentals, according to a study by Google and Temasek. The widespread adoption of smartphones and enhanced internet connectivity are making car rental platforms more accessible to a broader audience. This digital shift enables more efficient booking processes, better customer service, and personalized rental experiences, which are all contributing to the market’s growth in Asia Pacific.
Competitive Landscape
The car rental platform market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.
The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the market include:
- Enterprise Holdings
- Hertz Global Holdings
- Avis Budget Group
- Europcar Mobility Group
- Sixt SE
- Turo
- Getaround
- Lyft Rentals
- Uber Rent
- Kinto (Toyota)
- Booking Holdings (Rentalcars.com)
- Expedia Group (CarRentals.com)
Latest Developments
- In May 2023, MyChoize, a self-drive car rental company in India, announced the completion of its rebranding initiative, under which the company invested heavily to update its services and website to upgrade the overall customer experience.
- In February 2023, Orix, a car rental company operating in India, announced that MG Motor India delivered 108 Hector SUVs in a single business day to assist the company in catering to the growing demand for car rental services.
- In January 2023, Zoomcar announced its partnership with homegrown electric vehicle charging network startup Statiq to accelerate EV-based travel in the country. Under this agreement, Statiq, along with Zoomcar, will enable EV owners to host on Zoomcar and earn additional income by sharing with guests.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| Growth Rate | CAGR of ~4.10% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players | Enterprise Holdings, Hertz Global Holdings, Avis Budget Group, Europcar Mobility Group, Sixt SE, Turo, Getaround, Lyft Rentals, Uber Rent, Kinto (Toyota), Booking Holdings (Rentalcars.com), and Expedia Group (CarRentals.com). |
| Customization | Report customization along with purchase available upon request |
Car Rental Platform Market, By Category
Type:
- Luxury Cars
- Executive Cars
- Economy Cars
- SUVs
Booking:
- Offline
- Online
End-User:
- Self-Driver
- Chauffeur –Driven
Rental Length:
- Short Term
- Long Term
- Car Rental
Region:
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
Latin America
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL CAR RENTAL PLATFORM MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL CAR RENTAL PLATFORM MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL CAR RENTAL PLATFORM MARKET, BY TYPE
5.1 Overview
5.2 Luxury
5.3 Executive
5.4 Economy
5.5 SUVs
5.6 MUVs
6 GLOBAL CAR RENTAL PLATFORM MARKET, BY APPLICATION
6.1 Overview
6.2 Local Usage
6.3 Airport Transport
6.4 Outstation
6.5 Others
7 GLOBAL CAR RENTAL PLATFORM MARKET, BY GEOGRAPHY
7.1 Overview
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 U.K.
7.3.3 France
7.3.4 Rest of Europe
7.4 Asia Pacific
7.4.1 China
7.4.2 Japan
7.4.3 India
7.4.4 Rest of Asia Pacific
7.5 Rest of the World
7.5.1 Latin America
7.5.2 Middle East
8 GLOBAL CAR RENTAL PLATFORM MARKET, BY COMPETITIVE LANDSCAPE
8.1 Overview
8.2 Company Market Ranking
8.3 Key Development Strategies
9 COMPANY PROFILES
9.1 Avis Budget Group Inc
9.1.1 Overview
9.1.2 Financial Performance
9.1.3 Product Outlook
9.1.4 Key Developments
9.2 Sixt
9.2.1 Overview
9.2.2 Financial Performance
9.2.3 Product Outlook
9.2.4 Key Developments
9.3 Hertz Corp.
9.3.1 Overview
9.3.2 Financial Performance
9.3.3 Product Outlook
9.3.4 Key Developments
9.4 Enterprise Holdings Inc.
9.4.1 Overview
9.4.2 Financial Performance
9.4.3 Product Outlook
9.4.4 Key Developments
9.5 Europcar Group
9.5.1 Overview
9.5.2 Financial Performance
9.5.3 Product Outlook
9.5.4 Key Developments
9.6 Fast Rent a Car
9.6.1 Overview
9.6.2 Financial Performance
9.6.3 Product Outlook
9.6.4 Key Developments
9.7 Bettercar Rental
9.7.1 Overview
9.7.2 Financial Performance
9.7.3 Product Outlook
9.7.4 Key Developments
9.8 China Auto Rental
9.8.1 Overview
9.8.2 Financial Performance
9.8.3 Product Outlook
9.8.4 Key Developments
9.9 TT Car Transit
9.9.1 Overview
9.9.2 Financial Performance
9.9.3 Product Outlook
9.9.4 Key Developments
9.10 11 Renault Eurodrive
9.10.1 Overview
9.10.2 Financial Performance
9.10.3 Product Outlook
9.10.4 Key Developments
10 Appendix
10.1 Related Research
Report Research Methodology
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This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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| Supplier side |
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| Demand side |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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