Global Car Rental Market Size 2024, Forecast To 2033

The car rental market size has grown strongly in recent years. It will grow from $102.29 billion in 2023 to $110.4 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to the rise in international tourism, increasing business travel, urbanization and mobility needs, economic growth and disposable income, expansion of online booking platforms, partnerships, and collaborations. The car rental market size is expected to see strong growth in the next few years. It will grow to $146.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to a shift in consumer preferences, integration of electric and sustainable vehicles, changing work patterns and remote work, tourism recovery post-pandemic, emergence of subscription-based models. Major trends in the forecast period include investments in technology and fleet innovation, advancements in digital technologies, the rise of subscription-based car rental models, focus on contactless rental services, integration of electric vehicles (EVs) in rental fleets.