Automobile Rental & Leasing Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automobile Rental & Leasing Market Analysis
In the upcoming 5 years, the market for renting and leasing cars is expected to register a CAGR of more than 9% per year. The Automotive Rental and Leasing Market is made up of organizations, sole traders, and partnerships that rent or lease cars, trucks, vans, utility trailers, and recreational vehicles (RVs) without drivers.
The worldwide automotive rental and leasing business is growing because more people want cars that can adapt to their needs, consumers are becoming more aware, the used car business is growing, and new markets are opening up.
The rising popularity of electric vehicles, e-commerce, investments in big data and IoT, and the use of blockchain in the rental and leasing of cars all contributed to the growth.Customer service and honesty, the growing popularity of on-demand taxi services, and the COVID-19 outbreak are all things that slowed the growth of the car rental and leasing market in the future.
During the COVID-19 pandemic, it was expected that the global market would grow slowly. This was because the tourism industry was hit hard, which led to huge revenue losses, massive shutdowns, and people not going out. The growth was mostly because companies were reorganizing their operations and getting over the effects of COVID-19, which led to measures like social distance, working from home, and shutting down commercial activities, which caused operational problems.
Automobile Rental & Leasing Market Trends
Growing Popularity Of Electric Vehicles
During the forecast period, the growing sales of electric vehicles are expected to drive the car rental and leasing market. Leasing is being used more and more as a key way to get people to buy electric cars, especially in developed markets. Leasing, compared to other ways to buy a car, makes it much easier for people to worry less about how much an electric car will cost and how quickly technology will become outdated. Increasing demand for mobility, a rise in consumer awareness, and the growth of the used car industry are key factors that have driven growth in the global automobile leasing market over the last few years. Increased adoption of electric cars.
Growing Smart Cities Initiatives and Urbanization to Drive Market
This market is expected to grow because of things like more people living in cities and more smart-city projects around the world. Smart cities need a transportation system that gets people where they need to go quickly and efficiently. As the World Health Organization (WHO) reports, around 50% of the world's population lives in urban areas, and this share is expected to rise to 60% by 2025. Many people are getting more and more used to driving cars, which makes traffic and parking problems worse in cities. This has led to the rapid development of the public transportation system.
Automobile Rental & Leasing Industry Overview
Technological advancement is the key driver of the automotive equipment rental and leasing market. Car leasing companies are increasingly utilizing digital technologies like the Internet of Things (IoT) and big data to enhance customer service, lower operational costs, and better manage their fleet. Companies are launching their value-added services in the international market and strengthening their footprint worldwide. The major players are Aspark Holidays Pvt. Ltd., Avis Budget Group, BlueLine Rental, Enterprise Holdings, Europcar Mobility Group SA, Expedia Group Inc., Green Motion International, LeasePlan, Mercedes-Benz Group AG, and The Hertz Corporation.
Automobile Rental & Leasing Market Leaders
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Avis Budget
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Enterprise Holdings
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The Hertz Corporation
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BlueLine Rental
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LeasePlan
*Disclaimer: Major Players sorted in no particular order
Automobile Rental & Leasing Market News
- January 2022: Coca-Cola Philippines (CCBPI) established a partnership with ORIX Rental Corporation to supply fleet solutions and delivered 300 new vehicles for Coca-Cola's salesforce.
- January 2022: Arval partnered with Ridecell to deploy next-generation shared mobility solutions offering seamless global mobility coverage.
Automobile Rental & Leasing Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Industry Attractiveness - Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Buyers
- 4.4.2 Bargaining Power of Suppliers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitutes
- 4.4.5 Intensity of Competitive Rivalry
- 4.5 Insights on Latest Trends and Technological Innovations in the Industry
- 4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Type
- 5.1.1 Passenger Car Rental
- 5.1.2 Passenger Car Leasing
- 5.1.3 Truck
- 5.1.4 Utility Trailer
- 5.1.5 Recreational Vehicle Rental and Leasing
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5.2 By Mode
- 5.2.1 Offline
- 5.2.2 Online
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5.3 By Lease
- 5.3.1 Open
- 5.3.2 Close
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5.4 By End-User
- 5.4.1 Individual
- 5.4.2 Corporate
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5.5 By Geography
- 5.5.1 North America
- 5.5.1.1 United States
- 5.5.1.2 Canada
- 5.5.1.3 Mexico
- 5.5.2 Europe
- 5.5.2.1 United Kingdom
- 5.5.2.2 Germany
- 5.5.2.3 France
- 5.5.2.4 Spain
- 5.5.2.5 Italy
- 5.5.3 Asia-Pacific
- 5.5.3.1 China
- 5.5.3.2 India
- 5.5.3.3 Japan
- 5.5.3.4 Australia
- 5.5.4 South America
- 5.5.4.1 Brazil
- 5.5.4.2 Argentina
- 5.5.5 Middle East and Africa
- 5.5.6 Saudi Arabia
- 5.5.7 South Africa
- 5.5.8 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Aspark Holidays Pvt. Ltd.
- 6.2.2 Avis Budget
- 6.2.3 BlueLine Rental
- 6.2.4 Enterprise Holdings
- 6.2.5 Europcar Mobility Group SA
- 6.2.6 Expedia Group Inc
- 6.2.7 Green Motion International
- 6.2.8 LeasePlan
- 6.2.9 Mercedes Benz Group AG
- 6.2.10 The Hertz Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityAutomobile Rental & Leasing Industry Segmentation
The Automotive Rental and Leasing Market is made up of companies that rent or lease automotive equipment but don't have drivers or utility trailers. The goal of this report is to give a thorough look at the market for renting and leasing cars. The report focuses on how the market works, new trends in the segments, and information about the different types of products and applications. Also, it analyzes the key players, competitive landscape, and regions. The global automobile rental and leasing market is segmented by type (passenger car rental, passenger car leasing, truck rental, trailer rental, and recreational vehicle rental and leasing), by mode (offline, online), by lease (open, closed), by end user (individual, corporate), and by region (North America, Europe, APAC, South America, the Middle East, and Africa). The report offers market size and values in billions of dollars during the forecast years for the above segments.
| By Type | Passenger Car Rental | |
| Passenger Car Leasing | ||
| Truck | ||
| Utility Trailer | ||
| Recreational Vehicle Rental and Leasing | ||
| By Mode | Offline | |
| Online | ||
| By Lease | Open | |
| Close | ||
| By End-User | Individual | |
| Corporate | ||
| By Geography | North America | United States |
| Canada | ||
| Mexico | ||
| By Geography | Europe | United Kingdom |
| Germany | ||
| France | ||
| Spain | ||
| Italy | ||
| By Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| Australia | ||
| By Geography | South America | Brazil |
| Argentina | ||
| By Geography | Middle East and Africa | |
| Saudi Arabia | ||
| South Africa | ||
| Rest of Middle East and Africa |
Automobile Rental & Leasing Market Research FAQs
What is the current Automobile Rental and Leasing Market size?
The Automobile Rental and Leasing Market is projected to register a CAGR of greater than 9% during the forecast period (2024-2029)
Who are the key players in Automobile Rental and Leasing Market?
Avis Budget, Enterprise Holdings, The Hertz Corporation, BlueLine Rental and LeasePlan are the major companies operating in the Automobile Rental and Leasing Market.
What years does this Automobile Rental and Leasing Market cover?
The report covers the Automobile Rental and Leasing Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automobile Rental and Leasing Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Automobile Rental and Leasing Industry Report
Statistics for the 2024 Automobile Rental and Leasing market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Automobile Rental and Leasing analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
