Automobile Rental and Leasing Market Size (2024 - 2029)

The automobile rental and leasing market is anticipated to experience significant growth over the next five years, driven by increasing consumer demand for flexible vehicle solutions and the expansion of new markets. Factors such as the rising adoption of electric vehicles, advancements in e-commerce, and the integration of technologies like big data, IoT, and blockchain are contributing to this growth. However, challenges such as the impact of the COVID-19 pandemic, which severely affected the tourism sector and led to operational disruptions, have posed obstacles to market expansion. Despite these challenges, the market is expected to recover and continue its upward trajectory.

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Market Size of Automobile Rental and Leasing Industry

Automobile Rental And Leasing Market Summary
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

Automobile Rental And Leasing Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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
Europe
United Kingdom
Germany
France
Spain
Italy
Asia-Pacific
China
India
Japan
Australia
South America
Brazil
Argentina
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Automobile Rental and Leasing Market Size Summary

The automobile rental and leasing market is poised for significant growth over the next five years, driven by increasing consumer demand for flexible transportation solutions and the expansion of the used car market. This sector encompasses a variety of vehicles, including cars, trucks, vans, utility trailers, and recreational vehicles, all offered without drivers. The market's expansion is further fueled by the rising popularity of electric vehicles and advancements in technology such as big data, IoT, and blockchain. These innovations are enhancing customer service and operational efficiency, making leasing an attractive option for consumers, particularly in developed markets. However, challenges such as the impact of the COVID-19 pandemic, which severely affected the tourism industry and led to operational disruptions, have temporarily slowed growth.

As urbanization continues to rise, with a significant portion of the global population living in cities, the demand for efficient transportation solutions is increasing. This trend is encouraging the development of smart city projects and public transportation systems. The automotive rental and leasing market is expected to benefit from these developments, as more people seek convenient and cost-effective mobility options. Key players in the industry, including Avis Budget Group, Enterprise Holdings, and The Hertz Corporation, are expanding their global presence and enhancing their service offerings. Strategic partnerships, such as those between Coca-Cola Philippines and ORIX Rental Corporation, as well as Arval and Ridecell, are further strengthening the market's growth trajectory by providing innovative mobility solutions.

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Automobile Rental and Leasing Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Buyers

      2. 1.4.2 Bargaining Power of Suppliers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitutes

      5. 1.4.5 Intensity of Competitive Rivalry

    5. 1.5 Insights on Latest Trends and Technological Innovations in the Industry

    6. 1.6 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Passenger Car Rental

      2. 2.1.2 Passenger Car Leasing

      3. 2.1.3 Truck

      4. 2.1.4 Utility Trailer

      5. 2.1.5 Recreational Vehicle Rental and Leasing

    2. 2.2 By Mode

      1. 2.2.1 Offline

      2. 2.2.2 Online

    3. 2.3 By Lease

      1. 2.3.1 Open

      2. 2.3.2 Close

    4. 2.4 By End-User

      1. 2.4.1 Individual

      2. 2.4.2 Corporate

    5. 2.5 By Geography

      1. 2.5.1 North America

        1. 2.5.1.1 United States

        2. 2.5.1.2 Canada

        3. 2.5.1.3 Mexico

      2. 2.5.2 Europe

        1. 2.5.2.1 United Kingdom

        2. 2.5.2.2 Germany

        3. 2.5.2.3 France

        4. 2.5.2.4 Spain

        5. 2.5.2.5 Italy

      3. 2.5.3 Asia-Pacific

        1. 2.5.3.1 China

        2. 2.5.3.2 India

        3. 2.5.3.3 Japan

        4. 2.5.3.4 Australia

      4. 2.5.4 South America

        1. 2.5.4.1 Brazil

        2. 2.5.4.2 Argentina

      5. 2.5.5 Middle East and Africa

      6. 2.5.6 Saudi Arabia

      7. 2.5.7 South Africa

      8. 2.5.8 Rest of Middle East and Africa

Automobile Rental and Leasing Market Size FAQs

The Automobile Rental and Leasing Market is projected to register a CAGR of greater than 9% during the forecast period (2024-2029)

Avis Budget, Enterprise Holdings, The Hertz Corporation, BlueLine Rental and LeasePlan are the major companies operating in the Automobile Rental and Leasing Market.

Automobile Rental and Leasing Report Snapshots

Automobile Rental and Leasing Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)