Car Rental Market to Surpass USD XX Billion by 2030 Driven by Tourism Recovery and Urban Mobility Trends

The global car rental market is on a strong growth trajectory, projected to reach USD 149.87 billion in 2024 and expand further at a compound annual growth rate (CAGR) of 10.5% from 2025 to 2030. This growth is fueled by the increasing demand for convenient and adaptable transportation options, driven by rising global travel for both business and leisure purposes.

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Technological advancements have significantly enhanced customer experience in the car rental space. The rise of mobile applications and online booking platforms has streamlined the rental process, offering greater flexibility, transparency, and convenience. These digital tools have widened market access and improved operational efficiency, allowing companies to better manage fleets and personalize customer experiences through advanced data analytics and customer relationship management systems.

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Consumer Behavior Insights

An October 2024 survey by Zubie’s rental fleet management division highlights evolving consumer attitudes in the U.S.:

  • Rising Popularity: Approximately 48 million Americans rented cars in 2023—up 19.4% year-over-year. Most respondents (74%) used rentals for leisure and vacation purposes, with individuals averaging two rentals per year.

  • Behavioral Trends: Driving behavior in rentals varies by age and gender. Men and Millennials were found more likely to engage in aggressive driving. Conversely, 52% reported driving more cautiously when using high-end or luxury rentals.

  • Price Sensitivity: Affordability remains a top priority, with 77% of respondents emphasizing price as their main consideration. On average, renters spend about $86 per day. Fuel efficiency also matters, with 48% preferring economical vehicles.

  • Customer Pain Points: Hidden fees and a lack of price transparency were concerns for 56% of consumers. Additionally, 57% found the rental checkout process frustrating, and 40% were dissatisfied with vehicle return procedures.

  • Vehicle Type Insights

    • Economy Cars: Accounting for over 32% of total revenue in 2024, economy cars remain the preferred choice among budget-conscious travelers. Companies like Enterprise and Hertz are expanding their compact and affordable vehicle fleets to meet this demand.

    • SUVs: The SUV segment is expected to grow at a CAGR of 10.7% from 2025 to 2030. Their appeal lies in spacious interiors, safety, and cargo capacity—making them popular for families, long-distance trips, and group travel. The growing popularity of road trips and outdoor travel further boosts SUV demand.

    Application Insights

    • Airport Rentals: Representing more than 38% of revenue in 2024, airport rentals continue to dominate due to the convenience they offer travelers. Companies such as Avis, Hertz, and Enterprise maintain a strong presence at airport terminals to serve both leisure and business passengers.

    • Local and On-Demand Use: The market for local rentals is growing rapidly, supported by the popularity of car-sharing and subscription-based models. Companies like Zipcar and Turo are capitalizing on urbanization and evolving consumer preferences for short-term, flexible transportation solutions.

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