Car Rental Market Demand Globally - Business Revenue Forecast

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The travel and tourism industry across the globe has been registering significant growth over the past few years. As per the World Travel and Tourism Council, the global travel & tourism industry registered a growth of 3.9% in 2018, as compared to the previous years. Since the disposable income of people has been increasing in both developed and developing countries, they are becoming more inclined towards spending on leisure activities such as travelling. Transportation is an important part of the travel & tourism industry, which is why several hotels provide scooter and car rental services so that the guests can indulge in sightseeing activities with ease.

Attributed to this, the demand for car rental services is rising swiftly. According to a P&S Intelligence report, the global car rental market is predicted to generate a revenue of $122.6 billion by 2024, rising from $78.7 billion in 2018, advancing at a 7.9% CAGR during the forecast period (2019–2024). Car rental services are offered via luxury, economy, and executive vehicles, among which, the demand for economy vehicles was the highest in the past. This is because of the high fuel efficiency of these cars, which increases their adoption by fleet operators for providing car rental services.

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This is because of the growing adoption of airport car rental services by business professionals, rising growth of international and domestic tourism, increasing air travel, and surging disposable income of people. When geography is taken into consideration, North America was the largest car rental market size in the past, which is on account of the various initiatives that are being taken by service operators, presence of major companies, and growing utilization of these services in a number of cities in the region.

In conclusion, the demand for car rental services is growing due to the swiftly growing travel and tourism industry around the world.

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