The size of the worldwide car rental industry was estimated at US$ 93.7 billion in 2021 and is expected to increase at a CAGR of 7.2% from 2022 to 2030 to reach US$ 144.7 billion.
The term "car rental" describes the service of temporarily renting cars for a set amount of time through offline or online channels. Renting a car is thought to be a more economical option than buying one because it caters mostly to individuals and travelers without private vehicles and offers benefits including less expensive travel and better convenience. For the user's added convenience, service providers frequently offer a range of other services in addition to renting out their products, such as insurance compensation policies, entertainment systems, child safety seats, automotive damage repair, navigation systems, and portable Wi-Fi networks.

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GROWTH DRIVERS AND RESTRAINTS
The increasing trend of on-demand transportation services, the declining rate of car ownership among millennials, the growing urban population and pollution levels around the world, as well as the affordable rates and benefits of easy booking offered by car rentals, are the main factors driving the growth of the global car rental market.
In addition, factors such as the rising disposable incomes, particularly in developing countries, and the expanding road infrastructure, which result in an increase in the frequency of leisure and business trips, all significantly contribute to the expansion of the global market.
Additionally, the world's rapid urbanization and economic development, the growing travel and tourism sector, the availability of car rental services through websites and mobile applications, the increased focus of governments in both developed and developing nations on reducing vehicular emissions and promoting car rental services, and the adoption of car rental management software by service providers are all predicted to further open up opportunities for growth.
CAR RENTAL MARKET SEGMENTATION
By Car Type
· Luxury car
· Executive car
· Economical car
· Sports utility vehicle (SUV)
· Multi utility vehicle (MUV)

By Rental Category
· Local usage
· Airport transport
· Outstation
· Others

By Booking Type
· Offline Booking
· Online Booking

By Application
· Leisure/Tourism
· Business

By Rental Length
· Short Term
· Long Term

By End-User
· Self-Driven
· Chauffeur-Driven

KEY COMPANIES IN CAR RENTAL MARKET
· Avis Budget Group Inc.
· The Hertz Corp.
· Eco Rent a Car
· ANI Technologies Pvt. Ltd.
· SIXTSE
· Advantage OPCO LLC
· Shenzhen Topone Car Rental Co. Ltd.
· Bettercar Rental
· National Car Rental
· Enterprise Holdings Inc.
· Europcar Group
· Enterprise Rent-A-Car
· Localiza
· Uber Technologies Inc.
· Carzonrent India Pvt Ltd.
· Other Players

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