Market Size of Automobile Rental and Leasing Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
