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USD 230 billion car rental market predicted by 2029

Monday, February 10, 2020

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By 2029 there will be a growth in the car rental market due to the growing economic and infrastructure development, foreign investments and medical tourism in China.

 

 

Future Market Insights predicts that North America holds almost half the car rental market share while East Asia will emerge as the most lucrative for companies in the car rental market due to the increasing tourism sector in China and Japan.

 

In 2019 the global car rental market value is at USD 116 billion and is expected to expand at 7.0 % CAGR during the forecast period of 2019-2029 to reach USD 230 billion by 2029.
The maximum share in the global car rental market was due to the on-airport end use category. This was due to the high presence of international/domestic tourists for leisure and business.

 

During the forecast period the online booking platform like mobile applications and other internet services will continue to dominate. There will be a prolific rise with a higher CAGR in car rental mobile applications segment.

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