According to Future Market Insights, while North America holds almost half of the car rental market share, East Asia is expected to emerge as the most lucrative for companies in the car rental market, attributable to the increasing tourism sector in China and Japan. Growing economic and infrastructural development, foreign investments, and medical tourism in China are other factors expected to boost growth of the car rental market over the forecast period.
On the back of these factors, the global car rental market value is at USD 116 billion in 2019 and expected to expand at 7.0% CAGR during the forecast period of 2019-2029 to reach USD 230 billion by 2029.
According to study, the on-airport end use category accounted for the maximum share in the global car rental market, owing to high presence of international/domestic tourists for leisure as well as business.
Online booking platform including mobile applications and other internet services will continue to dominate the car rental market during the forecast period. Mobile applications segment is expected to see a prolific rise with a higher CAGR in car rental.