Automotive Rental and Leasing Market by Type and Geography - Forecast and Analysis 2022-2026

Published: Oct 2022

Pages: 123

SKU: IRTNTR74542

Snapshot

The automotive rental and leasing market is projected to grow by USD 147.98 billion with a CAGR of 7.46% during the forecast period 2021 to 2026.

The research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the market segmentation by type (passenger car rental, truck utility trailer, recreational vehicle rental and leasing, and passenger car lease) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The market report also offers information on several market vendors, including Aspark Holidays Pvt. Ltd., Avis Budget Group Inc., Carzonrent India Pvt. Ltd., CENTAURO RENT A CAR SLU, DriiveMe Ltd., Drivezy India Travels Pvt. Ltd., Enterprise Holdings Inc., Europcar Mobility Group SA, Expedia Group Inc., Getaround Inc., Green Motion International, Hertz Global Holdings Inc., Localiza Rent a Car SA, Mercedes Benz Group AG, Mex Rent a Car, Movida Participacoes SA, OK Group, SIXT SE, Al Futtaim Group Co., and Zoomcar India Pvt. Ltd. among others.

What will the Automotive Rental and Leasing Market Size be During the Forecast Period?

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Automotive Rental and Leasing Market: Key Drivers, Trends, and Challenges

Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the market. During the COVID-19 pandemic, the market demand has been impacted greatly. A holistic analysis of drivers will help in predicting exact demands and refining marketing strategies to gain a competitive advantage.

Key Automotive Rental and Leasing Market Driver

Growing urbanization and industrialization is one of the factors driving the market's growth. The global economy is growing rapidly, with cities and countries becoming smarter in terms of infrastructure. Transportation and logistics play an important role in driving the global economy toward industrialization and urbanization. In addition, the rise in global construction and shipping activities has increased the demand for high-performance vehicles. The significant increase in the number of business and leisure travellers in different parts of the world increases the demand for car rental services and thus accelerates the growth of the industry. Thus, due to all such factors, the market is expected to witness high growth during the forecast period.

Key Automotive Rental and Leasing Market Trend

The robust growth of the travel and tourism industry is one of the key market trends fueling the market growth. The COVID-19 pandemic negatively impacted the travel and tourism industry in 2020 and 2021. To stop the spread of COVID-19, numerous nations across the world enacted stringent lockdowns and imposed restrictions on travel and tourism-related activities. However, due to the initiation of COVID-19 vaccination drives, people resumed visiting numerous tourist destinations in 2021. Moreover, with the resumption of domestic travel activities, more people are choosing to use vehicles for their vacations rather than rail transportation and air travel. Thus, with the robust growth of the travel and tourism industry, the market is expected to witness high growth during the forecast period.

Key Automotive Rental and Leasing Market Challenge

Lack of awareness in Tier-II cities is one of the key factors challenging the market's growth. Despite being popular for more than ten years, automotive rental and leasing are still not common in Tier-2 cities where it would have been a wiser decision than buying a car. Semi-urban and rural communities have poor acceptability of car leasing business models. A sizable chunk of the potential market for car leasing still remains unexploited. In developing nations such as India, China, and Indonesia, owning an automobile is seen as a sign of social and economic status. Thus, renting or leasing a car is not considered appropriate. Moreover, customers in semi-urban and rural locations may find certain leasing terminologies daunting and incomprehensible, such as money factor, residual value, and capitalized expenses. Such factors can hamper the growth of the market during the forecast period.

This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global automotive rental and leasing market as a part of the global trucking market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.

Who are the Major Automotive Rental and Leasing Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

getaround.com - The company offers automotive rental and leasing services through its subsidiary Carrentals.com Inc.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The report market contains comprehensive market knowledge and an in-depth vendor landscape added to an analysis of the key vendors.

Automotive Rental and Leasing Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the automotive rental and leasing market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Automotive Rental and Leasing Market?

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36% of the market’s growth will originate from North America during the forecast period. The US is the key market for automotive rental and leasing in North America. Market growth in this region will be slower than the growth of the market in APAC and Europe.

The increased number of leisure and business travellers within the region will facilitate the market's growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID-19 Impact and Recovery Analysis

In 2020, the regional market was severely affected by the COVID-19 outbreak. However, the initiation of vaccination drives led to the lifting of lockdowns in 2021. This resulted in the resumption of business activities, which has increased the demand for automotive rental and leasing in the region. Such factors are expected to drive the growth of the market during the forecast period.

What are the Revenue-generating Type Segments in the Automotive Rental and Leasing Market?

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The market share growth in the passenger car rental segment will be significant during the forecast period. The demand for passenger car rentals has increased significantly as a key vertical in the transportation industry, benefiting not only customers and rental companies but also car manufacturers. Automakers have developed attractive programs, such as auto leasing, which allows small businesses to increase the size of their fleet without incurring significant financial costs. Moreover, the passenger car rental segment is greatly influenced by factors such as the need for economic mobility models and the ageing of old vehicle fleets, which are constantly being purchased with the introduction of new car models in the market and the growing transportation needs of various businesses.

This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.

Automotive Rental and Leasing Market Scope
Report Coverage	Details
Page number	123
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 7.46%
Market growth 2022-2026	$147.98 billion
Market structure	Fragmented
YoY growth (%)	6.5
Regional analysis	North America, Europe, APAC, South America, and the Middle East and Africa
Performing market contribution	North America at 36%
Key consumer countries	US, China, Germany, UK, and France
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	Aspark Holidays Pvt. Ltd., Avis Budget Group Inc., Carzonrent India Pvt. Ltd., CENTAURO RENT A CAR SLU, DriiveMe Ltd., Drivezy India Travels Pvt. Ltd., Enterprise Holdings Inc., Europcar Mobility Group SA, Expedia Group Inc., Getaround Inc., Green Motion International, Hertz Global Holdings Inc., Localiza Rent a Car SA, Mercedes Benz Group AG, Mex Rent a Car, Movida Participacoes SA, OK Group, SIXT SE, Al Futtaim Group Co., and Zoomcar India Pvt. Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Automotive Rental and Leasing Market Report?

CAGR of the market during the forecast period 2022-2026
Detailed information on factors that will drive market growth during the next five years
Precise estimation of the market size and its contribution to the parent market
Accurate predictions on upcoming trends and changes in consumer behaviour
The growth of the automotive rental and leasing industry across North America, Europe, APAC, South America, and the Middle East and Africa
A thorough analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of market vendors

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Table of Contents

1 Executive Summary

1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics

3 Market Sizing

3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition

3.2 Market segment analysis
- Exhibit 12: Market segments

3.3 Market size 2021

3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

4.2 Bargaining power of buyers
- Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Type

5.1 Market segments
- Exhibit 24: Chart on Type - Market share 2021-2026 (%)
- Exhibit 25: Data Table on Type - Market share 2021-2026 (%)

5.2 Comparison by Type
- Exhibit 26: Chart on Comparison by Type
- Exhibit 27: Data Table on Comparison by Type

5.3 Passenger car rental - Market size and forecast 2021-2026
- Exhibit 28: Chart on Passenger car rental - Market size and forecast 2021-2026 ($ billion)
- Exhibit 29: Data Table on Passenger car rental - Market size and forecast 2021-2026 ($ billion)
- Exhibit 30: Chart on Passenger car rental - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on Passenger car rental - Year-over-year growth 2021-2026 (%)

5.4 Truck utility trailer - Market size and forecast 2021-2026
- Exhibit 32: Chart on Truck utility trailer - Market size and forecast 2021-2026 ($ billion)
- Exhibit 33: Data Table on Truck utility trailer - Market size and forecast 2021-2026 ($ billion)
- Exhibit 34: Chart on Truck utility trailer - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on Truck utility trailer - Year-over-year growth 2021-2026 (%)

5.5 Recreational vehicle rental and leasing - Market size and forecast 2021-2026
- Exhibit 36: Chart on Recreational vehicle rental and leasing - Market size and forecast 2021-2026 ($ billion)
- Exhibit 37: Data Table on Recreational vehicle rental and leasing - Market size and forecast 2021-2026 ($ billion)
- Exhibit 38: Chart on Recreational vehicle rental and leasing - Year-over-year growth 2021-2026 (%)
- Exhibit 39: Data Table on Recreational vehicle rental and leasing - Year-over-year growth 2021-2026 (%)

5.6 Passenger car lease - Market size and forecast 2021-2026
- Exhibit 40: Chart on Passenger car lease - Market size and forecast 2021-2026 ($ billion)
- Exhibit 41: Data Table on Passenger car lease - Market size and forecast 2021-2026 ($ billion)
- Exhibit 42: Chart on Passenger car lease - Year-over-year growth 2021-2026 (%)
- Exhibit 43: Data Table on Passenger car lease - Year-over-year growth 2021-2026 (%)

5.7 Market opportunity by Type
- Exhibit 44: Market opportunity by Type ($ billion)

6 Customer Landscape

6.1 Customer landscape overview
- Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

7.1 Geographic segmentation
- Exhibit 46: Chart on Market share by geography 2021-2026 (%)
- Exhibit 47: Data Table on Market share by geography 2021-2026 (%)

7.2 Geographic comparison
- Exhibit 48: Chart on Geographic comparison
- Exhibit 49: Data Table on Geographic comparison

7.3 North America - Market size and forecast 2021-2026
- Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ billion)
- Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
- Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)

7.4 Europe - Market size and forecast 2021-2026
- Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
- Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
- Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)

7.5 APAC - Market size and forecast 2021-2026
- Exhibit 58: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
- Exhibit 59: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
- Exhibit 60: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on APAC - Year-over-year growth 2021-2026 (%)

7.6 South America - Market size and forecast 2021-2026
- Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ billion)
- Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
- Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)

7.7 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 66: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
- Exhibit 67: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
- Exhibit 68: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

7.8 US - Market size and forecast 2021-2026
- Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ billion)
- Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ billion)
- Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)

7.9 China - Market size and forecast 2021-2026
- Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ billion)
- Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ billion)
- Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)

7.10 Germany - Market size and forecast 2021-2026
- Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ billion)
- Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ billion)
- Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)

7.11 UK - Market size and forecast 2021-2026
- Exhibit 82: Chart on UK - Market size and forecast 2021-2026 ($ billion)
- Exhibit 83: Data Table on UK - Market size and forecast 2021-2026 ($ billion)
- Exhibit 84: Chart on UK - Year-over-year growth 2021-2026 (%)
- Exhibit 85: Data Table on UK - Year-over-year growth 2021-2026 (%)

7.12 France - Market size and forecast 2021-2026
- Exhibit 86: Chart on France - Market size and forecast 2021-2026 ($ billion)
- Exhibit 87: Data Table on France - Market size and forecast 2021-2026 ($ billion)
- Exhibit 88: Chart on France - Year-over-year growth 2021-2026 (%)
- Exhibit 89: Data Table on France - Year-over-year growth 2021-2026 (%)

7.13 Market opportunity by geography
- Exhibit 90: Market opportunity by geography ($ billion)

8 Drivers, Challenges, and Trends

8.1 Market drivers

8.2 Market challenges

8.3 Impact of drivers and challenges
- Exhibit 91: Impact of drivers and challenges in 2021 and 2026

8.4 Market trends

9 Vendor Landscape

9.1 Overview

9.2 Vendor landscape
- Exhibit 92: Overview on Criticality of inputs and Factors of differentiation

9.3 Landscape disruption
- Exhibit 93: Overview on factors of disruption

9.4 Industry risks
- Exhibit 94: Impact of key risks on business

10 Vendor Analysis

10.1 Vendors covered
- Exhibit 95: Vendors covered

10.2 Market positioning of vendors
- Exhibit 96: Matrix on vendor position and classification

10.3 Al Futtaim Group Co.
- Exhibit 97: Al Futtaim Group Co. - Overview
- Exhibit 98: Al Futtaim Group Co. - Product / Service
- Exhibit 99: Al Futtaim Group Co. - Key offerings

10.4 Aspark Holidays Pvt. Ltd.
- Exhibit 100: Aspark Holidays Pvt. Ltd. - Overview
- Exhibit 101: Aspark Holidays Pvt. Ltd. - Product / Service
- Exhibit 102: Aspark Holidays Pvt. Ltd. - Key offerings

10.5 Avis Budget Group Inc.
- Exhibit 103: Avis Budget Group Inc. - Overview
- Exhibit 104: Avis Budget Group Inc. - Business segments
- Exhibit 105: Avis Budget Group Inc. - Key offerings
- Exhibit 106: Avis Budget Group Inc. - Segment focus

10.6 Carzonrent India Pvt. Ltd.
- Exhibit 107: Carzonrent India Pvt. Ltd. - Overview
- Exhibit 108: Carzonrent India Pvt. Ltd. - Product / Service
- Exhibit 109: Carzonrent India Pvt. Ltd. - Key offerings

10.7 CENTAURO RENT A CAR SLU
- Exhibit 110: CENTAURO RENT A CAR SLU - Overview
- Exhibit 111: CENTAURO RENT A CAR SLU - Product / Service
- Exhibit 112: CENTAURO RENT A CAR SLU - Key offerings

10.8 DriiveMe Ltd.
- Exhibit 113: DriiveMe Ltd. - Overview
- Exhibit 114: DriiveMe Ltd. - Product / Service
- Exhibit 115: DriiveMe Ltd. - Key offerings

10.9 Drivezy India Travels Pvt. Ltd.
- Exhibit 116: Drivezy India Travels Pvt. Ltd. - Overview
- Exhibit 117: Drivezy India Travels Pvt. Ltd. - Product / Service
- Exhibit 118: Drivezy India Travels Pvt. Ltd. - Key offerings

10.10 Enterprise Holdings Inc.
- Exhibit 119: Enterprise Holdings Inc. - Overview
- Exhibit 120: Enterprise Holdings Inc. - Product / Service
- Exhibit 121: Enterprise Holdings Inc. - Key news
- Exhibit 122: Enterprise Holdings Inc. - Key offerings

10.11 Europcar Mobility Group SA
- Exhibit 123: Europcar Mobility Group SA - Overview
- Exhibit 124: Europcar Mobility Group SA - Business segments
- Exhibit 125: Europcar Mobility Group SA - Key news
- Exhibit 126: Europcar Mobility Group SA - Key offerings
- Exhibit 127: Europcar Mobility Group SA - Segment focus

10.12 Expedia Group Inc.
- Exhibit 128: Expedia Group Inc. - Overview
- Exhibit 129: Expedia Group Inc. - Business segments
- Exhibit 130: Expedia Group Inc. - Key offerings
- Exhibit 131: Expedia Group Inc. - Segment focus

11 Appendix

11.1 Scope of the report

11.2 Inclusions and exclusions checklist
- Exhibit 132: Inclusions checklist
- Exhibit 133: Exclusions checklist

11.3 Currency conversion rates for US$
- Exhibit 134: Currency conversion rates for US$

11.4 Research methodology
- Exhibit 135: Research methodology
- Exhibit 136: Validation techniques employed for market sizing
- Exhibit 137: Information sources

11.5 List of abbreviations
- Exhibit 138: List of abbreviations

Methodology

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

Manufacturers and suppliers
Channel partners
Industry experts
Strategic decision makers

Secondary sources

Industry journals and periodicals
Government data
Financial reports of key industry players
Historical data
Press releases

DATA ANALYSIS

Data Synthesis

Collation of data
Estimation of key figures
Analysis of derived insights

Data Validation

Triangulation with data models
Reference against proprietary databases
Corroboration with industry experts

REPORT WRITING

Qualitative

Market drivers
Market challenges
Market trends
Five forces analysis

Quantitative

Market size and forecast
Market segmentation
Geographical insights
Competitive landscape

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Key Questions Answered

What are the key global market and the regional market share?
What are the revenue-generating key market segments?
What are the key factors driving and challenging this market’s growth?
Who are the key market vendors and their growth strategies?
What are the latest trends influencing the growth of this market?
What are the variables influencing the market growth in the primary regions?
What are the factors influencing the growth of the parent market?

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