Press Releases

Car Rental Market to See 5.9% Annual Growth Through 2023

Industry Boosted by the Growing Sharing Economy

July 16, 2019

WELLESLEY, Mass., July 16, 2019–New technology and the growing sharing economy are two factors which drive growth of the global car rentals market, according to a report by BCC Research, “Car Rentals: Global Markets to 2023.”

The market expects to see a compound annual growth rate (CAGR) of 5.9% through 2023, when it could be worth $82.8 billion.

Major players in the market include Enterprise (EPD), Avis (CAR), Hertz (HRI) and Sixt (SIX2).

Research Highlights

  • The North America market of car rentals should grow from $32.3 billion in 2018 to reach $40 billion by 2023 at a CAGR of 4.4%.
  • The Asia-Pacific market of car rentals should grow from $10.8 billion in 2018 to reach $17.9 billion by 2023 at a CAGR of 10.7%.
  • Enterprise holds the largest global market share by far, at 23.6%, followed by Avis at 10.5%.

Read the full report here: https://www.bccresearch.com/market-research/energy-and-resources/car-rentals-global-markets-report.html

“An ever-increasing number of companies—both startups and established enterprises—are focusing on the subject of mobility and often with it they pair electric vehicles,” writes analyst Paul Korzeniowski. “New, innovative approaches and new concepts are developing. Each of these ideas need a testing ground. Meanwhile, car renters need to maintain their existing business—and its revenue streams. Consequently, they are moving in many directions. What the market looks like in a decade will be significantly different from how it appears today.”

Constraints of the Car Rentals Market

The success of Uber illustrates the potential impact on car renters today. Traditional auto renters must figure out their value-add and role in this rapidly changing marketplace. Information technology has also been in a period of profound change. Cloud computing is becoming the new data center, with central resources no longer always located on the customer’s site, but instead located in the company’s data center.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Car Rentals: Global Markets to 2023( EGY156A )
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