NEW YORK, May 2, 2023 /PRNewswire/ — The global car rental (self drive) market size is estimated to grow by USD 1,702.15 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 35.8% during the forecast period. North America is estimated to account for 36% of the global market growth. The growth in the region can be attributed to a number of factors, including the growing demand for autonomous vehicles, the presence of major market players, and supportive government regulations. The growing demand for self-driving cars is one of the main drivers of the growth of the market in the North American region. Consumers are increasingly interested to experience the comfort and safety benefits of autonomous vehicles, especially on long journeys. This trend is expected to boost the demand for self-driving car rentals and may further drive the market in the coming years. Moreover, North America’s strong position in the car rental market is also because of the presence of important market players in the region. Leading car rental companies like Hertz Global Holdings Inc. (Hertz) and SIXT SE (SIXT) offer self-driving vehicles in their fleets. Additionally, automakers such as Tesla Inc. (Tesla), Ford Motor Co. (Ford), and General Motors Co. (General Motors) also invest heavily in self-driving technology, with self-driving cars for rental purposes. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
Technavio has announced its latest market research report titled Global Car Rental (Self Drive) Market 2023-2027
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Car Rental (Self Drive) Market – Segmentation Assessment
Segment Overview
This report extensively covers market segmentation by vehicle type (economy cars and luxury cars), mode of booking (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The market share growth by economy cars segment is significant during the forecast period. Economy cars have less equipment and smaller engine sizes, which makes them more fuel efficient and less expensive. Self-driving cars in this segment are in high demand among individuals and businesses because they provide a reliable and convenient means of transportation. A main advantage of self-driving economy cars is the savings in transportation costs as it doesn’t require a human driver, and car rental companies can offer low rates, making it an attractive option for those looking to save money. Moreover, self-driving cars are more economical than conventional cars, saving even more on fuel costs. Hence, such factors drive segment growth during the forecast period.
Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report
Car Rental (Self Drive) Market – Market Dynamics
Key factor driving market growth
The growing interest in self-driving vehicles is the key driver for the global car rental (self drive) market growth.
Self-driving vehicles (SDV) evolved from the pages of science fiction to a new urban reality, with several parties already working on autonomous vehicle technology.
The SDV comprises of various features such as single-lane driving on highways, autonomous driving, and autopilot in traffic jams.
Mostly, every major industry player, including original equipment manufacturers (OEMs), technology providers, suppliers, and regulators began efforts to expand the reach of autonomous vehicle technology.
Hence, such factors drive the demand for the car rental (self drive) market during the forecast period.
Leading trends influencing the market
The use of telematics in self-drive car rentals is an emerging trend that will fuel the global car rental (self drive) market growth.
Telematics is a revolutionary technology used in self-driving car rentals. For self-driving car rentals, telematics provides real-time data on vehicle location, speed, and status.
The data can be used by car rental companies for monitoring vehicle mileage and fuel consumption and identifying vehicle problems before they occur. Additionally, the system allows car rental companies to ensure that drivers comply with traffic rules and adhere to rental policies.
The rental process has been significantly improved due to the integration of telematics technology into self-driving car rentals. This enables landlords to provide customers with an automated check-in and check-out experience while simplifying the payment process.
Car rental companies can associate vehicle usage with payments, by using telematics, thus avoiding misunderstandings and ensuring billing transparency.
Major challenges hindering the market growth
The high cost of self-driving car rental is a major challenge that can majorly impede the growth of the market.
Renting a car for an expedition or vacation can be an exciting experience, but it can also be expensive, especially for a self-driving car. However, there are many factors driving the high cost of self-driving car rentals, one of which, is the daily rental fee that can be substantial.
Prices vary by vehicle type, season, and location and car rental prices tend to be significantly higher in popular tourist destinations and during peak travel times than in less traveled areas.
Another factor contributing to high costs is compulsory insurance, where most car owners require renters to have comprehensive insurance, which can be expensive.
This is due to the insurance policy must cover not only the rental car but also the occupants, driver, and any other vehicle or person involved in the accident. Taxes and fees are another part of the rental cost.
Such factors hinder the market growth during the forecast period.
Get insights on Market Dynamics for the historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this Car Rental (Self Drive) Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the car rental (self drive) market between 2023 and 2027
Precise estimation of the size of the car rental (self drive) market and its contribution to the market with a focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the car rental (self drive) market across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market’s competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of the car rental (self drive) market vendors
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Car Rental (Self Drive) Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 35.8% |
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Market growth 2023-2027 |
USD 1,702.15 million |
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Market structure |
Concentrated |
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YoY growth 2022-2023 (%) |
34.12 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 36% |
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Key countries |
US, Japan, China, Germany, and France, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aspark Holidays Pvt. Ltd., Aurora Innovation Inc., Autorent Car Rental LLC, Avis Budget Group Inc., DriiveMe Ltd., Enterprise Holdings Inc., Hertz Global Holdings Inc., Localiza Rent a Car SA, Primemover Mobility Technologies Pvt. Ltd., SIXT SE, Volkswagen AG, and Zoomcar India Pvt. Ltd. |
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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, Market condition analysis for forecast period |
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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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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 Vehicle Type
Exhibit 06: Executive Summary – Chart on Market Segmentation by Mode of Booking
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global car rental (self drive) market 2017 – 2021
Exhibit 18: Historic Market Size – Data Table on Global car rental (self drive) market 2017 – 2021 ($ million)
4.2 Vehicle type Segment Analysis 2017 – 2021
Exhibit 19: Historic Market Size – Vehicle type Segment 2017 – 2021 ($ million)
4.3 Mode of booking Segment Analysis 2017 – 2021
Exhibit 20: Historic Market Size – Mode of booking Segment 2017 – 2021 ($ million)
4.4 Geography Segment Analysis 2017 – 2021
Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ million)
4.5 Country Segment Analysis 2017 – 2021
Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ million)
5 Five Forces Analysis
5.1 Five forces summary
Exhibit 23: Five forces analysis – Comparison between 2022 and 2027
5.2 Bargaining power of buyers
Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
5.3 Bargaining power of suppliers
Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
5.4 Threat of new entrants
Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
5.5 Threat of substitutes
Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
5.6 Threat of rivalry
Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
5.7 Market condition
Exhibit 29: Chart on Market condition – Five forces 2022 and 2027
6 Market Segmentation by Vehicle Type
6.1 Market segments
Exhibit 30: Chart on Vehicle Type – Market share 2022-2027 (%)
Exhibit 31: Data Table on Vehicle Type – Market share 2022-2027 (%)
6.2 Comparison by Vehicle Type
Exhibit 32: Chart on Comparison by Vehicle Type
Exhibit 33: Data Table on Comparison by Vehicle Type
6.3 Economy cars – Market size and forecast 2022-2027
Exhibit 34: Chart on Economy cars – Market size and forecast 2022-2027 ($ million)
Exhibit 35: Data Table on Economy cars – Market size and forecast 2022-2027 ($ million)
Exhibit 36: Chart on Economy cars – Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Economy cars – Year-over-year growth 2022-2027 (%)
6.4 Luxury cars – Market size and forecast 2022-2027
Exhibit 38: Chart on Luxury cars – Market size and forecast 2022-2027 ($ million)
Exhibit 39: Data Table on Luxury cars – Market size and forecast 2022-2027 ($ million)
Exhibit 40: Chart on Luxury cars – Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Luxury cars – Year-over-year growth 2022-2027 (%)
6.5 Market opportunity by Vehicle Type
Exhibit 42: Market opportunity by Vehicle Type ($ million)
Exhibit 43: Data Table on Market opportunity by Vehicle Type ($ million)
7 Market Segmentation by Mode of Booking
7.1 Market segments
Exhibit 44: Chart on Mode of Booking – Market share 2022-2027 (%)
Exhibit 45: Data Table on Mode of Booking – Market share 2022-2027 (%)
7.2 Comparison by Mode of Booking
Exhibit 46: Chart on Comparison by Mode of Booking
Exhibit 47: Data Table on Comparison by Mode of Booking
7.3 Offline – Market size and forecast 2022-2027
Exhibit 48: Chart on Offline – Market size and forecast 2022-2027 ($ million)
Exhibit 49: Data Table on Offline – Market size and forecast 2022-2027 ($ million)
Exhibit 50: Chart on Offline – Year-over-year growth 2022-2027 (%)
Exhibit 51: Data Table on Offline – Year-over-year growth 2022-2027 (%)
7.4 Online – Market size and forecast 2022-2027
Exhibit 52: Chart on Online – Market size and forecast 2022-2027 ($ million)
Exhibit 53: Data Table on Online – Market size and forecast 2022-2027 ($ million)
Exhibit 54: Chart on Online – Year-over-year growth 2022-2027 (%)
Exhibit 55: Data Table on Online – Year-over-year growth 2022-2027 (%)
7.5 Market opportunity by Mode of Booking
Exhibit 56: Market opportunity by Mode of Booking ($ million)
Exhibit 57: Data Table on Market opportunity by Mode of Booking ($ million)
8 Customer Landscape
8.1 Customer landscape overview
Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
9.1 Geographic segmentation
Exhibit 59: Chart on Market share by geography 2022-2027 (%)
Exhibit 60: Data Table on Market share by geography 2022-2027 (%)
9.2 Geographic comparison
Exhibit 61: Chart on Geographic comparison
Exhibit 62: Data Table on Geographic comparison
9.3 North America – Market size and forecast 2022-2027
Exhibit 63: Chart on North America – Market size and forecast 2022-2027 ($ million)
Exhibit 64: Data Table on North America – Market size and forecast 2022-2027 ($ million)
Exhibit 65: Chart on North America – Year-over-year growth 2022-2027 (%)
Exhibit 66: Data Table on North America – Year-over-year growth 2022-2027 (%)
9.4 Europe – Market size and forecast 2022-2027
Exhibit 67: Chart on Europe – Market size and forecast 2022-2027 ($ million)
Exhibit 68: Data Table on Europe – Market size and forecast 2022-2027 ($ million)
Exhibit 69: Chart on Europe – Year-over-year growth 2022-2027 (%)
Exhibit 70: Data Table on Europe – Year-over-year growth 2022-2027 (%)
9.5 APAC – Market size and forecast 2022-2027
Exhibit 71: Chart on APAC – Market size and forecast 2022-2027 ($ million)
Exhibit 72: Data Table on APAC – Market size and forecast 2022-2027 ($ million)
Exhibit 73: Chart on APAC – Year-over-year growth 2022-2027 (%)
Exhibit 74: Data Table on APAC – Year-over-year growth 2022-2027 (%)
9.6 South America – Market size and forecast 2022-2027
Exhibit 75: Chart on South America – Market size and forecast 2022-2027 ($ million)
Exhibit 76: Data Table on South America – Market size and forecast 2022-2027 ($ million)
Exhibit 77: Chart on South America – Year-over-year growth 2022-2027 (%)
Exhibit 78: Data Table on South America – Year-over-year growth 2022-2027 (%)
9.7 Middle East and Africa – Market size and forecast 2022-2027
Exhibit 79: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
Exhibit 80: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
Exhibit 81: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
Exhibit 82: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)
9.8 US – Market size and forecast 2022-2027
Exhibit 83: Chart on US – Market size and forecast 2022-2027 ($ million)
Exhibit 84: Data Table on US – Market size and forecast 2022-2027 ($ million)
Exhibit 85: Chart on US – Year-over-year growth 2022-2027 (%)
Exhibit 86: Data Table on US – Year-over-year growth 2022-2027 (%)
9.9 Japan – Market size and forecast 2022-2027
Exhibit 87: Chart on Japan – Market size and forecast 2022-2027 ($ million)
Exhibit 88: Data Table on Japan – Market size and forecast 2022-2027 ($ million)
Exhibit 89: Chart on Japan – Year-over-year growth 2022-2027 (%)
Exhibit 90: Data Table on Japan – Year-over-year growth 2022-2027 (%)
9.10 Germany – Market size and forecast 2022-2027
Exhibit 91: Chart on Germany – Market size and forecast 2022-2027 ($ million)
Exhibit 92: Data Table on Germany – Market size and forecast 2022-2027 ($ million)
Exhibit 93: Chart on Germany – Year-over-year growth 2022-2027 (%)
Exhibit 94: Data Table on Germany – Year-over-year growth 2022-2027 (%)
9.11 France – Market size and forecast 2022-2027
Exhibit 95: Chart on France – Market size and forecast 2022-2027 ($ million)
Exhibit 96: Data Table on France – Market size and forecast 2022-2027 ($ million)
Exhibit 97: Chart on France – Year-over-year growth 2022-2027 (%)
Exhibit 98: Data Table on France – Year-over-year growth 2022-2027 (%)
9.12 China – Market size and forecast 2022-2027
Exhibit 99: Chart on China – Market size and forecast 2022-2027 ($ million)
Exhibit 100: Data Table on China – Market size and forecast 2022-2027 ($ million)
Exhibit 101: Chart on China – Year-over-year growth 2022-2027 (%)
Exhibit 102: Data Table on China – Year-over-year growth 2022-2027 (%)
9.13 Market opportunity by geography
Exhibit 103: Market opportunity by geography ($ million)
Exhibit 104: Data Tables on Market opportunity by geography ($ million)
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
Exhibit 105: Impact of drivers and challenges in 2022 and 2027
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
Exhibit 106: Overview on Criticality of inputs and Factors of differentiation
11.3 Landscape disruption
Exhibit 107: Overview on factors of disruption
11.4 Industry risks
Exhibit 108: Impact of key risks on business
12 Vendor Analysis
12.1 Vendors covered
Exhibit 109: Vendors covered
12.2 Market positioning of vendors
Exhibit 110: Matrix on vendor position and classification
12.3 Aspark Holidays Pvt. Ltd.
Exhibit 111: Aspark Holidays Pvt. Ltd. – Overview
Exhibit 112: Aspark Holidays Pvt. Ltd. – Product / Service
Exhibit 113: Aspark Holidays Pvt. Ltd. – Key offerings
12.4 Aurora Innovation Inc.
Exhibit 114: Aurora Innovation Inc. – Overview
Exhibit 115: Aurora Innovation Inc. – Product / Service
Exhibit 116: Aurora Innovation Inc. – Key offerings
12.5 Autorent Car Rental LLC
Exhibit 117: Autorent Car Rental LLC – Overview
Exhibit 118: Autorent Car Rental LLC – Product / Service
Exhibit 119: Autorent Car Rental LLC – Key offerings
12.6 Avis Budget Group Inc.
Exhibit 120: Avis Budget Group Inc. – Overview
Exhibit 121: Avis Budget Group Inc. – Business segments
Exhibit 122: Avis Budget Group Inc. – Key offerings
Exhibit 123: Avis Budget Group Inc. – Segment focus
12.7 DriiveMe Ltd.
Exhibit 124: DriiveMe Ltd. – Overview
Exhibit 125: DriiveMe Ltd. – Product / Service
Exhibit 126: DriiveMe Ltd. – Key offerings
12.8 Enterprise Holdings Inc.
Exhibit 127: Enterprise Holdings Inc. – Overview
Exhibit 128: Enterprise Holdings Inc. – Product / Service
Exhibit 129: Enterprise Holdings Inc. – Key news
Exhibit 130: Enterprise Holdings Inc. – Key offerings
12.9 Hertz Global Holdings Inc.
Exhibit 131: Hertz Global Holdings Inc. – Overview
Exhibit 132: Hertz Global Holdings Inc. – Business segments
Exhibit 133: Hertz Global Holdings Inc. – Key offerings
Exhibit 134: Hertz Global Holdings Inc. – Segment focus
12.10 Localiza Rent a Car SA
Exhibit 135: Localiza Rent a Car SA – Overview
Exhibit 136: Localiza Rent a Car SA – Business segments
Exhibit 137: Localiza Rent a Car SA – Key offerings
Exhibit 138: Localiza Rent a Car SA – Segment focus
12.11 Primemover Mobility Technologies Pvt. Ltd.
Exhibit 139: Primemover Mobility Technologies Pvt. Ltd. – Overview
Exhibit 140: Primemover Mobility Technologies Pvt. Ltd. – Product / Service
Exhibit 141: Primemover Mobility Technologies Pvt. Ltd. – Key offerings
12.12 SIXT SE
Exhibit 142: SIXT SE – Overview
Exhibit 143: SIXT SE – Business segments
Exhibit 144: SIXT SE – Key news
Exhibit 145: SIXT SE – Key offerings
Exhibit 146: SIXT SE – Segment focus
12.13 Volkswagen AG
Exhibit 147: Volkswagen AG – Overview
Exhibit 148: Volkswagen AG – Business segments
Exhibit 149: Volkswagen AG – Key offerings
Exhibit 150: Volkswagen AG – Segment focus
12.14 Zoomcar India Pvt. Ltd.
Exhibit 151: Zoomcar India Pvt. Ltd. – Overview
Exhibit 152: Zoomcar India Pvt. Ltd. – Product / Service
Exhibit 153: Zoomcar India Pvt. Ltd. – Key offerings
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 154: Inclusions checklist
Exhibit 155: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 156: Currency conversion rates for US$
13.4 Research methodology
Exhibit 157: Research methodology
Exhibit 158: Validation techniques employed for market sizing
Exhibit 159: Information sources
13.5 List of abbreviations
Exhibit 160: List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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