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Car Rental Market to Make $176.2b by 2025
By Dipo Olowookere
Future Market Insights (FMI) has announced the release of its report titled ‘Car Rental Market: Global Industry Analysis and Opportunity Assessment 2015-2025.’
According to the report, the global car rental market, valued at $87.8 billion in 2014, is anticipated to reach $176.2 billion by 2025, expanding at a CAGR of 6.6 percent between 2015 and 2025.
The global car rental market is driven by rising global tourism industry, surge in public awareness about car rental services, easy booking via online services, introduction of new business concepts, increasing number of Internet users and rise in international tourist arrivals. Apart from this, growing GDP rates and increasing income levels in the developing regions are also positively influencing growth of the car rental market globally.
Increasing infrastructural developments, growing air travel, rise in demand for recreational activities and increasing urban population have widened the scope for car rental service providers. Conversely, stringent emission standards, low cost public transportation, and volatility in crude oil prices are some of the minor restraints in the global car rental market. Additionally, increasing mobile and Internet usage is also expected to drive growth of the global car rental market in the coming years. Growing investments by the industry players and increasing online presence of the car rental service providers is expected to further drive growth of global car rental market.
Rising technological developments are expected to offer favourable growth opportunities in the near future. Rapid urbanisation is leading to a rise in the mobility on-demand services, which include car sharing, short-term car rental services, etc., which are providing favourable prospects for growth of the car rental market.
North America dominated the global car rental market in 2014, in terms of revenue, accounting for 48.4 percent share of the overall market. However, APEJ (Asia Pacific Excluding Japan) is foreseen to expand at a relatively high CAGR of 10.2 percent during the forecast period. North America is expected to remain the most dominant global car rental market throughout the forecast period.
The major players in the market are focusing on expanding their global footprints through various mergers and acquisitions.
Rising consolidation in the car rental industry has facilitated market leaders, such as Enterprise Holdings Inc., to expand their respective businesses in various geographies, thereby increasing their market share. The U.S. is witnessing major investments by market players, along with increasing popularity of car sharing services.
By end use, the on-airport segment dominated the global car rental market in 2014 in terms of revenue, and is foreseen to expand at a CAGR of 8.2 percent during the forecast period. The on-airport car rental segment is expected to remain the most dominant segment in the global car rental market throughout the forecast period
By customer type, the leisure segment is foreseen to expand at a high CAGR of 8.6 percent during the forecast period. The segment is expected to dominate the global car rental market throughout the forecast period.
On the basis of booking type, the offline access dominated the global car rental market in 2014 in terms of revenue, accounting for 48.4 pecent share of the overall market in 2014. The market is expected to lose its market share to the mobile application segment, which is projected to expand at a CAGR 9.9 percent during the forecast period.
On the basis of sector, the unorganised segment dominated the global car rental market in 2014 in terms of revenue, accounting for 56.9 percent share of the overall market. However, the organised sector segment is foreseen to expand at a relatively high CAGR of 7.3 percent.
Competitive Landscape
Key market players covered in the reportinclude Enterprise Holdings Inc., The Hertz Corporation, Avis Budget Group, Inc., Europcar Group S.A., Carzonrent India Pvt Ltd., Sixt SE, Al Futtaim Group, Localiza- Rent a Car SA, Eco Rent a Car and GlobalCARS. The car rental market is consolidated in some regions such as the U.S. and Europe, with the top two players bagging over 50 percent shares of the total market. Most players in the market are engaged in various activities, such as mergers and acquisitions, increasing investments in technological developments, geographical expansion and brand building via strong marketing strategies, in order to sustain their position in the competitive market.
By Aduragbemi Omiyale
The corporate mobility solution from Bolt, Bolt Business, has expressed its desire to strengthen relationships with existing customers in Nigeria by introducing solutions tailored to industries with frequent employee mobility needs, including healthcare, financial services, legal services and logistics.
This is as the organisation, over the past 12 months, delivered double-digit growth in the country, driven by expanding adoption across multiple industries, growing demand from small and medium-sized enterprises (SMEs), and an increasing number of firms seeking cost-efficient alternatives to managing in-house transport fleets.
The Country Manager for Bolt for Business Nigeria, Mr Isaac Iroko, disclosed that the smarter mobility solutions being planned will improve visibility, simplify expense management and support business growth.
“Our focus remains on building products that create value for organisations of every size while delivering a seamless experience for their employees,” he stated.
Bolt Business has continued to experience an increasing demand from businesses seeking smarter, more efficient ways to manage employee transportation and business travel.
It serves organisations across a broad range of industries, including financial services, technology, healthcare, professional services, manufacturing, logistics, media, real estate and fast-growing consumer businesses.
The growth reflects a broader shift in how Nigerian businesses approach corporate mobility. Rather than maintaining expensive vehicle fleets or relying on fragmented transport arrangements, more organisations are adopting digital mobility platforms that offer greater transparency, control and operational efficiency.
“Businesses today are looking beyond transportation; they’re looking for smarter ways to optimise operations and manage costs.
“We’ve seen organisations across different sectors embrace Bolt Business because it gives them a simple, reliable and transparent way to manage employee travel, whether it’s daily commutes, client meetings or business trips.
“This growth demonstrates that corporate mobility is becoming an increasingly important part of business efficiency in Nigeria,” Mr Iroko stated.
Unlike traditional fleet management, Bolt Business enables companies to centralise transportation through a single platform, providing features such as centralised billing, trip reporting, spending controls and real-time visibility into employee travel. These capabilities help businesses improve oversight while reducing the administrative burden associated with corporate transportation.
By Modupe Gbadeyanka
To boost economic activities in Lagos Island and support residents, the chief executive of the Lagos State Lotteries and Gaming Authority, Mr Bashir Are, sponsored the training of eight persons at the LagRide Drivers Academy through the LagRide Partner Programme.
Mr Are funded both the academy training and the vehicle costs, removing the two barriers that most frequently prevent qualified drivers from entering formal, structured employment in the mobility sector.
The beneficiaries were handed over keys to their vehicles at a ceremony in Lagos on Tuesday, July 21, 2026.
They now operate a LagRide vehicle under the platform’s Drive To Own programme, which allows a Captain to earn daily income while working towards full ownership of the vehicle at the end of the agreed payment term.
“The initial capital required to be onboarded was never going to come from these young men, so we provided that intervention financially so that they can have good employment.
“Lagos is a megacity. My agency runs the largest gaming and fintech conference on the continent every year, and when those delegates arrive, we do not want them driven around in poor vehicles. This is also employment for our own people, and we have a great deal of unemployment and underemployment in this country.
“These Captains are from Lagos Island Local Government, and they can now take care of their own families. Let me be clear about one thing. This is not a project. It is a programme, and it continues,” Mr Are stated.
Also speaking, the chairman of LagRide, Ms Diana Chen, said, “Today is just a new beginning, and more and more people will come. More local governments will join us, and one day we want to bring the Governor here so that this programme runs across the state.
“LagRide is a platform where a person comes to take a job and ends up owning the vehicle. It is also a platform that any government, or any organisation with a social development or CSR mandate, can use to empower the people they want to support. The people get their own asset at the end of it.”
On her part, the lawmaker representing Lagos Island Constituency I in the Lagos State House of Assembly, Mrs Omolara Oyekan-Olumegbon, said, “Everyone keeps saying there are not enough jobs for our youths. This is our own way of ensuring that they are empowered.
“When you give a person money, it is money, and it finishes. This is the difference between giving a man a fish and teaching him how to fish. You are giving these young men something they can use to take care of themselves, their families and their homes.
“We must thank the chief executive of the Lagos State Lotteries and Gaming Authority for doing this, and I must also thank Chief Diana Chen. Lagos Island is a commercial hub, and we intend to keep the flag flying. This is the beginning, and we will be coming back to ask for more.”
By Modupe Gbadeyanka
A bill aimed at prohibiting hawking, trading or preaching inside commercial vehicles in Nigeria has been passed by the Senate.
The bill known as the Federal Road Safety Corps (Amendment) Bill, 2026, imposes fines between N50,000 and N100,000 for violations if assented to by the President.
The piece of legislation was passed by the red chamber of the National Assembly on Thursday and should later be transmitted to President Bola Tinubu for assent.
Members of the upper chamber of the parliament explained that the law was amended to discourage distractions in commercial vehicles and improve the safety of commuters.
In addition, motorists who fail to cooperate with officials of the Federal Road Safety Corps (FRSC) during roadside breath tests conducted on reasonable suspicion are liable to fines or imprisonment or both.
Lawmakers noted that this was to improve compliance with road safety regulations and reduce road crashes, as fines for driving under the influence of alcohol or intoxicating drugs were raised to N100,000 from N5,000, with the risk of spending two years behind bars.
It was also proposed that disobedience to traffic lights, road signs, pavement markings and other traffic control devices will now attract N100,000, while the fine for speed limit violations is now N100,000, with reckless driving now a fine of N100,000 or two years’ imprisonment.
