Car Rental Statistics By Revenue, Sales, Users And Region
Updated · Dec 16, 2024
WHAT WE HAVE ON THIS PAGE
Introduction
Car Rental Statistics: Car rental statistics help to get a fair idea regarding the vibes and recent augmentation the industry has made in its dynamic behavioral front. Brought up these days by many counted representatives in the industry, the market has been showing substantial growth in several parts over the years owing to different factors. In terms of the rise in demand from domestic and international travel and tourism, popularly known ride-sharing services, and increasing flexibility of modes, the situation of car rental is poised for a large market in 2024 owing to propelling demand from leisure as well as business customers.
Let us now see these emerging market trends and statistics.
Editor’s Choice
- Concise Fragmented Lesser Than Recognized Words: Volkswagen is the winner in the car rental market in Lithuania, Norway, and Latvia, with an average of 68%, 57%, and 51% for these countries, respectively.
- According to Car rental statistics, Corporate clients account for approximately 25% of the overall revenue from car rentals. US$99.54 bn is projected by the industry to be realized in revenues within 2023.
- The global market for car rentals is traveling through stupendous growth from 2022 to 2032 at an annual growth rate of 8.70%.
- Car rental statistics reveal that the Asian market car rentals are forecast to add 348.9 million new users by the year 2027.
- In the United States, there are more than 2 million economy-class rental vehicles. By 2026, the total number of car rental users worldwide will reach 602.2 million.
- The U.S. currently accounts for nearly 50% of the total market worldwide in annual revenues for car rentals, and the number of car rental users in the U.S. is forecasted to rise up to 108.5 million by the year 2027.
- The car rental statistics survey was primarily based on and incorporated factors such as experience and preferences that developed among UK customers when using car rental services. It, therefore, yielded brand-wise findings whereby a maximum of 84% cited Enterprise Rent-A-Car as a provider of choice.
- Popular rental vehicles in New Zealand and Australia include Toyota and Hyundai. The car rental business generated US$81.32 billion in revenue points in 2022.
- The leisure segment constitutes about 55% of the total market share, while the commercial sector consists of 45%.
- The industry saw a 27.4% decrease in revenue in 2020, and as compared to 2019, there had been some changes from the previous two rates.
- Car rental statistics indicate that Hertz was one of the biggest names in car rental and saw how revenues fell by 56% in the year 2020. It filed for bankruptcy and exited in 2021.
- In the United States in 2021, the car rental industry employed 132,908 individuals. Of them, it was found that 50.5% were car rental agents, while others might aggregate with both genders.
- Since they are under 25 years of age, they are given an auto rental surcharge called Young Renter in New York and Michigan when renting cars there.
(Source: coolest-gadgets.com)
- Car rental statistics state that growth in the car rental market across the globe is stupendous from 2022 to 2032, with an annual growth rate of 8.70%.
- The market made US$122 billion in revenues in 2022, which raised to US$133 billion in 2023, and this trend will carry on with projected revenues of US$143 billion in 2024, US$158 billion in 2025, and US$174 billion in 2026.
- The industry is anticipated to generate US$187 billion in 2027, which will subsequently grow to US$197 billion in 2028; then, revenues will continue to grow so that by 2029 and 2030, the industry will generate US$214 billion and US$230 billion, respectively.
- The market will attain US$250 billion in 2031 before finally estimating an impressive height of US$275 billion in 2032. The growth comes at a clear level, thus showing that the demand for cars may be growing in the global car rental industry.
Car Rental Revenue
(Reference: statista.com)
- To be steady, the global revenue in the “Car Rentals” segment of the shared mobility market will increase between 2024 and 2029.
- Car rental statistics show that during these five years, such revenues would grow by US$19.8 billion, which brings overall growth to 18.94%.
- Therefore, this continuous upward trend will consequently bring a total estimated revenue of around US$124.1 billion by the year 2029, reaching the highest level ever. This happens to be the ninth consecutive year of revenue growth for this income source, proving that there is a strong and sustained increase in demand for car rental services.
- The pattern of growth in recent years shows the growing importance of car rentals as a product within the shared mobility market, as it drives urbanization, technological advancement, and changes in consumer behavior preference towards flexible and on-demand travel solutions.
Global Car Rental Rates
(Reference: statista.com)
- Car rental statistics highlight the trends of average global car rental rates during the period from 2009 to 2018 concerning annual growth.
- In 2014, the average global car rental rate went up by 2.2% as compared to other years, which is relatively more compared to many other years. Demand during that time or adjustments in the market could have been an implication.
- Up to 2018, when rent prices increased slowly, a mere 0.6% increase was forecasted with the comparison to the previous year, 2017.
- This slower growth pattern suggests a more stable or competitive market, which implies reduced fluctuations in pricing. The difference between 2014 and 2018 highlights the reduction from greater growth rates to lesser growth rates regarding the increase in car rentals.
Top Car Rental Companies
(Source: statista.com)
- January 17 figures into the news for Statista, a market and consumer data provider, and announces that company lists for car rentals in the U.K. have recently been prepared on the findings of a Consumer Insights survey.
- The survey revolved around the experience and preferences UK customers gained from car rental services.
- Car rental statistics show that brand-wise conclusions stated that a maximum of 84% mentioned Enterprise Rent-A-Car in August 2022 if asked by the respondents to prefer the same company again.
- It was closely followed by Hertz (77%), Europcar (76%), and ACE (74%), with only about 50% of the cases expressing willingness to return to National.
- Furthermore, the Brand Profiler research unveiled these key drivers in consumer choice. About 22% preferred familiar and trusted brands, while 17% considered low price more important than quality.
- It is also noted that only 15% of the respondents reported being well informed on car rental services, which reflects a huge gap in knowledge among consumers on this issue.
(Source: statista.com)
- Car rental statistics reveal that 54% of Gen Z respondents in a Statista survey (July 2023 – June 2024) conducted within the U.S. said it is important to own a car; this figure is compared with 69% of baby boomers.
- 66% of Gen X (born 1965-1979) agreed that owning a car is important. About 62% of millennials made the same assertion.
- Overall, 62% of more than 10,000 U. S. respondents believed car ownership is important.
- Indeed, attitude change is more of a generational shift in public transport accessibility in India.
- Federal investments in long-distance and regional transit networks meant to reduce reliance on personal vehicles are Brightline West High-Speed Intercity Rail System, linking Greater Los Angeles to Las Vegas, and the Hudson Tunnel Project, furthering connections between New Jersey and New York.
- Indeed, such massive public transport projects face opposition from people in some of the car-centric regions, particularly Los Angeles.
- Currently, California’s statewide high-speed rail project is delayed, having been touted to cost over 150 billion dollars by several estimates after its inception back in 2008.
Car Rentals By Sales
(Reference: statista.com)
- The last five years have seen a growing trend of online bookings in car rentals, making offline rentals only an average of 40% of all rentals.
- For example, 39% of rentals were offline, while 61% were conducted online in 2017. This continued in 2018 with a 38:62-offline-online ratio.
- In the following three years, 2019, 2020, and 2021, the trend remained the same, with the ratios of 37:63, 36:64, and 35:65, respectively. In 2022, 34% of all rentals were offline, while 66% were online.
- The expected offline-to-online ratio for 2023 should fall between 33:67. The successive forecasts from 2024, 2025, 2026, to 2027 depict a consistent shift in this direction with ratios of 31:69, 30:70, 29:71, and finally, 28:72, thus presaging the dominance of online rentals shortly.
Car Rentals Users
(Reference: statista.com)
All these analyses give an overview of car rental industry scenarios in the last five years about the Car rental statistics trends shown in the number of users:
- 2019: The global number of car rental users stands at 412.7 million.
- 2020: In a big fall, users fell to just 284.6 million. Of course, COVID-19 hit travel and rental activities across the board.
- 2021: As travel started recovering, the number of users rose to 339.7 million.
- 2022: The number of users increased further to 417.3 million, indicative of the continuing uplift and development of the industry.
- 2023: This year, the number of users is expected to be 512.2 million, which is steady in terms of recovery.
- 2024: The number is projected to reach 567.2 million.
- 2025: Projections, like previous ones, indicate a foreseen increase, such as an anticipated figure of 585.5 million users.
- 2026: It will amount to 601.4 million users for this final year.
- 2027: By the end of these years, the expected increase stands at 616.5 million users.
Car Rental By Region
Worldwide
- Car rental statistics indicate that the global car rental market is forecasted to garner revenues of up to US$104.40 billion by 2024; thereon, until 2029, it will have an annual growth rate of approximately 3.52%, yielding a projected market volume of around US$124.10 billion by 2029.
- Additionally, such users are projected to increase to 0.82 billion by 2029, with user penetration gradually increasing from 7.7% in 2024 to 10.1% in 2029.
- The expected average revenue per user is forecasted to stand at US$175.40. By 2029, 75% of revenue in the car rental market would be through online sales.
- Even in the global scenario, the highest revenue would be generated from the United States: expected US revenues in this market in the year 2024 sum to US$31.54 billion.
- US car rental companies will now also offer flexible rental options and loyalty programs to cater to the growing trend of ride-sharing services.
Asia
- The car rental market in Asia is expected to reach 348.9 million users by the year 2027. At the same point, online sales will account for 68% of the total revenue in the region.
- Following a CAGR of 6.08%, the market is likely to reach US$51.71 billion by the year 2027, with an average revenue per user (ARPU) of US$141.40.
- Predictions from this year’s revenue in Asia are expected to stand at US$40.84 billion, given that user penetration is standing at 6.4% and is expected to grow to 7.5% by 2027.
Europe
- The penetration projected by users in Europe was at 6.4% last 2023, which would increase to 7.5% in 2027.
- From 63.4 million users expected by 2027 in the European car rental market, 72% of that figure is expected for revenues generated from online sales.
- Meanwhile, the ARPU in Europe is projected to be US$279.60. The market is likely to have US$15.11 billion in revenue by 2023 and is likely to grow at a CAGR of 5.46% to reach US$18.69 billion by 2027.
Africa
- In Africa, car rental revenue will reach US$3.57 billion in 2023, with an average revenue per user (ARPU) of US$53.90. By 2027, 56% will be composed of online revenue, and it is expected that the market will reach 91 million users.
- For 2023, user penetration is to be estimated at 5.3% and is going to be 6.6% by 2027. Revenue will grow at 8.47% annually to reach US$4.94 billion by 2027.
Americas
- In the Americas, it is expected that about US$38.5 billion in revenue will be generated by the car rental market by 2023.
- The user number will increase to 108.5 million by 2027, while the user penetration is expected to rise from 9.8% in 2023 to 10.4% by 2027.
- The average revenue per user is expected to be US$390. By the same year, 77% of revenue in the American market is expected to be generated from online sales.
- CAGR is expected at around 2.44%, which translates into an expected market size of about US$42.4 billion by 2027.
APAC
- The estimates related to the car rental markets in APAC regions are more than US$37.94 billion in the year 2024, with a CAGR of 3.10% from 2024 to 2029, and thus a total projection of the volume by 2029 is US$44.20 billion.
- It is also expected that the number of such users will reach up to around 459.8 million by the year 2029, while user penetration will experience an increase from around 7.5% in 2024 to around 10.4% by 2029.
- In the APAC Region, average revenue per user (ARPU) is projected to be at US$118.60, with 73% of total revenue coming from online sales by 2029.
- The largest expected revenue-generating country globally is the United States, which is expected to generate US$31.54 billion in 2024.
(Source: statista.com)
- The car rental market globally includes Rent a Car, which is dominated by several key players.
- Car rental statistics reveal that the largest share has been held by Hertz Car Rental, which secures 10% of the total.
- This is then followed by the 11% Enterprise Rent-A-Car. Coming in next is Avis with an 8%. From then on, smaller portions are allocated to other companies, such as SIXT and Zoomcar with 4% each.
- Other notable companies include Budget and Europcar, which account for 3% each, while Getaround, National Car Rental, and SOCAR Malaysia make up 2% each.
- The other 50% is composed of all the other companies. Thus, it gives a clear picture of how the global car rental industry has a wide reach, with bigger and smaller brands.
Conclusion
Thus, the car rental system would continue to be a very relevant branch of the international transportation powers and would see favorable growth changes in a lot of trends affecting its future course. It is expected that, up to the year 2023, the projected revenue of the car rental industry will reach USD 99.54 billion.
The industry will serve 602.2 million customers by 2026 for further substantial growth opportunities, especially in the Asian market, which is projected to gain 348.9 million users by 2027.
Sources
FAQ.
The global car rental industry is set to grow significantly from 2022 to 2032 at an annual growth rate of 8.70%. Revenue is projected at $143 billion in 2024 and around $175 billion by 2026, while the final target is $275 billion by 2032.
Major players dominate the global car rental market, with Hertz capturing 10% of the pie, followed by 11% by Enterprise Rent-A-Car and 8% by Avis. The remaining companies, such as SIXT, Zoomcar, Budget, Europcar, Getaround, National Car Rental and SOCAR Malaysia, have a market share between 2 and 4%.
Online bookings have recorded steady growth, with 66% of car rentals booked online in 2022. This trend is likely to continue as projections suggest that 72% of car rentals are expected to be booked online by 2027, indicating the growing turn towards the online platform for booking.
With a projected revenue of $31.54 billion in 2024, the American car rental market will account for nearly half of the world market. This value is then expected to rise to $38.5 billion by 2027, mostly on online revenues, depicting 77%.
By 2027, 348.9 million users are expected in Asia’s car rental market. The region is estimated to follow a 6.08% CAGR and reach revenues of $51.71 billion by this year. Online sales are expected to account for 68% of total revenues in Asia by 2027.
Saisuman is a professional content writer specializing in health, law, and space-related articles. Her experience includes designing featured articles for websites and newsletters, as well as conducting detailed research for medical professionals and researchers. Passionate about languages since childhood, Saisuman can read, write, and speak in five different languages. Her love for languages and reading inspired her to pursue a career in writing. Saisuman holds a Master's in Business Administration with a focus on Human Resources and has worked in a Human Resources firm for a year. She was previously associated with a French international company. In addition to writing, Saisuman enjoys traveling and singing classical songs in her leisure time.
