Car Rental Statistics


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Car Rental Statistics 2023: Facts about Car Rental outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Car Rental, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

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Top Car Rental Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 38 Car Rental Statistics on this page 🙂

Car Rental “Latest” Statistics

  • The American rental car industry’s market size was estimated at $39.9 billion in 2021, while the global car rental industry was worth $92.92 billion in 2019.[1]
  • The number of hired automobiles increases by 4% annually in developing nations, drastically altering the car rental business.[1]
  • In addition, Enterprise Holdings, the largest automobile rental firm in the U.S. and one of the biggest in the world, was reported by 42% of consumers of car rentals.[1]
  • Enterprise Holdings, Hertz Group, and Avis-Budget Group control up to 94% of the US car rental market, with over 13K locations spread across the nation.[2]
  • Hertz, one of the world’s top players in the rental car industry, reported revenue declines of 56% from the prior year and declared bankruptcy on May 2020.[2]
  • Local car rental use is forecast to hit a record CAGR of ~6.5% by 2028 due to tourist preference for car rental services over public transportation.[2]
  • Before the pandemic North America controlled more than 37% of the worldwide market for renting cars.[2]
  • North America accounted for more than 36% of the worldwide market share for renting cars in the previous year.[2]
  • The rising usage of vehicle rental booking applications is predicted to contribute to the global car rental market’s CAGR of 6.7% by 2026 and 7.5% by the end of the decade.[2]
  • The most popular ethnicities in the car rental sector are Caucasian (57%), Hispanic or Latino (22%), and Afro (12%), with the average age of a car rental worker being 40+.[2]
  • In affluent nations, the number of private cars on the road has decreased by 80% due to the rise in demand for ride hailing services and amenities like auto rentals, car sharing, and station.[3]
  • The economy cars segment accounted for the largest share of over 33.0% in 2020 and is expected to retain its dominance over the forecast period.[4]
  • NerdWallet found that weekly car rentals for downtown locations were, on average, $126 cheaper than airport locations. As a result, renting a car near the airport will cost a lot, on average, 26% more than renting one in the city.[5]
  • 2020 was a challenging year for the worldwide economy, including the car rental industry that experienced a decrease of -32% compared to the regular annual increase from 2016 to 2019.[1]
  • Hertz Group, Avis-Budget Group, and Enterprise Holdings make up 94% of the US car rental industry.[2]
  • The number of cars rented in the US in 2024 will likely be 3 times higher than in 2020, with about 46.8M.[2]
  • The compound annual growth rate of the US car rental market is estimated to be 5.27% between 2022 and 2026, generating over $31B in revenue annually.[2]
  • The global car rental market size was valued at USD 98.14 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.6% from 2021 to 2028.[4]
  • The car rental market accounted for USD 119.28 billion in 2021, and it is expected to reach USD 223.07 billion by 2027, projecting a CAGR of more than 11% during the forecast period (2022 – 2027).[12]
  • In car rental, revenue is expected to show an annual growth rate (CAGR 2022-2026) of 9.38%, resulting in a projected market volume of $116.40 billion by 2026.[13]

Car Rental “Auto” Statistics

  • Around 10% higher than the business category, the leisure automobile rental industry controls 55% of the whole vehicle rental market globally.[1]
  • One of the biggest automobile rental firms in the world, Hertz, had a 56% decline in sales in 2020, declared bankruptcy, and emerged from it in 2021.[1]
  • In 2020, the automobile rental business employed 34,599 people, of which 50.5% were women, 43.9% were men, and 56% were unknown.[1]
  • Despite the fact that the growth rate remained mostly stable from 2017 to 2022, study of the automobile rental business reveals that this is a decrease of -0.9% from 2020.[1]
  • Enterprise Holdings, the market leader in automobile rentals, was utilized by 42% of Americans who had ever leased a vehicle.[2]
  • The market for executive automobiles is anticipated to expand at a CAGR of more than 5.5% between 2021 and 2028.[2]
  • Revenues for automobile rental firms fell by 27.4% in 2020 compared to 2019, forcing them to liquidate a large portion of their fleets.[2]
  • The worldwide market for automobile rentals showed a fall of -31.05% in 2020 compared to 2019.[6]
  • There were roughly 19,400 persons working in the automobile rental business in May 2021, up by 12.1% from May 2020.[7]
  • With a 14.2% tax rate, Minnesota has the highest fees and taxes on rental automobiles of any state. (thecentersquare.com).[8]
  • According to ibisworld.com, there are 15,577 automobile rental companies in the U.S as of 2022, a rise of 0.6% from 2021.[8]

Car Rental “Rental” Statistics

  • Compared with the period from 2016 to 2021, when the yearly decline was approximately -2.1%, the US vehicle rental market is expected to grow 26.9% in 2022.[1]
  • Car rental companies enjoyed average prices of almost $24,000 for de-fleeted risk units by the end of October, a 50% increase over the same period in 2019.[9]
  • Car rental industry demand is expected to increase over the five years to 2022. However, following the coronavirus pandemic in March 2020, the situation reversed and revenue fell 21.8% in 2020 alone.[11]

Car Rental “Statistics” Statistics

  • According to statistics gathered by Auto Rental News, the U.S Automobile Rental Business saw total sales of $28.1 billion in 2021, a 21% increase over the prior year of 2020.[9]

Car Rental “Other” Statistics

  • The total represents the largest year-over-year revenue gain in recorded history after a precipitous fall of 27.4% in 2020 over pre-pandemic 2019, which notched record revenues of $32 billion.[9]
  • Global industry trends estimates that the vehicle sharing market will reach a value of over $2 billion USD in 2020 and will expand at a compound annual growth rate of over 24% until 2026.[8]
  • The Car Rental industry in the US is the 8th ranked Real Estate and Rental and Leasing industry by market size and the 218th largest in the US.[10]

Also Read

How Useful is Car Rental

One of the primary advantages of car rental is the freedom it provides. Instead of relying on fixed schedules or routes, individuals can tailor their travel plans to suit their needs, whether that be a weekend getaway or a business trip. This flexibility allows for greater exploration, enabling travelers to discover off-the-beaten-path destinations and hidden gems that may be inaccessible via other modes of transportation.

Moreover, car rental can be a cost-effective option for some travelers. In situations where public transportation is scarce or prohibitively expensive, renting a car can actually be a more economical choice. Additionally, car rental services often offer competitive rates and discounts, especially for frequent renters or those who book in advance.

Car rental also offers a level of comfort and convenience that cannot be matched by other forms of transportation. Instead of navigating crowded buses or trains, travelers can enjoy the privacy and comfort of their own vehicle, with ample space to stretch out and store luggage. This can be especially beneficial for individuals with mobility issues or young children, who may find it challenging to navigate public transportation.

In addition to comfort and convenience, car rental can also provide peace of mind. Rental companies typically offer comprehensive insurance coverage and roadside assistance, ensuring that travelers can enjoy a stress-free journey without worrying about potential mishaps. This level of protection can be particularly valuable in unfamiliar or remote locations, where assistance may be difficult to come by.

Furthermore, car rental can be a sustainable option for environmentally conscious travelers. Many rental companies offer a range of fuel-efficient and hybrid vehicles, allowing individuals to reduce their carbon footprint while exploring new destinations. By choosing a rental car with low emissions or opting for electric models, travelers can contribute to environmental conservation efforts and support sustainable travel practices.

Overall, the utility of car rental services cannot be overstated. From flexibility and freedom to cost-effectiveness and convenience, renting a car offers a host of benefits that can enhance the travel experience. Whether for short-term trips or extended journeys, car rental provides a viable alternative to traditional transportation options, enabling individuals to explore new destinations, visit friends and family, or conduct business without the constraints of fixed schedules or routes. Ultimately, car rental is a valuable resource for travelers seeking comfort, convenience, and peace of mind on their journeys.

Reference

  1. carsurance – https://carsurance.net/insights/car-rental-industry-statistics/
  2. passport-photo – https://passport-photo.online/blog/car-rental-statistics/
  3. alliedmarketresearch – https://www.alliedmarketresearch.com/car-rental-market
  4. grandviewresearch – https://www.grandviewresearch.com/industry-analysis/car-rental-market
  5. nerdwallet – https://www.nerdwallet.com/article/travel/car-rental-pricing-statistics
  6. fortunebusinessinsights – https://www.fortunebusinessinsights.com/car-rental-market-105117
  7. rategenius – https://www.rategenius.com/how-covid-19-affected-car-rentals-over-past-year
  8. bankrate – https://www.bankrate.com/insurance/car/the-future-of-car-sharing/
  9. autorentalnews – https://www.autorentalnews.com/10157505/2021-u-s-car-rental-revenue-climbs-21-year-over-year
  10. ibisworld – https://www.ibisworld.com/industry-statistics/market-size/car-rental-united-states/
  11. ibisworld – https://www.ibisworld.com/united-states/market-research-reports/car-rental-industry/
  12. mordorintelligence – https://www.mordorintelligence.com/industry-reports/car-rental-market
  13. statista – https://www.statista.com/outlook/mmo/shared-mobility/shared-rides/car-rentals/worldwide

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