Car Rental Statistics By Users, Regions, Startups, Cheapest Rental Cars, Revenue and Pricing

Introduction

Car Rental Statistics: Car Rental Statistics gives an essential insight into the dynamics of the industry. In the present years, the car rental industry has witnessed probable growth and changes driven by various factors. With a worldwide industry size estimated to reach USD 124.56 billion by 2026, as per the current forecast, its proof is the demand for rental vehicles that continues to increase steadily.

This increase is fueled by the growth in tourism and travel action globally, as well as the growing popularity of the ride-sharing section and the need for variation in transport options. In addition to this, the increase of smartphone applications and digital platforms has changed the viewpoint of the customers who access and book cars on rent, and it has also made the process more effective and easier.

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• The global car rental industry is valued at USD 102.50 billion in 2024. It is expected to grow by 3.14% from 2024 to 2028, which means an increase of USD 14.50 billion.
• According to Car Rental Statistics, the best places to start a car rental business are the USA, Germany, India, the UK, Canada, and Mexico.
• Currently, the user perception rate is 7.3%, and it is projected to rise to 8.1% by the end of 2024.
• Renting is the most popular way to adopt electric vehicles (EVs), with 78% of people choosing this option.
• Short-term rentals account for 70% of the entire market share. A survey revealed that 53% of car rental businesses plan to expand their fleets in 2024.
• According to Statista, 73% of all car rental revenue will come from online sales by 2028.
• In the US, 3,362 car rental companies are serving around 48 million users.
• By 2024, the number of rented cars in the US is expected to be three times higher than in 2020, with an estimated 46.8 million rentals.
• McKinsey reports that the European car rental industry is on the rise and is expected to reach between USD 161 billion and USD 215 billion by 2030.
• In Germany, the car rental market size is USD 3.42 billion, as stated in Car Rental Statistics.
• The Middle East car rental market is projected to grow at a strong rate of 10.42% from 2024 to 2029.
• In Asia, the car rental industry is expected to grow at a compound annual growth rate (CAGR) of 6.08% from 2023 to 2028.

What is a Car Rental System?

A car rental system is a software solution designed to help people rent and reserve vehicles, mainly for short-term use. These systems are essential for car rental businesses, providing a platform that streamlines operations and improves the customer experience. A car rental system’s main goal is to simplify rental car management. It serves as the central hub for handling everything related to rentals, such as bookings, vehicle assignments, billing, and maintenance.

This technology helps car rental companies, whether they are large global firms or smaller local businesses, effectively meet their customers’ transportation needs. Car rental systems are important for both big companies and small businesses. They create a fair, competitive environment in the car rental industry by offering a consistent and user-friendly platform for companies of all sizes.

Large companies benefit from the system’s scalability, which allows them to manage large fleets and multiple locations. Smaller businesses enjoy increased efficiency and better customer service through automation and better organization.

General Car Rental Statistics

• In developing countries, the number of rented cars is growing by 4% each year, which is changing the rental business.
• Enterprise Holdings is the largest car rental company in the US and serves 42% of customers.
• Hertz, a top company in the industry, saw a 56% revenue drop from the previous year and filed for bankruptcy in May 2020.
• Local car rental usage is expected to grow at a rate of around 6.5% per year by 2028, as tourists prefer renting cars over using public transportation.
• Before the pandemic, North America held more than 37% of the global car rental market.
• Last year, it accounted for over 36%. The popularity of car rental apps is expected to help the global market grow, with a projected rate of 6.7% by 2026 and 7.5% by the end of the decade.
• The car rental workforce consists of 57% Caucasians, 22% Hispanic or Latino, and 12% Black, with an average age over 40.

• In wealthy countries, the number of private cars on the road has dropped by 80% due to the rise in demand for ride-hailing services and rentals.
• Economy cars made up over 33% of the market in 2020 and are expected to remain popular in the coming years.
• NerdWallet found that renting a car downtown is usually USD 126 cheaper per week than renting from the airport, which can be 26% more expensive.
• The year 2020 was challenging for the global economy, including the car rental sector, which experienced a 32% decline compared to usual growth from 2016 to 2019.
• The number of rentals in the US is expected to triple from 2020 to 2024, reaching about 46.8 million.
• The Global Car Rental Market was valued at USD 121.9 billion in 2023.
• It is projected to reach USD 280.7 billion by 2033, growing at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2033.
• In 2023, approximately 48 million Americans, representing about 18% of the U.S. adult population, rented vehicles. This number is expected to increase to 52 million by 2028.
• The market consists of over 3,000 car rental companies.
• The average annual cost of owning a vehicle in the U.S. has risen to over USD 12,000, considering expenses such as fuel, insurance, and maintenance.
• Economical Cars led the car type segment in 2023, accounting for 34.3% of the market, driven by the demand for affordable travel solutions.
• Airport Transport dominated the rental category in 2023 with a 40.1% share, reflecting the high mobility needs among travelers.
• The Asia Pacific region held the largest market share in 2023 at 38.0%, fueled by tourism growth and rising mobility services.

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Car Rental Statistics by Users

Reference: enterpriseappstoday.com)

• In 2018, the car rental industry reported 412.7 million users.
• In 2019, the number of users remained unchanged at 412.7 million.
• In 2020, the user base decreased to 284.6 million due to the pandemic.
• In 2021, the number of users increased to 339.7 million.
• By 2022, the user base had grown to 417.3 million.
• The number of users is projected to reach 512.2 million in 2023.
• In 2024, user numbers are expected to rise to 567.2 million.
• By 2025, the industry anticipates 585.5 million users.
• In 2026, the number of users is forecasted to be 601.4 million.
• By 2027, it is projected that there will be 616.5 million users.

(Source: researchdive.com)

• The worldwide car rental market is expected to make USD 104.40 billion in revenue by 2024.
• It's predicted to grow by about 3.52% each year from 2024 to 2029, reaching around USD 124.10 billion by 2029.
• By then, the number of users in this market is estimated to be 820 million.
• The user perception rate is forecasted to be 7.7% in 2024 and rise to 10.1% by 2029.
• Additionally, it's anticipated that by 2029, 75% of the total revenue in the car rental market will come from online sales.
• In a global comparison, the United States is expected to generate the most revenue in this market, with an estimated USD 31.54 billion in 2024.
• To compete with the rise of ride-sharing services, car rental companies in the US are adjusting by offering more flexible rental options and loyalty programs.

(Reference: consumeraffairs.com)

#1. Africa

• The car rental market in Africa is expected to see a big increase in revenue, with projections of USD 3.93 billion by 2024.
• This growth will continue, with an estimated annual growth rate (CAGR) of 6.72% from 2024 to 2029, reaching about USD 5.44 billion by 2029.
• The number of users in this market is projected to grow to 125.30 million by 2029.
• The user perception rate is expected to rise from 6.4% in 2024 to 8.7% by 2029. The median revenue per user (ARPU) is anticipated to be USD 47.41.
• Online sales are expected to contribute 58% of the market's revenue by 2029 and play a significant role in total revenue.
• According to Car Rental Statistics, demand for car rental services is increasing in South Africa due to increased domestic travel.
• The United States, Saudi Arabia, Thailand, South America, and Malaysia are key regions in the car rental market.

#2. Asia

• The car rental market in Asia is set to grow significantly, with expected revenue of USD 39.69 billion by 2024.
• This revenue is predicted to increase at a rate of 3.32% each year from 2024 to 2029, reaching around USD 46.74 billion by 2029.
• The number of users in this market is forecasted to reach 483.80 million by 2029. User perception is estimated at 7.4% in 2024 and rising to 10.3% by 2029. The median revenue per user (ARPU) is expected to be USD 117.80.
• By 2029, about 72% of the total revenue is projected to come from online sales.
• In Japan, car rental companies are introducing eco-friendly vehicles to meet the growing demand for sustainable transport options.

#3. Australia and Oceania

(Source: researchandmarkets.com)

• Australia and Oceania are expected to see steady growth in the car rental market.
• Revenue is predicted to reach USD 1.54 billion by 2024, with an annual growth rate of 3.40% from 2024 to 2029. This means the market volume could hit around USD 1.82 billion by 2029.
• The user perception rate is projected to be 10.9% in 2024, increasing to 13.0% by 2029. The median revenue per user (ARPU) is estimated to be USD 330.
• Online sales are forecasted to make up 82% of total revenue in the car rental market by 2029.
• In Australia, car rental companies are moving towards eco-friendly and electric vehicles as more people become aware of sustainability.

#4. Caribbean

• The car rental market in the Caribbean is expected to see a big jump in revenue, with around USD 211.60 million predicted for 2024.
• The market is also set to grow at an annual rate of 3.74% from 2024 to 2029, bringing its total value to about USD 254.20 million by 2029.
• The number of users in this market is likely to increase, reaching 3.29 million by 2029.
• Car Rental Statistics stated that the user perception rate is currently 6.7% and is forecasted to rise to 7.9% by 2029.
• The median revenue per user (ARPU) is expected to be USD 78.32.
• It’s estimated that by 2029, 58% of the total revenue in the car rental market will come from online sales.
• In the Caribbean, more tourists are choosing car rentals, especially eco-friendly and budget options, in places like Jamaica and the Dominican Republic.

#5. Europe

(Source: marketresearchfuture.com)

• By 2024, the car rental market in Europe is expected to earn about USD 17.16 billion.
• This revenue is projected to grow at an annual rate of 2.91% from 2024 to 2029, reaching around USD 19.81 billion by 2029.
• The number of users in this market is estimated to be 72.06 million by 2029.
• The expected user perception rate is 7.5% in 2024, and it is forecasted to increase to 8.6% by 2029.
• Car Rental Statistics stated that the median revenue per user (ARPU) is anticipated to be USD 272.40.
• By 2029, it’s expected that 73% of the total revenue in the car rental market will come from online sales.
• In Germany, the car rental industry is experiencing a rising demand for electric and hybrid vehicles.

Key Players of Car Rental Statistics

(Source: scottmax.com)

Funds Raised by Startup in the Car Rental Market

To show the funding landscape in the car rental industry, we’ve listed major investments from recent years.

These investments demonstrate that the industry is welcoming new startups, and with financial support and advice from investors, it’s possible to establish a presence in this market.

• FINN: A car rental subscription service in the US and Germany that secured USD 110 million in Series C funding in 2024.
• HyreCar: This US rental platform raised USD 12.25 million in 2023.
• Kyte: The car rental app Kyte received USD 60 million in Series B funding in 2022.
• Dishangtie: A Chinese car rental company that completed USD 200 million in Series D funding in early 2022, with Ikea as one of its investors.
• Virtuo is a French car rental company that has raised a total of USD 172 million, with USD 96 million being its largest funding round.
• MILES Mobility: A German company that raised USD 5.68 million in two funding rounds.
• QEEQ: This car rental startup received funding from Alibaba Group in 2022.
• Cluno: A German car rental subscription service that raised USD 28 million in Series B funding.
• IndusGo: An Indian car rental startup that secured USD 12 million for expanding its fleet in 2022.
• Invygo: A Middle Eastern car rental subscription service that raised USD 10 million in Series A funding.
• Hopper: A Canadian travel service that raised USD 170 million in 2021.
• Bipi: A Spanish car rental subscription company that raised USD 29.94 million across six funding rounds.
• Roadsurfer: A German RV rental startup that raised USD 28.6 million.
• PaulCamper: Another German RV rental startup that secured USD 12.70 million.
• GoMore: A Denmark-based peer-to-peer car rental startup that raised USD 18.2 million in several rounds.
• FlexClub: A car rental subscription platform in South Africa that raised USD 6.2 million in two rounds.
• Revv: An Indian car rental subscription company that raised USD 31.2 million in seven rounds.
• Huizuche: A Chinese car rental service that raised USD 40 million in three rounds.

The Cities With The Cheapest Rental Cars In The US

• NerdWallet's analysis looked at the 15 largest airports in the US based on the number of passengers boarding flights, using 2023 data from the Federal Aviation Administration.
• "Enplanements" means the paying passengers who get on a plane, including those transferring during a layover.
• The study ranked these 15 areas from the lowest to highest rental car prices to find the cheapest cities for renting cars.

(Reference: nerdwallet.com)

• In the above chart, we can study the seven-night rentals around different destinations with the cheapest rental cars.
• According to Car Rental Statistics, Miami is the only city with an average weekly rental cost below USD 400.
• Conversely, Chicago and Seattle are the only areas where the average weekly rental price is over USD 600.
• When looking specifically at rental prices at airport locations, the results are mostly similar to the overall averages, with some slight differences.
• Here's a list of the largest US airports ranked by average weekly car rental price, from cheapest to most expensive:

Car Rental Statistics by Revenue

(Reference: enterpriseappstoday.com)

• In 2017, the revenue in the car rental industry was USD 85.89 billion.
• In 2018, the revenue was USD 88.45 billion.
• In 2019, the revenue was USD 89.33 billion.
• In 2020, the revenue dropped to USD 56.63 billion.
• In 2021, the revenue increased to USD 70.62 billion.
• The revenue for 2022 was USD 81.32 billion.
• The expected revenue for 2023 is USD 99.54 billion.
• Looking ahead, the revenue is projected to be USD 109.30 billion in 2024.
• In 2025, the revenue is expected to reach USD 113 billion.
• In 2026, the revenue is projected to be USD 116.30 billion.
• In 2027, the revenue is anticipated to increase to USD 119.40 billion.

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Rental Car Pricing Statistics

The latest data shows that the prices for renting a car for seven days vary quite a bit between different companies:

• Enterprise offers a good rate of USD 480, making it one of the cheaper options.
• The budget is next at USD 542.
• Hertz and Dollar are slightly higher, costing USD 552 and USD 555, respectively.
• Thrifty charges USD 569, while Avis is just a little more at USD 570.
• Alamo has a higher rate of USD 589, and National is the most expensive, with a seven-day rental costing USD 695.

(Reference: news.market.us)

• When booking a rental car three months in advance instead of just one week ahead, the price changes vary by company:

#1. Enterprise has the largest increase, with prices going up by 38.63% for early bookings.

#2. Thrifty follows with a 14.77% rise.

#3. Alamo shows an increase of 13.56%.

#4. Hertz customers will pay 11.01% more.

#5. National sees a 6.23% increase.

#6. Budget and Avis have similar rises of 6.21% and 5.68%, respectively.

#7. The Dollar has the smallest jump, with prices increasing by only 2.09%.

(Reference: news.market.us)

Conclusion

In summary, the car rental industry is still an important part of the global transportation market, showing strong growth and changing trends. By 2023, the expected revenue for this industry is around USD 99.54 billion, suggesting a bright future for growth. The user base is projected to reach 602.2 million by 2026, with significant opportunities, especially in Asia, where an increase of 348.9 million users is forecasted by 2027.

Despite facing challenges, like a 27.4% drop in revenue in 2020 because of the pandemic, the industry is bouncing back. Companies are adjusting to new demands and adopting innovative strategies. Many car rental businesses are investing in electric vehicle fleets, using AI technologies, and offering contactless rental options to meet changing customer preferences and improve efficiency.

We have shed enough light on Car Rental Statistics through this article.

Pramod Pawar

Pramod Pawar brings over a decade of SEO expertise to his role as the co-founder of 11Press and Prudour Market Research firm. A B.E. IT graduate from Shivaji University, Pramod has honed his skills in analyzing and writing about statistics pertinent to technology and science. His deep understanding of digital strategies enhances the impactful insights he provides through his work. Outside of his professional endeavors, Pramod enjoys playing cricket and delving into books across various genres, enriching his knowledge and staying inspired. His diverse experiences and interests fuel his innovative approach to statistical research and content creation.

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