Car Rental Statistics – By Region, Revenue, Demographics and Brands
WHAT WE HAVE ON THIS PAGE
- 1 Introduction
- 2 (Editor’s Choice)
- 3 What Includes The Car Rental Industry?
- 4 Advantages Of Car Rental
- 5 General Car Rental Statistics
- 6 By Best Time To Book
- 7 By Worldwide
- 8 By Revenue
- 9 By Sales Channel
- 10 By Users
- 11 By Region
- 12 By Country
- 13 By Cheapest Price
- 14 By The Brands
- 15 By Location
- 16 By Demographics
- 17 Conclusion
Introduction
Car rental statistics: Renting a car has become an everyday routine, and today people prefer to rent a car rather than purchase their own. The car rental segment is a significant contributor to the worldwide transportation market. The primary revenue is generated from the tourism industry which has become a reason for personal transportation in the outside country. Considering the overall population, the Asian market is the largest market for the rental car industry. In this car rental statistics, existing information is provided to gain more knowledge based on various aspects such as region-wise, country-wise, demographics, etc.
(Editor’s Choice)
- Volkswagen is the most popular car to rent in Lithuania, Norway, and Latvia as 68%, 57%, and 51% book this brand respectively.
- 25% of the revenue is generated from corporate clients.
- By the year 2023, the expected revenue from the Car rental industry is $99.54 billion.
- The car rental statistics say that the market in Asia is expected to gain an overall 348.9 million users by the year 2027.
- There are more than 2 million economy-class vehicles in the car rental industry of the United States of America.
- By the year 2026, the expected number of car rental users is 602.2 million.
- United States of America accounts for nearly 50% of the car rental industry every year.
- The overall number of users in the American market will rise to 108.50 million by the year 2027.
- The majority of the population in New Zealand and Australia choose Toyota and Hyundai for renting a car.
- As of 2022, the revenue generated as per car rental statistics is $81.32 billion.
What Includes The Car Rental Industry?
The car rental industry includes various companies or agencies which let an individual hire or rent a car for a specific period of time. Bookings for rental services can be done through phone, website, or application. Renting a car gives an opportunity for individuals to drive worry-free of any worries about insurance or maintenance charges.
Advantages Of Car Rental
- Provide easy booking and payment.
- Various types of rental vehicles and brands are available.
- Pocket-friendly travel.
- Convenience in international boundaries.
- 24/7 breakdown assistance
General Car Rental Statistics
- By the year 2026, the expected number of car rental users is 602.2 million.
- The most demanded type of car for rent is economy cars followed by the executive and luxury cars.
- In the year 2021, the share of demand for economy cars was 36.07%.
- As of 2021, the total number of rented cars around the globe was 29.2 million.
- There are more than 2 million economy-class vehicles in the car rental industry of the United States of America.
- United States of America accounts for nearly 50% of the car rental industry every year.
- 25% of the revenue is generated from corporate clients.
- The daily car rental prices increased by 76% which increased by 278% for tourist places.
- Volkswagen is the most popular car to rent in Lithuania, Norway, and Latvia as 68%, 57%, and 51% book this brand respectively.
- Whereas, in North America such as Canada and the united states of America the famous brand for renting a car is Toyota.
- The majority of the population in New Zealand and Australia choose Toyota and Hyundai.
- On a similar note, there are 3 countries that prefer Renault such as Belarus (59%) and Guadeloupe and Egypt with 49% respectively.
By Best Time To Book
- On average for 7-day rental and various brands, if booked 91 days in advance a rental car can cost around $589 while 7 days in advance can cost around $513 on a similar basis.
By Worldwide
- The global car rental statistics say that the market is expected to reach $99.54 billion in the year 2023.
- The highest revenue is generated from the United States of America resulting in $29,200 million as of 2023.
- The average revenue per user is projected at $194.30.
- Car rental statistics say that the projected number of users by the year 2027 is 616.5 million.
- The user penetration by 2023 is 6.7% whereas it is expected to rise to 7.8% by 2027.
- The global annual growth rate is expected at 4.65% resulting in $119.40 billion by the year 2027.
By Revenue
(Reference: Statista)
- Considering the last 5 years from 2017 to 2021 the revenue earned in each year respectively is $85.89 billion, $88.45 billion, $89.33 billion, $56.63 billion, and $70.62 billion.
- As of 2022, the revenue generated as per car rental statistics is $81.32 billion.
- By the year 2023, the expected revenue is $99.54 billion.
- By the year 2024 and beyond the industry will experience a continuous rise in revenue in respective years by the year 2027 as $109.30 billion, $113 billion, $116.30 billion, and $119.40 billion.
By Sales Channel
- The last five-year analysis of car rental statistics says that the overall car renting activity was conducted online while the average reaching 40% was offline renting activity.
- 2017 experienced 39% offline sales while 61% were online. In the year 2018, the ratio of offline to online was 38:62.
- In the following years, this online-to-offline ratio was maintained as of 2019, 2020, and 2021 at 37:63, 36:64, and 35:65 respectively.
- In the year 2022, the recorded offline sales were 34% while 66% were online.
- As of 2023, the expected offline-to-online ratio is 33:67.
- In the coming respective years of 2024, 2025, 2026, and 2027 the projected sales ratio is 31:69, 30:70, 29:71, and 28:72.
(Reference: Statista)
By Users
(Reference: Statista)
- Similarly, the last 5 years’ analysis of the car rental industry says there were 412.7 million users in car renting activity which fell to 284.6 million in the year 2020.
- As of 2021 and 2022, there were 339.7 million and 417.3 million users around the world.
- The expected number of users in the year 2023 is 512.2 million.
- By the year 2024, the projected number of users is 567.2 million whereas it will rise to 585.5 million in the year 2025.
- Furthermore, by the year 2026, the number of users will reach 601.4 million, and 616.5 million by the year 2027.
By Region
Asia
- The car rental statistics say that the market in Asia is expected to gain an overall 348.9 million users by the year 2027.
- By the year 2027, the Asian car rental industry will generate 68% of its revenue from online sales.
- According to car rental statistics, the annual growth rate in the Asian market will be at a CAGR of 6.08% resulting in $51.71 billion by the year 2027.
- The average revenue per user is $141.40.
- The revenue of car rentals in the Asian market is expected to generate $40.84 billion in the year 2023.
- As of 2023, the user penetration is 6.4% whereas it will rise to 7.5$ by the year 2027.
Europe
- The expected user penetration in 2023 is 6.4% whereas it will rise to 7.5% by 2027.
- By the year 2027, the total expected number of users in the car rental industry will be 63.4 million.
- By the year 2027, the European region will experience 72% of the car industry rental segment from online sales.
- The average revenue per user is $279.60.
- In the year 2023, the European car industry market is expected to reach $15.11 billion.
- Furthermore, car rental statistics say that the expected annual growth rate will be CAGR 5.46% resulting in $18.69 billion by the year 2027.
Africa
- The expected revenue earned from renting cars in the African region will be $3.57 billion as of 2023.
- The average revenue per user is projected at $53.90.
- The overall car rental activity will generate 56% of the revenue from online sales by the year 2027.
- The African car rental statistics further say that there will be a total of 91 million users by the year 2027.
- In the year 2023, the user penetration is projected at 5.3% whereas it will be 6.6% by the year 2027.
- The revenue is projected to grow at an annual growth rate of 8.47% reaching $4.94 billion by the year 2027.
Americas
- In the year 2023, in the American car rental industry, the expected revenue is $38.50 billion.
- The overall number of users in the American market will rise to 108.50 million by the year 2027.
- As of 2023, the user penetration is 9.8% and it will reach 10.4% by the year 2027.
- The average revenue per user is expected to be $0.39K.
- By the year 2027, 77% of the revenue in the car rental segment will be generated from online sales.
- The American car rental market is expected to grow at CAGR 2.44% reaching $42.40 billion by the year 2027.
By Country
(Reference: Statista)
- Over the last 12 months as of 2022, Car rental statistics in India said that 49% of the people ordered a car on Zoomcar.
- 21% of the people booked a rental car on Drivezy while 20% people preferred Eco rent a car.
- The population who booked rental cars contributing to other companies are MyChoize (20%), Savaari (19%), Europcar (15%), Avis and Hertz (14%), Carzonrent, North India car rental, and Vroom Drive (13%), Revv and SS travels (11%), Myles and Travelocar (10%), Volercars (9%), Zyppys (7%) and Other rental companies (18%).
By Cheapest Price
(Reference: nerdwallet)
- On average of 7 days, a rental car from Enterprise in a city commute on multiple locations costs around $480 being the lowest of all.
- In the similar category, Budget company costs around $542 whereas Hertz and Dollar with a minor difference cost $552 and $555 respectively.
- Thrifty costs around $569 while Avis charges in a similar segment around $570.
- Alamo company cost around $589 while National company is chargeable at $695 being the highest.
By The Brands
(Reference: ZIPPIA)
- As of 2022, Enterprise holding has the highest number of cars in service as per Car rental statistics, resulting in 1.1 million. This company operates in around 6K locations.
- Hertz has 430K cars in service, while operations are spread at 3.8K locations.
- There are 350K rental cars that belong to the Avis budget group. This company is operating at 3.2K different locations.
- Other companies with the highest number of rental cars in service are Sixt 18.5K cars and 100 locations, Fox Rent a car – 18.2K cars and 21 locations, Ace Rent a car- 9K cars and 60 locations, NP Auto Group -7.5K cars and 100 locations, U-Save Auto Rental System -5.5K cars and 124 locations and rent A wreck of America – 1.75K cars and 71 locations.
(Reference: brandirectory)
- Bola car rental services have a brand value of $603 million, while Motus has $607 million.
- There are two more companies whose brand value is less than $1,000 which are Alamo rents a car at $611 million while National car rental has $821 million.
- Other companies with a brand value of more than $1,000 but lesser than $2,000 million are Budget ($1,133 million), Sixt ($1,346 million), Europcar ($1,346 million), and Avis ($1,753).
- The highest brand value is for Enterprise ($7,115 million) and Hertz ($2,891 million).
By Location
(Reference: nerdwallet)
- On average for 7 days, renting a car for a downtown commute can cost up to $478.
- On the other hand, renting a car in the airport area or going to the airport on 7 days basis can cost up to $604.
By Demographics
(Reference: ZIPPIA)
- According to car rental statistics, there are 53.4% of car rental agents while 46.6% are male agents around the globe.
- The above number shows that car renting agencies are female-dominated.
(Reference: ZIPPIA)
- Considering the ethnic background of car rental agents, 56.5% are white population while 21.7% are Hispanic or Latino.
- 12% belong to black or African American and 5.9% are Asian car rental agents.
- 1% of the population belongs to American Indians or Alaska natives while 2.8% haven’t revealed their ethnic background.
Conclusion
Looking at the above Car rental statistics, we can say that this industry is dynamic and continuously evolving in the market. In the coming years, not only tourism industry will help in generating revenue, but also personal use and ride-sharing-like reasons will be dominant. Even though this industry was prominently hit by the pandemic but in the following years, it made a big comeback and gave birth to more companies competing in the same market.
FAQ.
What is the legal age to rent a car?
It depends on the country but on average a person can rent a car once he turns 21 and has a valid driving license.
Which countries stand for the highest number of car rentals?
New York, London, Los Angeles, and Florida have the highest number of car rentals
Which are the leading companies in the Car rental industry market?
Enterprise Holdings, Hertz Global, and Avis budget group are the largest companies in the car rental industry market.
What type of car is the cheapest to rent?
Economy cars are the cheapest to rent.
Barry Elad
Barry is a lover of everything technology. Figuring out how the software works and creating content to shed more light on the value it offers users is his favorite pastime. When not evaluating apps or programs, he's busy trying out new healthy recipes, doing yoga, meditating, or taking nature walks with his little one.
