Car Rental Statistics 2024 – Everything You Need to Know

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Are you looking to add Car Rental to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Car Rental statistics of 2024.

My team and I scanned the entire web and collected all the most useful Car Rental stats on this page. You don’t need to check any other resource on the web for any Car Rental statistics. All are here only 🙂

How much of an impact will Car Rental have on your day-to-day? or the day-to-day of your business? Should you invest in Car Rental? We will answer all your Car Rental related questions here.

Please read the page carefully and don’t miss any word. 🙂

Best Car Rental Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 64 Car Rental Statistics on this page 🙂

Car Rental Market Statistics

  • The global car rental market size was valued at $92.92 billion in 2019 and is projected to reach $214.04 billion by 2027, registering a CAGR of 10.7% from 2020 to 2027. [0]
  • Based on application, the leisure segment holds share of around 55%, while commercial segment holds a around 45% share in global car rental market. [0]
  • The global car rental market generated revenue worth $92,920.1 million in 2019 and is projected to reach $214,041.4 million by 2027, to register a CAGR of 10.7 % during the forecast period Q4. [0]
  • The market size of the Car Rental industry is expected to increase 26.9% in 2024. [1]
  • The market size of the Car Rental industry in the US has grown 4.8% per year on average between 2017 and 2024. [1]
  • Revenue is expected to show an annual growth rate of 8.23%, resulting in a projected market volume of US$113.90bn by 2026. [2]
  • Based on our analysis, the global market exhibited a lower growth of 32.0% in 2020 as compared to the average yearonyear growth during 2016. [3]
  • The market is projected to grow from USD 58.34 billion in 2020 to USD 144.21 billion in 2027 at a CAGR of 6.7% in the 2020. [3]
  • For instance, Avis Budget Group experienced a market revenue decline of 42% compared to 2019, Europe car had a 42% drop whereas Hertz rental showcased a 56% fall in revenue and filed bankruptcy in Q3 2020. [3]
  • The economy cars segment dominated the global car rental market, with a 37.18% market share in 2019. [3]
  • North America is estimated to dominate the global market with over 37% market share in 2019. [3]
  • The market is projected to grow at a CAGR of 6.7% and is expected to witness exponential growth in the forecast period. [3]
  • The car rental market accounted for USD 92.02 billion in 2021, and it is expected to reach USD 139.65 billion by 2027, projecting a CAGR of more than 7% during the forecast period. [4]

Car Rental Latest Statistics

  • Rise in demand for ride hailing services and facilities such as car rental, car sharing, and station based mobility have reduced private car ownership by 80% in developed countries. [0]
  • Thus, gradual penetration of such car ownership (4% in developing countries). [0]
  • Business customers account for more than 25.0% of industry revenue and therefore, industry demand is closely linked to aggregate corporate profit levels. [1]
  • The number of people employed in the Car Rental industry in the US increased 2.6% on average over the five years between 2017 and 2024. [5]
  • During the survey period, around 44 percent of Chinese respondents said that they never used car rental services. [6]
  • Available to download in PNG, PDF, XLS format 33% off until Jun 30th. [6]
  • As A Percent of Median Household Income, 208 Premiums Private Passenger Automobile Insurance, 20. [7]
  • The countrywide average auto insurance expenditure rose 1.0 percent to $1,070.47 in 2019 from $1,059.41 in 2018 according to the National Association of Insurance Commissioners. [7]
  • 79 percent of insured drivers purchase comprehensive coverage in addition to liability insurance, and 75 percent buy collision coverage, based on a Triple I analysis of 2019 NAIC data. [7]
  • The tables below show estimated average expenditures for private passenger automobile insurance by state from 2015 to 2019 and provide approximate measures of the relative cost of automobile insurance to consumers in each state. [7]
  • Countrywide Trends and State Comparisons , looks at the auto insurance expenditure share of income, which ranges from a low of 1.02 percent in Iowa for 2018, the latest data available, to a high of 3.09 percent in Louisiana. [7]
  • U.S. households on average spent 1.67 percent of their income on auto insurance. [7]
  • According to the IRC, Louisiana, Florida, and Michigan have maintained their respective rankings as the first, second, and third least affordable states since 2014. [7]
  • Rank State Percent Rank State Percent 1 Louisiana 3.09% 27 Oregon 1.43% 2 Florida 2.61 28 Montana 1.43 3 Michigan 2.43 29 Maryland 1.41 4 Mississippi 2.27 30 Alaska 1.40 5 Georgia 2.17 31 North Carolina 1.38 6 Rhode Island 2.14 32. [7]
  • 26 California .47 Total U.S. .67%. [7]
  • Private Passenger Automobile Insurance, 20112020 Liability Collision/comprehensive 2011 $100,369,441 2.8% 103.8. [7]
  • Rank Group/company Direct premiums written Market share State Farm $40,397,656 6.%. [7]
  • In 2018, 1.1 percent of people with liability insurance had a bodily injury liability claim, while 3.9 percent of those with liability insurance had a property damage liability claim, according to ISO. [7]
  • In 2018, 6.1 percent of collision insurance policyholders had a claim, while 3.0 percent of people with comprehensive coverage had a claim. [7]
  • The cost of living rose 4.7 percent in 2021. [7]
  • The cost of motor vehicle insurance increased 3.8 percent after a 4.6 percent decline in 2020, when drivers reduced their driving due to the COVID. [7]
  • The cost of tenants and household insurance declined slightly, down 0.3 percent. [7]
  • Used cars and trucks increased a significant 26.6 percent and the median price of a single family home increased 17.7 percent and nearly 100 percent since 2012. [7]
  • Year Index Percent change Index. [7]
  • 150.3 0.9% 131.3 3.1% 198.7 NA 303.5 2.0% 177 6.5%. [7]
  • 4.8% NA 23.4% 99.4% December 996=00. [7]
  • User penetration is 5.6% in 2024 and is expected to hit 7.7% by 2026. [2]
  • In the Car Rentals segment, 71% of total revenue will be generated through online sales by 2026. [2]
  • Spending by visitors generated $2.07 billion in state tax revenue in 2019, an increase of $28.5 million (+1.4%). [8]
  • +5.9% to $6.98 billion), U.S. East (+3.6% to $4.69 billion) and Japan (+2.0% to $2.19 billion), but declined from Canada (3.2% to $1.07 billion) and All Other International Markets ( 10.4% to $2.77 billion). [8]
  • On a statewide level, average daily spending by visitors in 2019 decreased to $195 per person . [8]
  • Visitors from U.S. East (+1.7% to $214). [8]
  • (+0.6% to $165) spent more per day, while visitors from Japan (0.6% to $240), U.S. West (0.5% to $175) and All Other International Markets ( 8.5% to $217) spent less compared to 2018. [8]
  • A total of 10,424,995 visitors came to Hawaii in 2019, an increase of 5.4 percent from the 9,888,845 visitors in 2018. [8]
  • Total visitor days rose 3.0 percent in 2019. [8]
  • On average, there were 249,021 visitors in the Hawaiian Islands on any given day in 2019, up 3.0 percent from 2018. [8]
  • Arrivals by air service increased to 10,282,160 visitors (+5.3%) in 2019, with growth from U.S. West (+9.8%), U.S. East (+4.2%) and Japan (+3.8%). [8]
  • offsetting decreases from Canada (2.4%) and All Other International Markets . [8]
  • Arrivals by cruise ships rose 12.1 percent to 142,836 visitors compared to 2018. [8]
  • In 2019, Oahu recorded increases in visitor spending (+2.8% to $8.19 billion). [8]
  • (+5.6% to 6,193,027), but daily spending declined ( 1.6%) compared to 2018. [8]
  • Visitor spending on Maui also increased (+2.4% to $5.12 billion) as growth in visitor arrivals (+5.4% to 3,071,596) offset lower daily spending . [8]
  • 1.0% to $2.33 billion) and daily spending ( 2.9%), but visitor arrivals increased (+4.3% to 1,779,526). [8]
  • Available to download in PNG, PDF, XLS format 33% off until Jun 30th. [9]
  • Airlines were offering only 51% seats to maintain social distancing causing a total passenger reduction of around 2.89 billion and approximately USD 391 billion loss in airline revenue. [3]
  • This steep fall in travellers hugely impacted the airport taxi business, showcasing a drop of over 30% during the pandemic. [3]
  • For instance, it is estimated that the number of smartphone users will rise to around 970 Million by 2025. [3]
  • The airport transport segment is anticipated to grow exponentially at a CAGR of 6.5% between 2020 and 2027. [3]
  • The decreasing air travel fares are attracting numerous people to shift to air travel from traditional travel modes, owing to which, domestic air traffic showcased a surge of almost 35% in the last decade. [3]
  • * 0.1% 2014 2.2% 2013 3.1% 2012 5.2% 2011 3.7% 2010. [10]
  • The Car Rental Market is growing at a CAGR of >7% over the next 5 years. [4]

I know you want to use Car Rental Software, thus we made this list of best Car Rental Software. We also wrote about how to learn Car Rental Software and how to install Car Rental Software. Recently we wrote how to uninstall Car Rental Software for newbie users. Don’t forgot to check latest Car Rental statistics of 2024.

Reference

  1. alliedmarketresearch – https://www.alliedmarketresearch.com/car-rental-market.
  2. ibisworld – https://www.ibisworld.com/industry-statistics/market-size/car-rental-united-states/.
  3. statista – https://www.statista.com/outlook/mmo/shared-mobility/shared-rides/car-rentals/worldwide.
  4. fortunebusinessinsights – https://www.fortunebusinessinsights.com/car-rental-market-105117.
  5. mordorintelligence – https://www.mordorintelligence.com/industry-reports/car-rental-market.
  6. ibisworld – https://www.ibisworld.com/industry-statistics/employment/car-rental-united-states/.
  7. statista – https://www.statista.com/statistics/1016768/china-frequency-of-car-rental-usage/.
  8. iii – https://www.iii.org/fact-statistic/facts-statistics-auto-insurance.
  9. hawaiitourismauthority – https://www.hawaiitourismauthority.org/news/news-releases/2020/hawai-i-visitor-statistics-released-for-2019/.
  10. statista – https://www.statista.com/statistics/470829/us-car-rental-average-fleet-of-hertz-global-holdings/.
  11. statista – https://www.statista.com/statistics/324802/annual-growth-of-average-global-car-rental-rates/.

How Useful is Car Rental

One of the key advantages of car rental is the freedom and flexibility it provides. Unlike relying on public transportation or expensive taxi services, renting a car allows individuals to travel at their own pace and on their own schedule. This means that you can explore various destinations and attractions without being tied to the constraints of public transportation schedules or routes. Whether you want to roam around the countryside or cruise through the city streets, renting a car gives you the freedom to do so on your terms.

The convenience of car rental cannot be overstated. With a simple online reservation or a quick visit to a rental agency, you can easily secure a vehicle for your desired dates and pick it up at a location that is convenient for you. This eliminates the need to rely on friends or family for transportation or to spend unnecessary time waiting for cabs or rideshare services. Additionally, modern rental companies offer a wide range of vehicles to choose from, catering to different preferences and needs. Whether you need a compact car for solo travel or a spacious SUV for a family vacation, car rental services have you covered.

For those who travel frequently for business, car rental can be a cost-effective solution compared to owning a car. With rental options available for short-term or long-term periods, business travelers can save money on maintenance, insurance, and depreciation costs associated with owning a vehicle. This flexibility allows individuals to choose the right rental package that fits their specific travel requirements, without the commitment and expenses of owning a car full-time.

Moreover, car rental can also be a great option for individuals who prefer not to own a car due to environmental concerns or limited parking space. Instead of purchasing a vehicle that sits idly most of the time, renting a car only when needed is a more sustainable and space-efficient choice. This not only reduces carbon emissions and congestion on the roads but also saves individuals money that would have been spent on insurance, maintenance, and parking fees for a vehicle that is rarely used.

In conclusion, car rental services offer a range of benefits that make them a highly useful option for various travel needs. From flexibility and convenience to cost-effectiveness and sustainability, renting a car provides individuals with the freedom to explore, travel, and conduct business without the burdens of car ownership. Whether you’re a frequent traveler, a weekend warrior, or someone who prefers a car-free lifestyle, car rental is a practical and reliable solution that continues to simplify and enhance the way we travel.

In Conclusion

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We tried our best to provide all the Car Rental statistics on this page. Please comment below and share your opinion if we missed any Car Rental statistics.

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