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 biggest advantages of renting a car is the freedom and flexibility it provides. When you have your own vehicle at your disposal, you can explore new destinations at your own pace, without having to rely on public transportation schedules or expensive taxis. This can be especially beneficial when you’re traveling to remote areas or places with limited public transportation options.

Another key benefit of car rental is the convenience it offers. With a rental car, you can avoid the hassle of waiting in long lines for taxis or trying to navigate unfamiliar public transport systems. You can also save time by driving directly to your destination without having to transfer multiple times or walk long distances from bus or train stations.

Renting a car can also be a cost-effective option, especially if you plan on doing a lot of sightseeing or exploring during your trip. While rental fees can add up, they may still be cheaper than other transportation options, especially if you’re traveling with a group or planning to visit multiple locations. Additionally, some car rental companies offer discount packages or deals for longer rental periods, making it a more budget-friendly choice for extended stays.

For business travelers, renting a car can be a convenient and professional way to get around town for meetings or events. Having your own transportation can give you greater control over your schedule and allow you to make a good impression on clients or colleagues. Plus, many rental companies offer premium vehicles with advanced features and amenities, ensuring a comfortable and productive travel experience.

However, there are also some drawbacks to consider when it comes to car rental. One of the main concerns is the potential for additional costs and hidden fees. Rental agencies may charge extra for services like insurance, GPS navigation, or additional drivers, which can quickly add up and inflate the final bill. It’s important to carefully review the terms and conditions of your rental agreement to avoid any surprises.

Another downside of renting a car is the stress and responsibility that comes with driving in a new or unfamiliar location. Navigating foreign roads, traffic rules, and parking can be challenging, especially for inexperienced drivers or those who are not familiar with the local language or customs. Additionally, there’s always the risk of accidents or unexpected incidents while on the road, which can be a source of anxiety and inconvenience.

In conclusion, while car rental offers many benefits, it’s important to weigh the pros and cons before deciding whether it’s the right choice for your travel needs. By considering factors such as cost, convenience, flexibility, and safety, you can make an informed decision that meets your specific requirements and budget. Whether you choose to rent a car or explore alternative transportation options, it’s essential to prioritize your comfort, security, and peace of mind while on the road.

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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