19 Car Rental Industry Statistics To Know
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Hey there, fellow roadtrippers and savvy travelers! As we gear up to hit the open roads of 2023, it’s time to buckle in and take a pit stop to explore the twists and turns of the car rental industry.
Whether you’re a fan of four wheels or just someone eyeing a weekend getaway, these car rental stats are about to become your trusty navigation guide. From the rise and fall of prices to the satisfaction highs and the rental trends, we’ve got the lowdown on everything you need to know.
So, hop in, adjust those mirrors, and let’s rev the engine on the 19 Car Rental Industry Statistics that are shaping the ride!
U.S. Car Rental Industry Trends and Projections
Buckle up for a journey through the dynamic landscape of the U.S. car rental industry.
Explore the highs and lows of revenue, from the record-setting heights of 2019 to the challenges faced in 2020, and the promising projections that set the industry on a recovery course in 2021 and beyond.
Rollercoaster Revenue Ride
In the dynamic world of U.S. car rentals, the industry witnessed a dramatic 27.4% drop in revenue from 2019 to 2020. The thrill began in 2019 with a record-setting $32 billion in earnings, only to come to a screeching halt at $23.22 billion in 2020—the lowest point since 2011.
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Resilience in Recovery
As the world started shaking off the pandemic blues, the car rental industry staged a remarkable comeback. In the span of a year, from 2020 to 2021, there was a 21% surge in annual revenue, rebounding from $23.22 billion to a more respectable $28.1 billion.
Though not fully regaining its pre-2020 glory, 2021 set the wheels in motion for a promising recovery.
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Steady Climb Ahead
Buckle up for the road ahead, as projections indicate that the U.S. car rental industry is gearing up for a steady climb.
Anticipating a Compound Annual Growth Rate (CAGR) of 5.27% from 2022 to 2026, the industry is expected to hit $31.43 billion in annual revenue by 2026. Talk about a turbocharged comeback.
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Global Thrust: The Worldwide Car Rental Scene
Zooming out to the global stage, the worldwide car rental industry is on track to hit an impressive $144.21 billion by 2027. This marks a robust Compound Annual Growth Rate of 6.7% from 2020 to 2027.
The surge is attributed to the industry’s rebound from the COVID-19 pandemic, proving that even in the face of adversity, the wheels keep turning, and the industry keeps growing. Buckle up for the ride ahead!
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Car Rental Industry Statistics by Car Rental Companies
Take a pit stop and delve into the giants of the car rental world. From Enterprise Holdings, reigning with 6,000 locations and 1.1 million cars, to Hertz, Avis Budget Group, and more, witness the behind-the-scenes stats that steer these industry titans.
Enterprise Holdings: The Goliath of Car Rentals
At the forefront of the U.S. car rental scene, Enterprise Holdings takes the crown with a staggering 6,000 locations nationwide.
Picture this: 1.1 million cars gracefully navigating the roads under its banner. Even in the challenging landscape of 2020, riddled with pandemic-induced shutdowns, Enterprise Holdings managed to pull in $14.72 million in revenue.
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Beyond Enterprise: Key Players in the Rearview
Enterprise Holdings isn’t alone on the highway. Hertz, Avis Budget Group, and Sixt follow suit in size. While Enterprise Holdings boasts the Enterprise Rent-A-Car, Alamo Rent-A-Car, and National Car Rental brands, its counterparts are not far behind in the race.
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Revving Up the Numbers: The Big Picture
Zooming out, the U.S. witnesses a fleet of 1.8 million rental cars in action as of 2021. Despite a slightly lower number than usual, these cars proved their mettle, generating a record revenue per unit.
Each car played its part, bringing in an average of $1,320 per month, a notable 11% increase from 2019’s figures of $1,174.
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Three Conglomerates, One Dominance
In the realm of rental cars, three powerhouses dominate the scene: Enterprise Holdings, the Hertz Group, and the Avis-Budget Group. Together, they hold the reins, boasting a collective market share that commands nearly 94% of the industry.
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Behind the Wheel: Snapshot of Key Players
Wondering who else is cruising the lanes? Here’s a glimpse of some notable players and their stats:
| Car Rental Company | Cars in Service | Number of Locations |
| Enterprise Holdings | 1.1M | 6K |
| Hertz | 430K | 3.8K |
| Avis Budget Group | 350K | 3.2K |
| Sixt | 18.5K | 100 |
| Fox Rent A Car | 18.2K | 21 |
| Ace Rent A Car | 9K | 60 |
| NP Auto Group | 7.5K | 100 |
| U-Save Auto Rental System | 5.5K | 124 |
| Rent-A-Wreck of America | 1.75K | 71 |
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Car Rental Industry Statistics by Car Rental Prices
Fasten your seatbelts as we navigate the ever-changing terrain of car rental prices. From the surge of $35 in average daily rates from 2019 to 2021 to the intricacies of the average car and truck rental costs, get ready to uncover the factors driving the numbers on the price tags.
The Price Odyssey: 2019 to 2021
Hold on to your wallets—car rental prices took a ride of their own from 2019 to 2021, witnessing a hefty surge of $35 in average daily rates. In December 2021, the average daily rental car price hit $81, marking a notable leap from the $46 recorded in December 2019.
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Inflation on Wheels: The Four-Year Hike
The surge wasn’t limited to daily rates alone. The average car and truck rental price went from a modest $123.18 in December 2017 to a staggering $193.75 in December 2021. It’s a journey of inflation on wheels, reflecting the evolving dynamics of the car rental market.
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Yearly Breakdown: A Price Evolution
Let’s break it down year by year, showcasing the average costs from 2017 to 2022:
- 2022: $184.22
- 2021: $193.75
- 2020: $142.45
- 2019: $135.33
- 2018: $130.69
- 2017: $123.18
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Peak of the Mountain: July 2021
The climb wasn’t without its peaks, and in July 2021, the car rental industry witnessed the highest point in this five-year span, with an average price soaring to $236.80. Hold on to your pockets—that’s the highest average price tag during this journey.
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Fleet Woes: The Impact on Prices
Here’s where the rubber meets the road—car rental companies faced a 58% reduction in adding cars to their fleets in 2021 compared to the pre-pandemic days of 2019. A shortage of cars naturally led to a spike in rental prices.
But the plot thickens—during the throes of the COVID-19 pandemic in 2020, rental car companies sold off a significant portion of their fleets. With lower purchase rates hindering fleet recovery, the stage was set for further price escalations.
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Car Rental Industry Statistics By Car Rental Consumers
Hit the road alongside the consumers shaping the car rental scene.
Witness the fluctuating numbers of cars rented, the challenges faced in customer satisfaction, and the evolving habits of renters, including the lengthening duration of rentals and the varied regional preferences that paint a vivid picture of the consumer-centric side of the industry.
Revving Up: Rental Numbers in Review
The numbers paint a vivid picture in the intricate dance of car rentals. In 2019, the U.S. witnessed the hum of engines as approximately 44.5 million cars hit the rental lanes.
Fast forward to the pandemic-ridden 2020, and the numbers took a nosedive, with only 17.3 million cars rented.
However, the road to recovery was swift—2021 saw nearly twice as many cars on rent, totaling 29.2 million. The projections for 2024 hint at an even more robust resurgence, with an estimated 46.8 million rentals.
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Customer Satisfaction: The Highs and Lows
Customer satisfaction, however, faced its own rollercoaster ride. From August 2020 to August 2021, it dropped by 11 points on a 1,000-point scale. Blame it on higher rental prices and the woes of understaffed pick-up and drop-off locations leading to serpentine queues.
The overall customer satisfaction, standing at 830, took a dip from its August 2020 glory of 841.
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Championing Satisfaction: Enterprise Leads the Pack
Amidst the challenges, a few stars shine bright. Enterprise takes the crown with the highest customer satisfaction rate, boasting a score of 861. National and Alamo follow closely, with scores of 852 and 837, respectively.
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Beyond Leisure: The Extended Rentals
It’s not just about leisurely drives or business trips—car rentals are evolving. As of 2022, the average length of a car rental from Enterprise extends to 18.4 days. This includes cars rented to auto repair companies offering loaners while vehicles undergo fixes.
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Regional Rides: The Diverse Landscape
Zooming into regions, the average billed days provide a glimpse into varied rental habits:
| Mountain | 19.5 days |
| Northeast | 18.4 days |
| Southwest | 20.3 days |
| California | 17.2 days |
| Southeast | 20.0 days |
| Mid-Atlantic | 18.1 days |
| Pacific | 15.2 days |
| Northwest | 19.9 days |
| Midwest | 17.8 days |
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Conclusion
Well, fellow road warriors, wasn’t that a ride through the lanes of car rental revelations? As we pull into the metaphorical parking lot, let’s reflect on the twists and turns we explored together.
The car rental industry is weaving a dynamic tale from the peaks of rental prices to the valleys of customer satisfaction. The numbers tell us about resilience, recovery, and the evolving habits of those who hold the steering wheel.
So, keep those seatbelts fastened, whether you’re planning a cross-country adventure or just intrigued by the ebb and flow of industry stats. The road ahead is bound to surprise us with more stats, stories, and, of course, plenty of unexpected detours. Until then, happy travels and smooth rides, friends!
Frequently Asked Questions
1. Why did the car rental industry experience a significant drop in revenue from 2019 to 2020?
In 2020, the COVID-19 pandemic induced widespread lockdowns, causing a 27.4% decline in revenue as travel restrictions and shutdowns hit the industry hard.
2. What contributed to the spike in car rental prices from 2019 to 2021?
Car rental prices surged by $35 on average during this period, primarily due to a shortage of rental cars caused by a 58% reduction in fleet additions in 2021 and the sell-off of vehicles during the 2020 pandemic.
3. Why did car rental customer satisfaction decline from August 2020 to August 2021?
Customer satisfaction dropped by 11 points on a 1,000-point scale during this period, mainly attributed to higher rental prices and understaffed pick-up and drop-off locations, resulting in longer lines and frustrated customers.
4. What sets Enterprise Holdings apart in terms of customer satisfaction?
Enterprise Holdings leads the pack with the highest customer satisfaction rate at 861, outshining competitors like National and Alamo, with scores of 852 and 837, respectively.
5. How did the average length of car rentals change, and what factors contributed to this shift?
As of 2022, the average length of a car rental from Enterprise extended to 18.4 days, including rentals to auto repair companies. This shift reflects evolving rental habits beyond leisure and business travel, encompassing a diverse range of purposes.