Discover 5 statistics to know about car rental in 2024: key figures, market trends and technological innovations.
In this article, we explore the main car rental trends in 2024 internationally. We will analyze the current market value, its growth rate, the rise of electric vehicle rental, the growing impact of car leasing and the influential role of myrentcar car rental software. Each section offers a unique and essential insight to understanding the evolution of car rental.
What is the current value of the car rental market?
The global car rental market value, estimated at over $120 billion in 2023, is on an upward trajectory and is expected to reach around $223 billion by 2027. This notable expansion is primarily driven by the adoption growing number of digital technologies facilitating online reservations. Additionally, the resumption of global tourism and increase in business travel, following the lifting of post-pandemic travel restrictions, is driving the demand for vehicle rental services. These factors contribute to the sustained growth dynamics of the car rental market for the coming decade.
What is the growth rate of the car rental market?
Between 2022 and 2027, the growth rate of the global car rental market is expected to increase by more than 11% annually. Changing consumer behaviors show a growing preference for flexible, on-demand mobility options, which have played a major role in this rise. Indeed, consumers are increasingly looking for transportation solutions adapted to a dynamic lifestyle, where convenience and immediate availability are essential. Additionally, the car rental industry has seen a diversification in the types of vehicles offered, catering to a wider range of customer needs and preferences. As a result, these combined trends have pushed the car rental market towards an upward trajectory.
What is the market share of electric car rental?
In 2021, the market share of electric car rental was around 5% worldwide and is expected to reach 17% by 2028. This development is linked to growing environmental concerns and government policies promoting sustainable transportation. It also reflects the growing commitment of car rental companies to adopt more environmentally friendly practices, in line with consumer expectations and increasingly strict environmental regulations.
What is the market share of car leasing?
In 2023, the market share of car leasing has experienced remarkable expansion. That year, hire purchase formulas and long-term rental contracts represented more than 40% of new vehicle registrations in Europe. This high percentage marks a profound change in automotive consumption trends if we compare it to the situation in 2012 when vehicle leasing represented only around a tenth of sales in the automobile market. This shift toward leasing reflects a shift in consumer preferences, who now favor the flexibility and financial benefits offered by leasing options.
While Europe is experiencing strong growth in the car leasing sector, this trend presents notable disparities at the international level. In the United States, leasing only represents a 10% market share. This variation can be explained by several factors. The level of economic development influences the popularity of leasing. In higher income countries, such as Europe, leasing is often favored due to its flexibility and financial benefits. Cultural perceptions also play a role: in some countries, owning a car is a status symbol, while in others, renting is seen as a more practical option. Finally, vehicle prices and country-specific tax regulations also affect consumers’ decision between purchasing and leasing a vehicle.
How many rental cars are managed by myrentcar?
Currently, myrentcar, the car rental software developed by hitechsoftware, manages more than 500,000 rental cars, positioning itself as a major player in the automotive fleet management sector. This remarkable achievement highlights the software’s ability to manage a large volume of vehicles, but also its efficiency and reliability. Myrentcar has established itself as the reference in the field of optimization, profitability and automation of activities related to car rental. Its ability to meet the varied needs of car rental businesses, from small businesses to large fleets, demonstrates its versatility and adaptability to different business contexts.
The accessibility of the myrentcar software is a major asset. Designed to be used online, it is easily accessible from any smartphone or web browser. This ease of access allows users to efficiently manage critical aspects of their business, such as scheduling, billing, fleet management and accounting, in real time. In addition, myrentcar is compatible with rentpad, one of the best car inventory applications, which reinforces its usefulness by allowing integrated and simplified management of all stages of the rental. This integration has contributed to the adoption of myrentcar by over 4,000 users across the world, demonstrating its success and growing popularity in the car rental industry.