Is the car rental industry growing?

Question

Zippia Team · Accepted Answer

Yes, the car rental industry is growing. As it recovers from the shutdowns and severe lack of customers due to the COVID-19 pandemic, the U.S. rental car industry is expecting its annual revenue to see a CAGR of 5.27% from 2022 to 2026. This would put its annual revenue at $31.43 billion in 2026.

Globally, the car rental industry is expected to see a CAGR of 6.7% from 2020 to 2027, putting the industry's value at $144.21 billion by 2027.

Granted, much of this growth is due to recovering from the COVID-19 pandemic shutdowns that resulted in companies having to sell off their fleets, but it is still significant growth that had happened much more quickly than businesspeople thought when the pandemic began.