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$15.39 billion: China’s car rental market is booming

$15.39 billion: China's car rental market is booming
$15.39 billion: China's car rental market is booming
Written by Harry Johnson

The market will embrace high-speed development after the car rental industry reshuffled over the previous five or six years.

  • High-speed growth predicted for China’s car rental market.
  • China’s car rental market to top $15.39 billion in 2020.
  • China’s car rental market is expanding steadily.

According to the latest industry report, China’s car rental market is about to enter the high-speed growth period and top 100 billion yuan (US$15.39 billion) in 2022.

The market will embrace high-speed development after the car rental industry reshuffled over the previous five or six years.

In 2021, the industry saw some car renting companies with high competitiveness including China Auto Rental and eHi taking the major share of the market.

There are 418 million Chinese people with a driving license in 2020, but the private car ownership is only 244 million in the same year. As the number of legal drivers without a private car increased sharply, a large customer base for the car rental market emerged, noted the report.

Thanks to favorable policies and growing consumption, the country’s car rental demand is expanding steadily, the report said.

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About the author

Harry Johnson

Harry Johnson has been the assignment editor for eTurboNews for mroe than 20 years. He lives in Honolulu, Hawaii, and is originally from Europe. He enjoys writing and covering the news.

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