China’s car rental market will reach 100 billion yuan by 2022
(MENAFN- Trend News Agency) China’s car rental market is about to enter the high-speed growth period and exceed 100 billion yuan (about 15.39 billion US dollars) the next year, reports Trend citing Xinhua.
The market will adopt high-speed development after the car rental industry reshuffled in the previous five or six years, according to a report by internet data analysis service provider Analysys.
In 2021, the industry has seen some highly competitive car rental companies including China Auto Rental and eHi take the bulk of the market.
There are 418 million Chinese with a driver’s license in 2020, but private car ownership is only 244 million in the same year. As the number of legal drivers without a private car has risen sharply, a large customer base for the car rental market has emerged, the report notes.
Thanks to favorable policies and growing consumption, the demand for car rental in the country is steadily increasing, the report says.renta
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