China’s automobile rental market is booming

Rapid growth is forecast for China’s car rental market.
China’s car rental market is set to exceed $ 15.39 billion in 2020.
China’s car rental market is growing steadily.

China’s auto rental market is about to enter the high-speed growth period and will exceed 100 billion yuan ($ 15.39 billion) in 2022, according to the latest industry report.

The market is set to develop rapidly after the car rental industry has restructured over the past five or six years.

In 2021, some highly competitive car rental companies in the industry took the largest market share, including China Auto Rental and eHi.

In 2020, 418 million Chinese have a driver’s license, but private car ownership is only 244 million in the same year. As the number of legal non-private car drivers soared, it created a large customer base for the car rental market, the report said.

Thanks to favorable policies and rising consumption, the country’s demand for car rentals is growing steadily, the report said.