With the development of China’s society and the improvement of people’s living standards as well as the transition of consciousness, more and more people and enterprises choose to travel with rented cars; for recent years, coupled with the implementation of purchase curbs policy in the second and first-tier cities, the development of car rental is greatly stimulated to a large extent.
In 2012, the sales revenue of China’s car rental industry reached CNY 25.7 billion, which is estimated to reach 38 billion by 2014. The compound annual growth rate of the sales revenue reaches 20.2% during 2010 to 2014.
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As of 2012, there were totally 250,000 units of China’s car rental vehicles; the number is estimated to increase to 430,000 units by 2014. The compound annual growth rate of total vehicles of car rental is about 21% during 2010 to 2014, which is equal to the increase magnitude of total scale of China’s car rental market.
According to the survey, at present, China’s rental vehicles mainly focus on the medium and low-end cars; the commercial vehicle, bus and medium-sized bus rental also has a certain proportion; the rental region is highly concentrated in the four first-tier cities, namely Beijing, Shanghai, Guangzhou and Shenzhen with the market shares of 60% by amount.
There appear a lot of car rental companies with the scale of more than 500 automobiles in the four cities. Seen from the development level, the penetration rate of rental vehicles almost reaches 1.3% in the four cities, which is close to the developed countries’ level.
The market of second and third-tier cities also has got the rapid and considerable development for recent years; the compound annual growth rate is close to 35%; the rental vehicle scale is being rapidly expanded in these cities and the various car rental companies spring up, such as Chengdu, Hangzhou, Xiamen and other regions.
In China, as the survey to the rented cars user shows, among the group with the car rental intention, the post-1980s generation are the main force, accounting for 65%, followed by the post-1970s accounting for 22.8% and post-1990s with 8.6% as well as the post-1960s and before with only 3.6%.
Research releases Research and Development Forecast of China Car Rental Industry, 2013-2017, which mainly analyzes the market status quo and market competitive condition of car rental industry as well as the business performance of major enterprises; meanwhile, it makes the prediction to the future of car rental industry, which provides the decisive reference for enterprises to know and invest the field.
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