Car Rental Industry Trends at a Glance

November 12, 2019NuVinAir® Blog

Revenue for 2019:                    $45 billion

Number of Businesses:                 22,716

Annual Growth from ’14 to ’19: +2.4%

Industry Employment:                   148,412

Source: https://www.ibisworld.com/united-states/market-research-reports/car-rental-industry/

 

With rising per capita disposable income and a record low unemployment rate, the car rental industry is remaining healthy despite the rising phenomenon of carsharing. But, smart car rental companies are pivoting and learning to find opportunities within the shift to carsharing.

Hertz, for example, attained positive financial results by right-sizing their fleet size with the actual demand and selling off their extra vehicles. They also pivoted by offering their expertise in fleet management solutions to carsharing companies, like Lyft and Uber.

One of the mainstays of car rental companies is to provide exceptional customer service. In recent years, they have honed in on improving response rates, becoming transparent, and using new technology to speed the booking process. Offering customers spotless, odorless vehicles is another important aspect of customer service.

The industry is always searching for new ways to clear the air in rental cars. In a struggle to win loyalty among customers, they are seeing a fresh, clean scent as one way to distinguish themselves. Unfortunately, traditional air freshener products only mask the problem. If a car smells bad, or is not clean, those are the reasons that customers choose to go to a different rental company.

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