Despite continuing challenges around vehicle supply, staffing shortages, demand shifts and the cloud of a recession, the U.S. car rental industry earned an estimated $36.1 billion in revenue for 2022, based on data collected by Bobit.
That yearly total represents a 24.7% growth over 2019’s record year and is likely the highest year-over-year gain in industry history.
Meanwhile, the estimated number of new vehicles sold into rental fleets in 2022 represents less than half the total number of vehicles sold in 2019. However, rental companies are holding their cars in fleets longer to compensate.
The high-pricing, tight fleet environment drove another new record for revenue per unit per month (RPU) of $1,424.
“This year’s results are a testimony to the agility of the industry to change with the rapid fluctuations of market conditions and supply and demand,” said Chris Brown, executive editor of Auto Rental News.
“I never would’ve guessed the industry would’ve rebounded this quickly exiting the pandemic to reach record revenues. That said, the environment isn’t one to relax in, as those same pressures will ease only slightly in 2023.”
