Numbers are in, and rental operator numbers are way up in both revenue and fleet size.
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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.
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The high-pricing, tight fleet environment drove another new record for revenue per unit per month (RPU) of $1,424.
2022 U.S. Car Rental Market: Fleet, Locations, and Revenue
Company
U.S. Cars in Service (Avg.) 2022
Number of U.S. locations
2022 U.S. Revenue Est. (millions)
2021 U.S. Revenue (millions)
Enterprise Holdings (includes Alamo Rent A Car, Enterprise Rent-A-Car, National Car Rental)1
1,200,000
5,500
19,915
15,664
Avis Budget Group (includes Payless, not Zipcar)2
425,0002
3,0002
8,4302
6,0452
Hertz (includes Dollar & Thrifty)2
365,0002
3,9002
5,7002
5,6002
Sixt2
29,0002
982
9702
650
Fox Europcar
18,571
27
391
330
ACE Rent A Car
12,000
75
120
100
NP Auto Group (Priceless & NextCar)
7,350
101
62
50
Green Motion U-Save Group
8,500
84
40
334
Rent-A-Wreck of America
1,500
60
15
16
Independents5
45,0005
3,8005
4505
4255
Totals
2,111,921
16,645
36,093
28,913
Statistics based on company-provided data, public documents, industry research, and ARN estimates. Revenue comes from U.S. car rental operations only. Fleet, location, and revenue numbers represent entire U.S. operations, including franchises.
1 Enterprise Holdings ends its fiscal year July 31.
2 ARN estimates.
3 Locations include kiosks.
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4 2021 revenue represents U-Save only. Green Motion's purchase of U-Save closed September 2022.
5 Independents estimates based on available market data, figures and adjustments for recent openings, closures, and consolidations. Independents include Affordable/Sensible, and Economy.
“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.”
West Coast disasters pose unique challenges and liabilities for rental fleet operators, who are advised to take steps tailored to their specific situations.
Angry car renters are storming social media, the mainstream media, and online ratings platforms to complain about charges they claim are either unfounded or excessive.
Revcuity, an outgrowth of Frontline Performance Group, aims to help clients capture more revenue moments with face-to-face customers, including in the car rental space.
Martin Romjue has been editing and reporting for ARN since 2023 and fully transitioned to the role of chairman of the International Car Rental Show in 2026.
