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According to Enterprise Rent-A-Car’s Length of Rental (LOR) data for Q4 2022, LOR is up 1.7 days year over year. Louisiana had the highest overall LOR at 22.3 days.
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Comparing the 2019 baseline year to the pandemic exit years of 2021 and 2022, rates hit historical highs and then softened as supply slowly corrected.
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The EV revolution is no longer coming; it’s here, with record highs for electrified vehicle sales and outlook. Get the full picture here.
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How has the last year shaped car rental and what might be next for the industry? Experts from all sectors of the industry weigh in with their analyses and predictions.
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Businesses have shown a willingness to get back on the road, but business travel’s growth is expected to decline due to high inflation and a looming recession.
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Over three-fourths (78%) of travel managers expect the number of business trips taken by employees at their company will be higher or much higher in 2023 versus 2022, according to a recent poll by the GBTA.
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Global spending is expected to make it fully back to the $1.4 trillion dollar mark in mid-2026, according to the 2022 GBTA Business Travel Index Outlook. This adds an estimated 18 months to the industry’s recovery than was previously predicted.
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According to Expedia Group’s Q2 2022 Traveler Insights Report, hotel and flight demand stayed strong and long-haul destinations (more than a four-hour flight) are making a comeback.
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Because fewer employees have been traveling during the pandemic, companies have gotten used to saving money on travel. Employees are now encouraged to bundle visits to multiple clients or events into a single trip.
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For Q4, Expedia Group’s recent travel report shows a growing appetite for travel and sustained demand for long-haul destinations.
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