China’s car rental market to top 100b yuan by 2022: report

China’s car rental market is about to enter the high-speed growth period and top 100 billion yuan (about $15.39 billion) next year, according to a report.

The market will embrace high-speed development after the car rental industry reshuffled over the previous five or six years, according to a report by internet data analysis service provider Analysys.

In 2021, the industry saw some car renting companies with high competitiveness including China Auto Rental and eHi taking the major share of the market.

There are 418 million Chinese people with a driving license in 2020, but the private car ownership is only 244 million in the same year. As the number of legal drivers without a private car increased sharply, a large customer base for the car rental market emerged, noted the report.

Thanks to favorable policies and growing consumption, the country’s car rental demand is expanding steadily, the report reads.