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.
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.
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.”
Source: Car rental operator & Bobit data