Boston Consulting (BCG), a global enterprise management consulting firm, and yihi Travel Research Institute recently jointly released the report “a new perspective on the car rental industry keeping pace with the times”. The report shows that driven by China’s economic growth and the rise of personal consumption, China’s car rental industry has achieved more than 30 times growth in the past 20 years.
According to the report, under the “double carbon” goal, ESG (environmental, social and corporate governance) sustainable development is deeply rooted in the hearts of the people. The car rental industry has the characteristics of “sharing + green”, which will help Chinese society achieve sustainable development and promote the achievement of the national “double carbon” goal.
The report predicts that under the normalized management of the epidemic, the car rental market will gather strength to heat up and usher in a new wave of high-speed development period. It is expected that the scale of the industry will double in the next five years.
The report shows that the explosive growth of China’s car rental industry began in 2002. Driven by the wave of consumption upgrading, individual consumers’ demand for car rental has ushered in explosive growth. With the increasing improvement of infrastructure, the tightening of urban licensing and traffic restriction policies, the automobile consumption behavior of young people is changing from “own car” to “shared car”, and the rapid growth of self driving travel demand and other factors contribute to the rapid rise of automobile consumption and leasing market. By 2020, the market scale of China’s car rental industry has reached nearly 90 billion yuan, and the fleet scale is close to 1.8 million, covering rich short-term and long-term rental scenarios such as leisure tourism and business travel.
Like the global car rental industry, in China’s car rental market after 2020, the characteristics of scientific and technological innovation promoting industry transformation are becoming increasingly prominent. In terms of automatic driving, the report predicts that in the 10 years from 2021 to 2030, with the maturity of L2 to L4 related technologies, car rental users can try more auxiliary functions such as “adaptive cruise”, “automatic parking”, “high-speed automatic driving” and “automatic pick-up and return”.
In terms of new energy vehicles, at present, China has become the world’s largest new energy vehicle market. Throughout the new energy intelligent vehicle industry chain, the demand and ecological support of downstream links will promote the accelerated development of the industry, and car rental enterprises play an important role in the value chain and grow into an accelerator for the development of new energy intelligent vehicle industry.
(Shanghai Securities News)
