Business

The rental industry is expected to reach $134 billion

The rental sector, which has a size of $98.14 billion today, is expected to reach $134.45 billion by 2027 with an annual growth of 4.6%.

The rental industry is growing rapidly. The increase in automobile prices leads to the option of leasing for short-term needs. The shared vehicle option, which provides many advantages to users, is preferred more and more every day with the abolition of quarantine and curfews, and the spread of vaccination. The industry, which has a size of $98.14 billion today, is expected to reach $134.45 billion with an annual growth of 4.6% until 2027.

DEMAND INCREASED IN 2021

Noting that the sector saw a significant demand in 2021, Miniyol.com Co-Founder Yasar Celik said, “Very different dynamics affected this demand. For example, during the summer period, people prefer personal vehicles instead of public transportation vehicles, while those who are looking for an alternative holiday have turned to the option of renting a tented car or caravan. Such factors enabled the sector to grow in different categories. The changes in the business, entertainment and travel industries will bring the rental industry to the forefront in the coming years, with the effect of digitalization.”

Source: Sabah / Translated by Irem Yildiz

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