frog design, eHi Car Services
PEST analysis of car rental market
Car rental is one of the industries that recovered quickly after the pandemic and created new opportunities to nurture new users. The market size in China is expected to reach £8.6 billion in 2021. China has issued guiding opinions on promoting the car rental market mainly based on the principles of safety, innovation, supervision and formulated a series of measures to promote the industry, like improving online and offline service capabilities. People spend more money on transport, which helps upgrade travel consumption and benefit the development of the car rental industry. China has far more drivers than cars. Besides this, changing attitudes from vehicle ownership to mobility-as-a-service between new generations also boosted the car rental market. New technologies like 5G, blockchain and AI, bring opportunities for platform upgrades and acceleration in the coordinated development of upstream and downstream industries.