NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

According to a 2022 car rental report by Mordor Intelligence that describes Africa and South America as “low-growth” regions, the global car rental market was worth $119.28 billion in 2021 and is expected to reach $223.07 billion by 2027 with a cumulative annual growth rate of more than 11% between now and 2027.

Despite this classification, some African startups operating in the sector have continued to make efforts that will enable their participation in this multi-billion dollar market. For instance, Nigeria-based Treepz recently expanded to its fourth African market.

Photo courtesy of Ivan Shemereko.