The U.S. car rental market is likely to hold a moderate CAGR of 5% in the global market, during the forecast period. The U.S. car rental market holds a forecasted revenue of US$ 32 Billion in 2022, and is expected to cross US$ 59.7 Billion by 2032.
The concept of car rental is well-known all over the globe. In this concept, a car is rented out to the customer on an hourly, daily or monthly basis as per the rental agreement. This is largely practiced at tourist destination places, where travellers come to explore the city or country.
North America and Europe are the major regions where the car rental industry is prominent; this is because these areas are full of many nearby located tourist destinations and also tourists visit throughout the year from all over the globe who need a mode of the transport to cover all destinations.
Rental cars are available in both airport and downtown locations. The reason for renting a car differs as per the occasion and agenda of the passenger. Customers can choose different types of cars as per their convenience ranging from luxury cars, executive cars, SUVs, MUVs to economy cars. The passengers can rent the cars through offline channels by visiting the car rental outlets or can avail car rental facilities through online channels.
The business travellers who travel for work normally have a tendency to lean towards SUVs or sedans and passengers who travel for pleasure choose luxury and high-end vehicles. Broadly passengers of the car rental industry in the U.S are categorised into business, leisure, insurance replacement and airport, non-airport segments.
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U.S. Car Rental Industry: Drivers and Opportunity Areas
Largely, factors such as easy booking of rental cars through online channels, increasing globalisation of corporate operations, growth in the travel and tourism domain, growth in air travel, and a shift in customer preference towards comfort travelling are influencing the growth of the U.S. car rental industry. Moreover, the growth in the number of national and international events is also triggering the demand for car rental services in the US.
Among all types of passengers, tourists from other regions especially Asia Pacific are more inclined towards renting a car to travel within the country. The U.S car rental industry is very dynamic because of numerous small and big vendors operating their car rental business in this industry.
Hence they focus on innovation to adhere to a new customer base. Also, they are coming up with several schemes and offers to retain their old customers and tap into new customer segments. Tremendous opportunity for vendors in the U.S car rental industry is encountered especially in densely populated areas such as Washington DC, New York, and other key cities.
U.S. Car Rental Industry: Trends
There is a growing trend among vendors of the U.S car rental industry to maintain strategic alliances with hotels and airlines. Although this is done with the intention to retain their competitive advantages over other key industry players, this strategy is becoming a big trend today. Even tourists especially newlyweds and business tycoons prefer renting a car over using public means of transport to travel within the U.S.
U.S. Car Rental Industry: Key Players
There are many rental car vendors available across the US. Avis Budget Group (includes Payless) and Hertz Global Holdings (includes Firefly, Dollar Thrifty Automotive Group) are the leading players with majority market share in the U.S. car rental industry.
Some of the other notable players include Fox Rent A Car, Enterprise-Rent-A-Car Holdings (includes Enterprise Rent-A-Car, National Car Rental, Alamo Rent A Car), U-Save Auto Rental System (ownership of FSNA), ACE Rent A Car, and International Franchise Systems (Next Car, Rent-A-Wreck of America, and Priceless).
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The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.
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