In 2023, the U.S. car rental market recorded a year-over-year growth of 5.3%, reaching USD 32,084.4 million. The market is expected to expand at a CAGR of 4.9% over the forecast period, with total revenue projected to increase from 33,775.8 million in 2024 to USD 54,249.5 million by 2034.
Several factors are expected to drive growth in the United States car rental business through 2034. These include the rising need for convenient and cost-effective transportation, the growing usage of online platforms, and the introduction of new business models.
The growing popularity of car sharing and rising disposable income are expected to foster business growth in the United States. Similarly, the expanding tourism will create growth opportunities for car rental companies through 2034.
The car rental business constantly evolves with technological advancements and consolidation in organized sectors. Increasing investments in technological developments by companies and a growing online presence have led to high competitiveness in the overall car rental business.
The United States car rental sector is witnessing a surge in merger and acquisition activities. In the forecast years, mergers and acquisitions among international and domestic players will likely increase as foreign players focus on entering regional spaces.
Key players in the United States are adding a fleet of electric cars to their rental services. This is due to regulations and policies related to sustainable mobility notified by the government.
The United States government is taking initiatives to introduce different policies and regulations to encourage the deployment of fuel-efficient vehicles. This is prompting car rental companies to shift their focus toward electric cars.
Key Takeaways from the Study-
- The overall United Statescar rental revenue is projected to total USD 54,249.5 million in 2034.
- Car rental demand in the United Statesis set to increase at a 9% CAGR between 2024 and 2034.
- By car type, the economic car category is anticipated to surge with a CAGR of 5%through 2034.
- Based on end-use, the on-airport segment is set to expand at a CAGR of 8%through 2034.
- By booking mode, the mobile application segment will likely surge at a CAGR of 9%through 2034.
Report Preview: https://www.futuremarketinsights.com/reports/us-car-rental-industry-overview-analysis-and-forecast
Competitive Landscape
Top United States-based car rental companies listed in the report include The Hertz Global Holdings Inc., Enterprise Rent-A-Car, Avis Budget Group Inc., Uber Technologies Inc., and Getaround Inc. Similarly, companies such as The Catalyst Capital Group Inc., Sixt SE, Localize Rent A Car SA, and Europcar Mobility Group are gradually making inroads into the United States.
Key car rental companies offer new services to attract customers and boost their revenue. They are also forming alliances with hotels and airlines to boost their revenues.
Segmentation Analysis of Car Rental in the United States
By Product Type:
- Economy Cars
- Compact Cars
- Intermediate Cars
- Premium Cars
- Luxury Cars
- Others
By End-use:
- Intercity
- Intracity
- On-airport
- Others
By Booking Mode:
- Offline Access
- Mobile Application
- Other Internet Access
By Sector:
- Organized
- Unorganized
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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