The United States car rental sector revenue is projected to total USD 33,775.8 million in 2024 and USD 54,249.5 million by 2034. Over the forecast period, global demand for car rentals in the United States is poised to expand at a 4.9% CAGR.
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.
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“Increasing demand for car rental services due to the booming tourism industry is creating favorable prospects for growth of the car rental business in the United States,” says Ronak Shah (Associate Vice President at Future Market Insights).
Key Takeaways from the Study-
· The overall United States car rental revenue is projected to total US$ 54,249.5 million in 2034.
· Car rental demand in the United States is set to increase at a 4.9% CAGR between 2024 and 2034.
· By car type, the economic car category is anticipated to surge with a CAGR of 4.5% through 2034.
· Based on end-use, the on-airport segment is set to expand at a CAGR of 5.8% through 2034.
· By booking mode, the mobile application segment will likely surge at a CAGR of 6.9% through 2034.
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Several factors are poised to fuel growth in the car rental industry in the United States up to 2034. These factors include increasing demand for convenient and affordable transportation, the proliferation of online platforms, and the emergence of new business models.
The rising popularity of car sharing, coupled with higher disposable incomes, is expected to stimulate business expansion in the United States. Additionally, the expanding tourism sector will present growth opportunities for car rental companies through 2034.
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.
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.
Recent Developments in the United States Car Rental Business:
· In 2023, Enterprise announced its plan to launch a new subscription-based car rental service.
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Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the United States car rental business, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034. The study divulges compelling insights on the United States car rental business by car type (economy cars, compact cars, intermediate cars, premium cars, luxury cars, others), end-use (intercity, intracity, on-airport, others), booking mode (offline access, mobile application, other internet access), sector (organized, unorganized) and regions.
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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 ~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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