NEWARK, Del., Dec. 7, 2023 /PRNewswire/ — Our recent report reveals a thriving US car rental market fueled by increasing demand for convenient and affordable transportation. The growing popularity of rental services, driven by their affordability and flexibility, is expected to drive market growth dramatically. Uncover the lucrative opportunities and navigate the dynamic landscape of this market to unlock valuable global insights.
The United States car rental sector revenue is projected to total US$ 33,775.8 million in 2024 and US$ 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.
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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.
“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.
Understand global, regional, and country-level parameters with growth opportunities, historical data (2019-2023), and forecasts (2024-2034). Buy this report today!
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.
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.
Unveiling the Dynamics of the US Car Rental Market: Access Our Comprehensive Research Methodology
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The consumer product team at Future Market Insights (FMI) provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the consumer product industry, the team is happy to help with every business intelligence research and consulting requirement.
About the Author:
Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.
What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers’ shifting preferences.
She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.
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