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U.S. Car Rental Market

Market Insights on U.S. Car Rental covering sales outlook, demand forecast & up-to-date key trends

U.S. Car Rental Marketby Booking Type, Application Type, Vehicle Type, End User, Rental Length & Region - Forecast 2022-2032

U.S. Car Rental Market Outlook (2022-2032)

[324 Pages Report] The U.S. car rental market is expected to maintain a steady CAGR of 5% in the global market over the next years. Revenue in the U.S. car rental sector is projected to reach $32 billion in 2022 and grow to more than $59 billion by 2032.

The growth of the U.S. car rental market could be attributed to the following:

  • More individuals are now travelling for work and pleasure.
  • With the proliferation of internet access in both developing and established nations, businesses have been able to attract a wider audience by catering to their needs with custom-built mobile applications.
  • Two of the most important tools for helping automobile rental service providers better serve their clients are simplified online booking software and increased customer and corporate data management.
  • Customers' automobile rental experiences have been revolutionised as a result of the growing reliance on smartphones to do a wide variety of functions once performed solely by computers.

Attributes

Details

U.S. Car Rental Market Size (2022)

US$ 32 Bn

U.S. Car Rental Market Size (2032)

US$ 59.7 Bn

U.S. Car Rental Market CAGR

5%

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3 Cutting-Edge Technological Innovations Revolutionising the U.S. Car Rental Business

In recent years, the business has been brisking in the U.S. car rental market. But with the help of technology, it has reached new heights. Through both major and minor modifications, it has helped bring about the fulfillment of client expectations. The automobile rental sector has become more reactive and proactive as a result, which is good for business.

Customers can schedule a pickup, upload identification documents for verification, and be delivered to their door using remote and app-based technology made available by businesses.

Users have the option of self-service or communicating with customer support, both of which increase accessibility. Finally, it simplifies the renting procedure, making it quicker and more oriented toward the needs of the renter. Therefore, better customer service will lead to more profits and increased loyalty from existing customers in the U.S. car rental market.

An automobile rental business's bottom line is directly related to the condition of its fleet. Companies that use antiquated autos or don't do regular or predictive repair and maintenance would lose a lot more money keeping the vehicle running than they would make renting it out. Owing to advancements in telematics, there is access to cutting-edge digital solutions for fleet upkeep and optimization that are founded on reliable data.

Customers in today's era of "on-demand" services have little tolerance for waiting in lines, filling out paperwork, and being shuttled to their destination. The main differences brought about by digitization are shorter waiting periods and almost instantaneous rental services. Providers of rental services can use a cloud-based repository to securely keep digital copies of customer identification documents, credit reports, and other verification documents for future reference and verification purposes.

What’s Next for the U.S. Car Rental Market?

According to industry experts, conventional automobile rental agencies have just scratched the surface of the technological advancements available to them. Since they've already begun working to reduce wait times, "on-demand" rentals are the next obvious target.

A good example of an "on-demand" service is requesting a ride from the airport using an app and having it arrive shortly after you press the "pick me up" button. You wait just a few minutes for your rental car to arrive, then you hop inside and drive off. Easy, formality-free process.

Rental service Silvercar by Audi already provides something like this. Once a user has collected their luggage and departed the terminal, they can tap the "pick me up" button on the Silvercar app to be met by a driver who will take them to the nearest Silvercar rental location.

Incremental improvements between now and then are expected in the U.S. car rental market, such as an updated car rental app, more vehicle options, and perhaps a reduction in the likelihood of being hit with the cost of someone else's damage.

Diversity in car types like SUVs, MUVs, etc. for rental purposes increases demand for U.S car rental.

The convenience of booking cars offline by visiting car rental outlets or online through a website or app, expand the U.S. car rental market share.

The option of selecting luxury cars for rental contributes to market growth.

Car-sharing and adopting technologies such as ‘telematics’ being introduced by new players like ZipCar and BlaBlaCar increases the adoption of U.S. car rental.

Car rental experience has improved by the increasing dependency on smartphones, further escalating the U.S. car rental market size.

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What are the Key Features that Expand the U.S. Car Rental Market?

Manufacturers rely on increasing demand of high-quality services of global commuters by geographically distributing business operations, expecting the U.S. car rental market share.

Growth in travel and tourism domain, air travel and increasing globalisation of corporate operations and demand for comfort travelling, increases the adoption of U.S. car rental.

Business trips combined with leisure is gaining popularity further escalating the U.S. car rental market size.

Employees travelling to U.S. for business purposes elevates demand for U.S. car rental, to get acquainted with locations and business details.

Numerous national and international events is expanding the U.S. car rental market share.

Limited amount of car ownership amongst millennials and requirement for transportation services pushes the adoption of U.S. car rental.

Growth in online car booking and increasing air traffic escalates the U.S. car rental market trend.

The demand for U.S. car rental grows with reducing sales volume of self-owned cars and aids in pollution control.

What are the factors that Restrain the U.S. Car Rental Market?

The adoption of U.S. car rental decreased in airports owing to declining air traffic.

The pandemic decreased the demand for U.S. car rental services due to transportation restrictions and lock-down.

The U.S. car rental market share drops due to low internet penetration in developing countries ensuing lack of awareness on car rental facilities.

High gasoline and diesel prices can curb the demand for U.S. car rental services due to increase in rental charges.

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What are the Possibilities that will Expand the U.S. Car Rental Market?

Several small and big vendors operating the car industry secures the growth of U.S. car rental market share.

Adhering to new consumer segments and innovation by inculcating various schemes increases the adoption of U.S car rental.

Allowing temporary ownership of rented vehicles to avoid additional costs increases the demand for U.S. car rental.

Implementing entertainment services like music, movies and free Wi-Fi improves the U.S car rental market size.

The car rental management software promises a significant growth of the U.S. car rental market size.

The growth in the tourism sector holds the increase in demand for U.S car rental services.

What are the Regional Analysis of the U.S. Car Rental Market?

North America leads the overall car rental market share.

The increasing amount of leisure and business trips across the country, pushes the adoption of U.S. car rental.

Increased initiatives by car service operators like Uber Technologies Inc., adopting mobile technologies and meeting customer requirements expands the U.S. car rental market share.

The increase in adoption of electric cars and growing concerns and awareness of emissions contribute in the U.S car rental market size expansion.

The existence of prominent rental car providers and growing consumer preference on rental services triggers demand for U.S car rental.

Large number of tourists and travellers in the U.S are bolstering the U.S. car rental market share.

What is the Key Developments of the U.S. Car Rental Market?

Some of the key participants of the U.S. car rental market size are 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), Avis Budget Group (includes Payless) and Hertz Global Holdings (includes Firefly, Dollar Thrifty Automotive Group), etc.

Some of the recent developments in the U.S. car rental services are:

  • Hertz Car Rental issued an annual membership fee for its 24/7 service that allows members to avail contactless rental of cars and vans in March of 2021.
  • A smartphone app allowing company car drivers to manage everything related to their contract at the click of a button, was introduced by Sixt SE.
  • In May 2021, Uber launched ‘Uber Rent’, a new car rental service in partnership with Dublin-based car rental company CarTrawler.

Scope of Report

Report Attribute

Details

Growth Rate

CAGR of 5% from 2022 to 2032

Base year for estimation

2021

Historical data

2015 - 2020

Forecast period

2022 - 2032

Quantitative units

Revenue in USD million, volume in kilotons, and CAGR from 2022 to 2032

Report coverage

Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis,

Segments covered

Booking Type, Application Type, Vehicle Type, End User, Rental Length, and Region

Regional scope

North America.

Country scope

The United States of America.

Key companies profiled

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), Avis Budget Group (includes Payless) and Hertz Global Holdings (includes Firefly, Dollar Thrifty Automotive Group), etc.

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs.

Frequently Asked Questions

Demand for U.S. car rental is likely to expand at a CAGR of 5% through 2032.

Adhering to new consumer segments and innovation by inculcating various schemes increases adoption of U.S car rental.

Adoption of U.S. car rental is likely to reach a revenue of US$ 32 Bn in 2022.

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), Avis Budget Group (includes Payless) and Hertz Global Holdings (includes Firefly, Dollar Thrifty Automotive Group), etc.

Table of Content

1. Executive Summary

    1.1. U.S. Market Outlook

    1.2. Demand-side Trends

    1.3. Supply-side Trends

    1.4. Technology Roadmap Analysis

    1.5. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

3. Market Background

    3.1. Market Dynamics

        3.1.1. Drivers

        3.1.2. Restraints

        3.1.3. Opportunity

        3.1.4. Trends

    3.2. Scenario Forecast

        3.2.1. Demand in Optimistic Scenario

        3.2.2. Demand in Likely Scenario

        3.2.3. Demand in Conservative Scenario

    3.3. Opportunity Map Analysis

    3.4. Investment Feasibility Matrix

    3.5. PESTLE and Porter’s Analysis

    3.6. Regulatory Landscape

        3.6.1. By Key Countrys

        3.6.2. By Key Countries

    3.7. Countryal Parent Market Outlook

4. Market Analysis 2017-2021 and Forecast, 2022-2032

    4.1. Historical Market Size Value (US$ Mn) Analysis, 2017-2021

    4.2. Current and Future Market Size Value (US$ Mn) Projections, 2022-2032

        4.2.1. Y-o-Y Growth Trend Analysis

        4.2.2. Absolute $ Opportunity Analysis

5. Market Analysis 2017-2021 and Forecast 2022-2032, By Vehicle Type

    5.1. Introduction / Key Findings

    5.2. Historical Market Size Value (US$ Mn) Analysis By Vehicle Type, 2017-2021

    5.3. Current and Future Market Size Value (US$ Mn) Analysis and Forecast By Vehicle Type, 2022-2032

        5.3.1. Luxury Cars

        5.3.2. Economy Cars

        5.3.3. SUVs

        5.3.4. Executive Cars

        5.3.5. MUVs

    5.4. Y-o-Y Growth Trend Analysis By Vehicle Type, 2017-2021

    5.5. Absolute $ Opportunity Analysis By Vehicle Type, 2022-2032

6. Market Analysis 2017-2021 and Forecast 2022-2032, By Application Type

    6.1. Introduction / Key Findings

    6.2. Historical Market Size Value (US$ Mn) Analysis By Application Type, 2017-2021

    6.3. Current and Future Market Size Value (US$ Mn) Analysis and Forecast By Application Type, 2022-2032

        6.3.1. Local Usage

        6.3.2. Outstation

        6.3.3. Airport Transport

        6.3.4. Others

    6.4. Y-o-Y Growth Trend Analysis By Application Type, 2017-2021

    6.5. Absolute $ Opportunity Analysis By Application Type, 2022-2032

7. Market Analysis 2017-2021 and Forecast 2022-2032, By Rental Duration

    7.1. Introduction / Key Findings

    7.2. Historical Market Size Value (US$ Mn) Analysis By Rental Duration, 2017-2021

    7.3. Current and Future Market Size Value (US$ Mn) Analysis and Forecast By Rental Duration, 2022-2032

        7.3.1. Long-term

        7.3.2. Short-term

    7.4. Y-o-Y Growth Trend Analysis By Rental Duration, 2017-2021

    7.5. Absolute $ Opportunity Analysis By Rental Duration, 2022-2032

8. Market Analysis 2017-2021 and Forecast 2022-2032, By Country

    8.1. Historical Market Size Value (US$ Mn) Trend Analysis By Market Taxonomy, 2017-2021

    8.2. Market Size Value (US$ Mn) Forecast By Market Taxonomy, 2022-2032

        8.2.1. By Country

        8.2.2. By Vehicle Type

        8.2.3. By Application Type

        8.2.4. By Rental Duration

    8.3. Market Attractiveness Analysis

        8.3.1. By Country

        8.3.2. By Vehicle Type

        8.3.3. By Application Type

        8.3.4. By Rental Duration

    8.4. Key Takeaways

9. Key Countries Car Rental Market Analysis

    9.1. U.S.

        9.1.1. Pricing Analysis

        9.1.2. Market Share Analysis, 2021

            9.1.2.1. By Vehicle Type

            9.1.2.2. By Application Type

            9.1.2.3. By Rental Duration

10. Market Structure Analysis

    10.1. Competition Dashboard

    10.2. Competition Benchmarking

    10.3. Market Share Analysis of Top Players

        10.3.1. By Countryal

        10.3.2. By Vehicle Type

        10.3.3. By Application Type

        10.3.4. By Rental Duration

11. Competition Analysis

    11.1. Competition Deep Dive

        11.1.1. Avis Budget Group

            11.1.1.1. Overview

            11.1.1.2. Product Portfolio

            11.1.1.3. Profitability by Market Segments

            11.1.1.4. Sales Footprint

            11.1.1.5. Strategy Overview

                11.1.1.5.1. Marketing Strategy

        11.1.2. Hertz Global Holdings

            11.1.2.1. Overview

            11.1.2.2. Product Portfolio

            11.1.2.3. Profitability by Market Segments

            11.1.2.4. Sales Footprint

            11.1.2.5. Strategy Overview

                11.1.2.5.1. Marketing Strategy

        11.1.3. Fox Rent A Car

            11.1.3.1. Overview

            11.1.3.2. Product Portfolio

            11.1.3.3. Profitability by Market Segments

            11.1.3.4. Sales Footprint

            11.1.3.5. Strategy Overview

                11.1.3.5.1. Marketing Strategy

        11.1.4. Enterprise-Rent-A-Car Holdings

            11.1.4.1. Overview

            11.1.4.2. Product Portfolio

            11.1.4.3. Profitability by Market Segments

            11.1.4.4. Sales Footprint

            11.1.4.5. Strategy Overview

                11.1.4.5.1. Marketing Strategy

        11.1.5. U-Save Auto Rental System

            11.1.5.1. Overview

            11.1.5.2. Product Portfolio

            11.1.5.3. Profitability by Market Segments

            11.1.5.4. Sales Footprint

            11.1.5.5. Strategy Overview

                11.1.5.5.1. Marketing Strategy

        11.1.6. ACE Rent A Car

            11.1.6.1. Overview

            11.1.6.2. Product Portfolio

            11.1.6.3. Profitability by Market Segments

            11.1.6.4. Sales Footprint

            11.1.6.5. Strategy Overview

                11.1.6.5.1. Marketing Strategy

        11.1.7. International Franchise Systems

            11.1.7.1. Overview

            11.1.7.2. Product Portfolio

            11.1.7.3. Profitability by Market Segments

            11.1.7.4. Sales Footprint

            11.1.7.5. Strategy Overview

                11.1.7.5.1. Marketing Strategy

        11.1.8. Next Car Rental

            11.1.8.1. Overview

            11.1.8.2. Product Portfolio

            11.1.8.3. Profitability by Market Segments

            11.1.8.4. Sales Footprint

            11.1.8.5. Strategy Overview

                11.1.8.5.1. Marketing Strategy

        11.1.9. Rent-A-Wreck

            11.1.9.1. Overview

            11.1.9.2. Product Portfolio

            11.1.9.3. Profitability by Market Segments

            11.1.9.4. Sales Footprint

            11.1.9.5. Strategy Overview

                11.1.9.5.1. Marketing Strategy

        11.1.10. Priceless Car Rentals

            11.1.10.1. Overview

            11.1.10.2. Product Portfolio

            11.1.10.3. Profitability by Market Segments

            11.1.10.4. Sales Footprint

            11.1.10.5. Strategy Overview

                11.1.10.5.1. Marketing Strategy

12. Assumptions & Acronyms Used

13. Research Methodology

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List of Tables

Table 1: Market Value (US$ Mn) Forecast by Country, 2017-2032

Table 2: Market Value (US$ Mn) Forecast by Vehicle Type, 2017-2032

Table 3: Market Value (US$ Mn) Forecast by Application Type, 2017-2032

Table 4: Market Value (US$ Mn) Forecast by Rental Duration, 2017-2032

Sneha Verghese
Principal Consultant
LinkedIn
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List of Charts

Figure 1: Rental Market Value (US$ Mn) by Vehicle Type, 2022-2032

Figure 2: Rental Market Value (US$ Mn) by Application Type, 2022-2032

Figure 3: Rental Market Value (US$ Mn) by Rental Duration, 2022-2032

Figure 4: Rental Market Value (US$ Mn) by Country, 2022-2032

Figure 5: Rental Market Value (US$ Mn) Analysis by Country, 2017-2032

Figure 6: Rental Market Value Share (%) and BPS Analysis by Country, 2022-2032

Figure 7: Rental Market Y-o-Y Growth (%) Projections by Country, 2022-2032

Figure 8: Rental Market Value (US$ Mn) Analysis by Vehicle Type, 2017-2032

Figure 9: Rental Market Value Share (%) and BPS Analysis by Vehicle Type, 2022-2032

Figure 10: Rental Market Y-o-Y Growth (%) Projections by Vehicle Type, 2022-2032

Figure 11: Rental Market Value (US$ Mn) Analysis by Application Type, 2017-2032

Figure 12: Rental Market Value Share (%) and BPS Analysis by Application Type, 2022-2032

Figure 13: Rental Market Y-o-Y Growth (%) Projections by Application Type, 2022-2032

Figure 14: Rental Market Value (US$ Mn) Analysis by Rental Duration, 2017-2032

Figure 15: Rental Market Value Share (%) and BPS Analysis by Rental Duration, 2022-2032

Figure 16: Rental Market Y-o-Y Growth (%) Projections by Rental Duration, 2022-2032

Figure 17: Rental Market Attractiveness by Vehicle Type, 2022-2032

Figure 18: Rental Market Attractiveness by Application Type, 2022-2032

Figure 19: Rental Market Attractiveness by Rental Duration, 2022-2032

Figure 20: Rental Market Attractiveness by Country, 2022-2032

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