The USA car rental market is expected to maintain a steady CAGR of 5% in the global market over the next years. Revenue in the USA car rental sector is projected to reach $32 billion in 2022 and grow to more than $59 billion by 2032.
The growth of the USA car rental market could be attributed to the following:
More individuals are now traveling for work and pleasure.
With the proliferation of internet access in both developing and established nations, businesses have been able to attract a wider audience by catering to their needs with custom-built mobile applications.
Two of the most important tools for helping automobile rental service providers better serve their clients are simplified online booking software and increased customer and corporate data management.
Customers' automobile rental experiences have been revolutionized as a result of the growing reliance on smartphones to do a wide variety of functions once performed solely by computers.
Attributes
Details
USA Car Rental Market Size (2022)
US$ 32 Billion
USA Car Rental Market Size (2032)
US$ 59.7 Billion
USA Car Rental Market CAGR
5%
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3 Cutting-Edge Technological Innovations Revolutionising the USA Car Rental Business
In recent years, the business has been brisking in the USA 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 USA. 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 USA 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 USA 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 USA car rental.
The convenience of booking cars offline by visiting car rental outlets or online through a website or app expands the USA 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 USA car rentals.
The car rental experience has improved by the increasing dependency on smartphones, further escalating the USA car rental market size.
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What are the Key Features that Expand the USA Car Rental Market?
Manufacturers rely on the increasing demand for high-quality services from global commuters by geographically distributing business operations, expecting the USA. car rental market share.
Growth in the travel and tourism domain, air travel, and increasing globalization of corporate operations and demand for comfortable traveling increase the adoption of USA car rental.
Business trips combined with leisure are gaining popularity further escalating the USA car rental market size.
Employees traveling to the USA for business purposes elevate the demand for USA car rentals, to get acquainted with locations and business details.
Numerous national and international events are expanding the USA car rental market share.
The limited amount of car ownership amongst millennials and the requirement for transportation services pushes the adoption of USA car rental.
Growth in online car booking and increasing air traffic escalates the USA car rental market trend.
The demand for USA car rental grows with reducing sales volume of self-owned cars and aids in pollution control.
What are the factors that Restrain the USA Car Rental Market?
The adoption of USA car rentals decreased in airports owing to declining air traffic.
The pandemic decreased the demand for USA car rental services due to transportation restrictions and lock-down.
The USA car rental market share drops due to low internet penetration in developing countries ensuing a lack of awareness of car rental facilities.
High gasoline and diesel prices can curb the demand for USA car rental services due to an increase in rental charges.
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What are the Possibilities that will Expand the USA Car Rental Market?
Several small and big vendors operating the car industry secure the growth of the USA car rental market share.
Adhering to new consumer segments and innovation by inculcating various schemes increases the adoption of USA car rentals.
Allowing temporary ownership of rented vehicles to avoid additional costs increases the demand for USA car rentals.
Implementing entertainment services like music, movies, and free Wi-Fi improves the USA car rental market size.
The car rental management software promises significant growth in the USA car rental market size.
The growth in the tourism sector holds the increase in demand for USA car rental services.
What are the Regional Analysis of the USA Car Rental Market?
North America leads the overall car rental market share.
The increasing amount of leisure and business trips across the country push the adoption of the USA. car rental.
Increased initiatives by car service operators like Uber Technologies Inc., adopting mobile technologies, and meeting customer requirements expand the USA. car rental market share.
The increase in adoption of electric cars and growing concerns and awareness of emissions contribute to the USA car rental market size expansion.
The existence of prominent rental car providers and growing consumer preference for rental services triggers demand for USA car rental.
A large number of tourists and travelers in the USA are bolstering the USA. car rental market share.
What is the Key Developments of the USA Car Rental Market?
Some of the key participants of the USA 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 USA car rental services are:
Hertz Car Rental issued an annual membership fee for its 24/7 service that allows members to avail of contactless rental of cars and vans in March of 2021.
A smartphone app allowing company car drivers to manage everything related to their contracts 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
The base year for estimation
2021
Historical data
2015 to 2020
Forecast period
2022 to 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 USA 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 USA 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 the adoption of USA car rentals.
Adoption of USA car rental is likely to reach a revenue of US$ 32 Billion 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 | USA Car Rental Market
1.1. USA 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 countries
3.6.2. By Key Countries
3.7. Countryal Parent Market Outlook
4. Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ Million) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Vehicle Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Vehicle Type, 2017 to 2021
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Vehicle Type, 2022 to 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 to 2021
5.5. Absolute $ Opportunity Analysis By Vehicle Type, 2022 to 2032
6. Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Application Type, 2017 to 2021
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Application Type, 2022 to 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 to 2021
6.5. Absolute $ Opportunity Analysis By Application Type, 2022 to 2032
7. Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Rental Duration
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Rental Duration, 2017 to 2021
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Rental Duration, 2022 to 2032
7.3.1. Long-term
7.3.2. Short-term
7.4. Y-o-Y Growth Trend Analysis By Rental Duration, 2017 to 2021
7.5. Absolute $ Opportunity Analysis By Rental Duration, 2022 to 2032
8. Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 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. USA
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 Country
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 Used13. Research Methodology
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List of Tables
Table 1: Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 2: Market Value (US$ Million) Forecast by Vehicle Type, 2017 to 2032
Table 3: Market Value (US$ Million) Forecast by Application Type, 2017 to 2032
Table 4: Market Value (US$ Million) Forecast by Rental Duration, 2017 to 2032
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List of Charts
Figure 1: Rental Market Value (US$ Million) by Vehicle Type, 2022 to 2032
Figure 2: Rental Market Value (US$ Million) by Application Type, 2022 to 2032
Figure 3: Rental Market Value (US$ Million) by Rental Duration, 2022 to 2032
Figure 4: Rental Market Value (US$ Million) by Country, 2022 to 2032
Figure 5: Rental Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 6: Rental Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 7: Rental Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 8: Rental Market Value (US$ Million) Analysis by Vehicle Type, 2017 to 2032
Figure 9: Rental Market Value Share (%) and BPS Analysis by Vehicle Type, 2022 to 2032
Figure 10: Rental Market Y-o-Y Growth (%) Projections by Vehicle Type, 2022 to 2032
Figure 11: Rental Market Value (US$ Million) Analysis by Application Type, 2017 to 2032
Figure 12: Rental Market Value Share (%) and BPS Analysis by Application Type, 2022 to 2032
Figure 13: Rental Market Y-o-Y Growth (%) Projections by Application Type, 2022 to 2032
Figure 14: Rental Market Value (US$ Million) Analysis by Rental Duration, 2017 to 2032
Figure 15: Rental Market Value Share (%) and BPS Analysis by Rental Duration, 2022 to 2032
Figure 16: Rental Market Y-o-Y Growth (%) Projections by Rental Duration, 2022 to 2032
Figure 17: Rental Market Attractiveness by Vehicle Type, 2022 to 2032
Figure 18: Rental Market Attractiveness by Application Type, 2022 to 2032
Figure 19: Rental Market Attractiveness by Rental Duration, 2022 to 2032
Figure 20: Rental Market Attractiveness by Country, 2022 to 2032
