The United States vehicle rental market size is anticipated to register a significant CAGR during the forecast period, 2021-2028. The growth of market is attributed to rising concerns towards low emission, increasing number of electric vehicle users, and rising awareness regarding environment conservation and safety.
In the last few decades escalation in the rental vehicle industry is been observed all owing to the seamless and user friendly services offering by the companies with increasing users of smart phones allows them to have easy access for the booking applications and companies to offer them cars based on the duration regardless short-term or long-term.
Most of these services are made available for the tourist places and some Tier 1 & 2 cities, some of the factors responsible to boost the market includes inflated car prices, increasing pollution, and cost effective.
The Covid-19 pandemic affected the United States vehicle rental market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Furthermore, to ensure the safety and avoid the spread of the virus, the car rental vendors are following all the safety norm and hygiene such as disinfecting their vehicles inside out after every ride.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing environment friendly commuting habits is expected to drive the market during forecast period.
- Increased use of electric vehicles is estimated to boost the market during the projected period.
- Awareness regarding low emission is expected to ascend the market growth in the coming years.
- Increasing use of car pooling and car rental reduces the number of cars on roads which is estimated to propel the market in the coming years.
- Rising internet penetration and smart phone users is anticipated to fuel the market.
- High operational cost is one of the factors hindering the market growth.
- Rising crude oil prices posses one of the challenge that can hamper the market growth in the coming years.
Scope of the market
The report on the United States vehicle rental market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Vehicle rental market – United States Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Leisure/Tourism and Business), Vehicle (Luxury/Premium Cars and Economy/Budget Cars), Booking (Online Access and Offline Access)
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Country
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United States
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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The Hertz Corporation; Avis Budget Group Inc.; Advantage Rent-a-car; Alamo; Enterprise Holdings Inc.
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Market Segment Insights
The tourism segment is expected to exhibit high CAGR
Based on the applications, the market is segregated into leisure/tourism and business. The tourism segment is expected to exhibit high CAGR in the coming years owing to increasing number of passenger commuters and New York being an expensive location to rent a car in the region leads to selection of rental car option which provides wide variety of services to the passengers.
The economy/budget car segment is estimated to hold a major share of the market
On the basis of vehicles, the market is categorized into luxury/premium cars and economy/budget cars. The economy/budget car segment is estimated to hold a major share of the market during the forecast period owing to features of economy cars such as compact, fuel efficient, comfort, which is mostly preferred by the users. As compared to luxury car, economy car involves low maintenance and procurement cost.
The online access segment is anticipated to account key share of the market
Based on the booking, the market is bifurcated into online access and offline access. The online access segment is anticipated to account key share of the market during the projected period owing to save time and convenient for both vendor and user, allows you to book from far off places without making your physical appearance, and documentation requires less paperwork it can be submitted in digital image format.
Segments
Segments Covered in the Report
United States vehicle rental market has been segmented on the basis of
Application
Vehicles
- Luxury/Premium Cars
- Economy/Budget Cars
Bookings
- Online Access
- Offline Access
Country
Key Players
- The Hertz Corporation
- Avis Budget Group Inc.
- Advantage Rent-a-car
- Alamo
- Enterprise Holdings Inc.
Competitive Landscape
Key players competing in the United States vehicle rental market include The Hertz Corporation; Avis Budget Group Inc.; Advantage Rent-a-car; Alamo; Enterprise Holdings Inc.
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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