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Car Rentals - United States

United States

Highlights

The Car Rentals market in the United States is expected to generate a revenue of US$31.54bn by 2024.
It is projected to grow annually at a rate of 3.96% between 2024-2029, resulting in a market volume of US$38.29bn by 2029.
By then, the number of users in this market is expected to reach 58.94m users, with a user penetration rate of 16.8%.
In 2024, this rate is expected to be 14.7%.
The Average Revenue Per User (ARPU) in this market is expected to be US$626.80.
By 2029, online sales are expected to contribute 84% of the total revenue.
It is noteworthy that, in comparison to other countries, United States is expected to generate the highest revenue in the Car Rentals market, amounting to US$31.54bn in 2024.
Car rental demand in the United States has increased due to a rise in domestic travel and a shift towards personal transportation amid the COVID-19 pandemic.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in United States is experiencing significant growth and development.

Customer preferences: Customers in the United States are increasingly opting for car rentals as a convenient and flexible mode of transportation. They value the freedom to travel at their own pace and explore various destinations without the limitations of public transportation schedules. Additionally, car rentals provide a cost-effective solution for both short-term and long-term travel needs, especially for families or groups traveling together.

Trends in the market: One major trend in the Car Rentals market in United States is the rise of online booking platforms. Customers now have the option to easily compare prices, vehicle options, and rental terms from multiple providers, allowing them to make informed decisions and find the best deals. This has increased competition among car rental companies, leading to more competitive pricing and improved customer service. Another trend in the market is the growing popularity of eco-friendly and fuel-efficient vehicles. With increasing awareness of environmental issues, customers are seeking car rental options that align with their sustainability values. Car rental companies are responding to this demand by expanding their fleets to include hybrid and electric vehicles, providing customers with a greener transportation option.

Local special circumstances: The United States is a vast country with diverse landscapes and attractions, which contributes to the growth of the Car Rentals market. Many tourists and locals alike prefer to explore the country by road, allowing them to experience the scenic beauty and cultural diversity firsthand. This has created a high demand for car rentals, especially in popular tourist destinations such as Los Angeles, New York City, and Las Vegas. Furthermore, the United States has a well-developed road infrastructure, making it convenient and accessible for travelers to rent cars. The presence of numerous airports and major cities with multiple car rental providers ensures that customers have a wide range of options to choose from.

Underlying macroeconomic factors: The strong economy and high disposable income in the United States have contributed to the growth of the Car Rentals market. As people have more financial resources, they are more likely to travel and explore different destinations. Additionally, the rise of the sharing economy and the popularity of ride-hailing services have also influenced the Car Rentals market. While ride-hailing services offer convenience for short trips, car rentals provide a more cost-effective and flexible solution for longer journeys or when multiple stops are required. In conclusion, the Car Rentals market in United States is experiencing growth due to customer preferences for convenience, flexibility, and cost-effectiveness. The rise of online booking platforms, the demand for eco-friendly vehicles, the country's diverse landscapes, and a strong economy are all contributing factors to the market's development.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of car rental services.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.