United States of
America Car Rental Market Overview
The United
States of America Car Rental Market In 2022, the United
States of America Car Rental Market was estimated to be worth USD 107.5
billion. Over the projection period (2024 - 2032), the car rental business is
expected to develop at a compound annual growth rate (CAGR) of 8.1%, or USD
200.4 billion. Car rental, simply put, is a service offered through offline and
online platforms which includes renting out automobiles. The companies
generally offer service for a few months or a few hours.
Various factors are
fuelling the global United States of America Car Rental Market. As per the
recent MRFR market estimates, such factors include the increasing purchasing
power of consumers, booming economy, increase in consumer’s per capita
disposable income, growing urbanization, increase in industrialization, rising
population, favorable norms by the government, rising awareness of environmental
protection through vehicles, ease of booking, availability of online platforms,
user’s dependence on smartphones, improved road infrastructure, growing demand
for Car rentals after relaxations of lockdown during COVID-19 pandemic, and
rise in tourism.
On the flip side,
constantly changing crude oil prices, intense competition in the market due to
increasing number of players, and low rate of internet penetration in
developing regions may impede the market growth over the forecast period.
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report of United States of America Car Rental Market
Key Players
·
Eco Rent a Car (India)
·
Avis Budget Group (US)
·
Capps Truck & Van Rental
(US)
·
Europcar (France)
·
Bandago Van Rental (US)
·
Enterprise Holdings, Inc. (US)
·
Al-Futtaim Vehicle Rentals
Company LLC (Qatar)
·
The Hertz Corporation (US)
·
Localiza (Brazil)
·
Sixt SE (Germany)
Car rental Industry Updates
March 2021- Booking
Group, an online Car rental provider has chosen IBM Cloud to cater to the
growing customer need. With IBM, the company can adopt flexible cloud
strategies, assisting the Car rental service to host workloads securely like
financial reports and booking reservations and offer access to data which
offers unique insights regarding the need for Car rentals in local markets.
Through these capabilities, the company can regain agile and adjust prices and
availability quickly to cater to the needs of the customers as they shift
alongside the outbreak.
Market Segmentation
The MRFR report
throws light on an inclusive segmental analysis of the global United States of
America Car Rental Market based on mode of booking, vehicle type, application,
and type.
·
By type, the market is bifurcated into outstation,
local, airport, and others. Among these, the airport segment will dominate the
market over the forecast period.
·
By mode of booking, the market is bifurcated into
online & offline. Among these, the online segment will lead the market over
the forecast period.
·
By application, the market is bifurcated into
business & non-business.
·
By vehicle type, the market is bifurcated into MUV,
sedan, luxuries, SUV, and others. Among these, the SUV segment will have the
lions share in the market over the forecast period.
Regional Analysis
By region, the
global United States of America Car Rental Market covers the recent trends and
growth opportunity across Europe, the Asia Pacific (APAC), North America and
the Rest of the World (RoW). Of these, North America will lead the market over
the forecast period. Rise in non-business and business trips across different
regions whether local or international, growing inclination towards rental
services, and the presence of well-known service providers are adding to the
global United States of America Car Rental Market growth in the region.
The United States of
America Car Rental Market in Europe is predicted to hold the second-largest
share over the forecast period. Stringent government policies and growth of
tourism are adding to the United States of America Car Rental Market growth in
the region.
The United States of
America Car Rental Market in the APAC region is predicted to have favorable
growth in the forecast period. Self-driving renting, the availability of
economy and high-end luxury cars, enhanced road infrastructure, and
considerable economic growth are adding to the region’s United States of
America Car Rental Market growth.
The United States of
America Car Rental Market in RoW is predicted to have sound growth over the
forecast period.
The global United States of America Car Rental Market
is highly competitive and fragmented with the presence of different
well-established international and domestic players. These industry players
have used a couple of strategies to stay ahead and also cater to the surging
needs of the customers such as partnerships, joint ventures, collaborations,
mergers and acquisitions, new product developments, and others. Besides, they
are also investing in R&D activities.
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