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Report
U.S. Car Rental Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025 - 2034
Market Report I 2024-11-19 I 180 Pages I Global Market Insights
U.S. Car Rental Market reached USD 35.2 billion in 2024 and is projected to grow at a CAGR of 5% from 2025 to 2034. The surge in travel and tourism across the country is a significant driver of this growth, fueled by increased vacationing, business travel, and leisure activities. Post-pandemic preferences for private transportation have accelerated demand as travelers prioritize flexibility and safety over public transit options. The recovering travel industry continues to support the expansion of car rental services, catering to the needs of a growing number of tourists and business travelers.
By rental duration, the market is divided into short-term and long-term segments. In 2024, short-term rentals accounted for 65% share and are expected to generate USD 36 billion by 2034. The popularity of short-term rentals stems from rising local and regional travel trends, where consumers choose car rentals for weekend trips, day outings, or short getaways. This segment appeals to individuals seeking temporary transportation solutions without committing to long-term vehicle ownership or relying on less flexible public transit options.
Based on application, the market is segmented into leisure/tourism and business travel. In 2024, the leisure/tourism segment dominated with a 64% market share and is poised for steady growth. Families and groups often prefer rental cars to meet their specific travel needs, offering greater flexibility and convenience compared to public transportation. This option also facilitates multi-destination trips, enabling travelers to explore various attractions seamlessly.
California emerged as a key contributor, representing a 20% share in 2024. The state's position as a premier travel destination is driven by its diverse attractions, ranging from scenic coastlines to renowned national parks. Car rentals are often the preferred mode of transportation for visitors seeking to navigate the state's expansive geography and iconic routes independently. The convenience and accessibility provided by rental services make them indispensable for exploring California's varied landscapes.
U.S. car rental market is positioned for sustained growth, driven by evolving travel trends, increased tourism, and consumer preference for flexible transportation options. As the industry adapts to changing demands, car rental companies are leveraging technology, expanding their fleets, and enhancing customer experiences to solidify their role in the transportation ecosystem.
Report Content
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates & calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimation
1.3 Forecast model
1.4 Primary research and validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market scope & definition
Chapter 2 Executive Summary
2.1 Industry 360 synopsis, 2021 - 2034
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Automobile manufacturers
3.1.2 Car rental service providers
3.1.3 Technology providers
3.1.4 End users
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Customer preferences and insights
3.9 Impact forces
3.9.1 Growth drivers
3.9.1.1 Growing preference for car rentals
3.9.1.2 The surge in domestic tourism
3.9.1.3 The increasing adoption of technology-enabled services
3.9.1.4 Growing EV adoption in rental fleets
3.9.2 Industry pitfalls & challenges
3.9.2.1 Rising costs of vehicle acquisition, maintenance, and insurance
3.9.2.2 The impact of economic downturns
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis
Chapter 4 Competitive Landscape, 2024
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Booking Mode, 2021 - 2034 ($Bn, Fleet Size)
5.1 Key trends
5.2 Online
5.3 Offline
Chapter 6 Market Estimates & Forecast, By Rental Length, 2021 - 2034 ($Bn, Fleet Size)
6.1 Key trends
6.2 Short term
6.3 Long Term
Chapter 7 Market Estimates & Forecast, By Vehicle, 2021 - 2034 ($Bn, Fleet Size)
7.1 Key trends
7.2 Luxury cars
7.3 Executive cars
7.4 Economy cars
7.5 SUVs
7.6 MUVs
Chapter 8 Market Estimates & Forecast, By Application, 2021 - 2034 ($Bn, Fleet Size)
8.1 Key trends
8.2 Leisure/tourism
8.3 Business
Chapter 9 Market Estimates & Forecast, By End Use, 2021 - 2034 ($Bn, Fleet Size)
9.1 Key trends
9.2 Self-driven
9.3 Chauffeur-driven
Chapter 10 Market Estimates & Forecast, By Region, 2021 - 2034 ($Bn, Fleet Size)
10.1 Key trends
10.2 Arizona
10.3 California
10.4 Colorado
10.5 Florida
10.6 Georgia
10.7 Illinois
10.8 Indiana
10.9 Maryland
10.10 Massachusetts
10.11 Michigan
10.12 Minnesota
10.13 Missouri
10.14 Nevada
10.15 New Jersey
10.16 New York
10.17 North Carolina
10.18 Ohio
10.19 Oregon
10.20 Pennsylvania
10.21 Tennessee
10.22 Texas
10.23 Utah
10.24 Virginia
10.25 Washington
10.26 Wisconsin
Chapter 11 Company Profiles
11.1 Ace Rent a Car
11.2 Advantage Rent a Car
11.3 Alamo Rent A Car
11.4 Avis Budget Group
11.5 Dollar Rent a Car
11.6 Easirent
11.7 Enterprise Rent-A-Car
11.8 Fox Rent a Car
11.9 Hertz
11.10 Midway Car Rental
11.11 National Car Rental
11.12 Payless Car Rental
11.13 Rent-A-Wreck
11.14 Silvercar by Audi
11.15 Sixt Rent A Car
11.16 Thrifty Car Rental
11.17 Turo
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