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North America Car Rentals Market, By Product Type - Luxury Cars, Economy Cars, SUVs, MUVs, Executive Cars. By Rental Duration - Short-Term, Long-Term. By Application - Local usage, Airport Transport Usage, Outstation, Others. By Region - North America, U.S, Mexico, Canada, and Other North American Countries) - Market insights, analysis, trends, and forecast 2022-2032

Published Date : March 2022 | Report Id : AU 122 | Format : PDF,PPT | Slides : 160
Report Type : Syndicate Report

The North America car rentals market was valued $58.5 billion in 2021 and it is expected to reach $103.2 billion at the CAGR of 5.2% between 2022 and 2032. COVID-19 had negatively impacted this car rentals market in the region at the early stage of the pandemic. However, after the epidemic situation of COVID-19, car rental operators are driving the market again with initiative business growth.   

In North America, U.S is holding maximum share of car rentals market across the region.   

Car rental agencies are companies that provide services to their customers for travel purposes. These agencies serve vehicles such as vans, trucks in particular markets and they might also offer two-wheelers such as motorcycles or scooters. In present days, technological advancements have been increased. Therefore, growing popularity across the region is using online booking systems for car rental services which have driven the market and helped rental companies to make profitable growth. Moreover, car rental services are also helping to control traffic pollution by reducing the sales volume of cars.  

North America Car Rentals Market

Source: SAI Research

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Over the last few years, COVID-19 had a negative influence on the North American tourist sector. Further, this has badly affected the car rental business in a particular way and later this has reduced the growth of the car rental companies across the region due to strict lockdown. However, after the COVID-19 situation, car rental operators are anticipated to increase market growth over the forecast period across the region. Additionally, a rise in internet usage is also expected to drive the market during upcoming years. In North America, the U.S is the leading country in the car rentals market because most of the key players are operating in this province. In addition, these key players have provided car rental software in mobile applications for their customers, which have driven the growth of the market across the region.

Over the decades, corporate offices had been increased in number, and the number of employees had also increased. Therefore, in present days, corporate offices have started to provide transportation facilities to their employees for long-distance locations. Further, this has raised the demand for car rental services in the North American market. Corporate offices are hiring required vehicles from car rental companies for the benefit of their employees. Therefore, in such a way corporate offices are driving the growth of the car rental market over the last few years and it is anticipated to make profitable growth during the forecast period. However, the rising prices of crude and gasoline oil have a serious impact on the growth of the transportation industry and this is going to negatively influence the growth of the car rental market through the forecast period. In some countries, a particular number of people have low-income and they prefer to use public transportation. In this case, few car rental companies are providing such facilities where the fares are more compared to public transportation. Hence, this is helping the passengers with low income.

In present days, key players are trying to develop their cars by implementing advanced technologies to make automatic vehicles for their customers. Therefore, car rental companies are adopting software facility management to upgrade the system of their vehicles which is likely to boost the overall market across the region. Additionally, new innovative cars such as robo-taxi are expected to drive the market through the forecast period. However, the major problem that car rental firms are facing is, dealing with customers from other countries. These consumers often seem to have less driving knowledge and they are not familiar with specific traffic rules from the country they have visited. Therefore, to overcome these issues car rental firms are investing more amount of money to provide proper training facilities to international passengers.

Leading key players such as Avis Budget Group, Enterprise Rent-a-car, Europcar, The Hertz Corporation, Alamo-rent-a-car, Routes Car Rental, Discount Car, and Truck Rentals are dominating the North America car rentals market by providing best car rental services to their customers, tourists and travelers. These key players are investing more amounts to implement new business strategies and stay ahead in the competitive market.

Scope of the Report:

Report Coverage

Details

Base Year:

2021

Market Size in 2021:

US$ 58.5 Billion

Historical Data for:

2019, 2020 and 2021

Forecast Period:

2022 to 2032

Forecast Period 2022 to 2032 CAGR:

5.2%

2032 Value Projection:

US$ 103.2 Billion RMB

Segments covered:

By Product Type - Luxury Cars, Economy Cars, SUVs, MUVs, Executive Cars.

By Rental Duration - Short-Term, Long-Term.

By Application - Local usage, Airport Transport Usage, Outstation, Others.

Geographies covered:

North America, U.S, Mexico, Canada, and Other North American Countries

Companies covered:

Avis Budget Group, Enterprise Rent-a-car, Europcar, The Hertz Corporation, Alamo-rent-a-car, Routes Car Rental, Discount Car, and Truck Rentals and others.

 North America Car Rentals Market Has Been Segmented Into:

North America Car Rental Market – By Product Type:

  • Luxury Cars
  • Economy Cars
  • SUVs
  • MUVs
  • Executive Cars

North America Car Rental Market – By Rental Duration:

  • Short-Term
  • Long-Term

North American Car Rental Market - By Application:

  • Local usage
  • Airport Transport Usage
  • Outstation
  • Others

North America Car Rental Market – By Region:

  • North America
  • U.S.
  • Mexico
  • Canada
  • Other North American Countries
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