The data reflects a notable recovery and growth in domestic tourism expenditure on transport equipment rental services in the US. From 2013 to 2019, expenditure increased consistently, with a marked surge in 2018 and 2019. However, 2020 saw a significant drop of 34.45% due to the pandemic. This was followed by substantial recovery in 2021 with a 45.06% increase, and continued strong growth in 2022 and 2023, reaching $63.57 billion in 2023.
Year-on-year growth over the last two years was robust: 26.93% in 2022 and 19.5% in 2023. The CAGR over the last five years stood at 11.17%. Forecasts for 2024-2028 predict sustained growth, with a forecasted 5-year CAGR of 6.27% and an overall growth rate of 35.53% by 2028.
For future trends, the focus should be on factors such as evolving consumer preferences, the impact of technological advancements in rental services, and potential economic fluctuations that could influence disposable incomes and travel behaviors. Environmental concerns and regulatory changes could also shape future expenditure trends in the transport equipment rental sector.
