From 2013 to 2019, the car rental industry in the US saw steady growth, with revenues increasing from $24.41 billion to $30.18 billion. In 2020, the industry faced a significant setback due to the pandemic, causing a sharp decline of 15.21%. However, the recovery was swift, with the value reaching $32.09 billion by 2022. The latest data suggest the revenue stood at $32.71 billion in 2023, reflecting a 1.91% year-on-year increase. Over the past five years, the Compound Annual Growth Rate (CAGR) calculated to 2023 was approximately 2.08%.
Future trends to watch for include:
- Continued growth projected, with the revenue expected to reach $35.73 billion by 2028, indicating a forecasted CAGR of 1.5% over the next five years.
- Increasing demand for eco-friendly and sustainable car rental options.
- Technological advancements such as digitization and autonomous vehicles impacting service delivery.
- Potential shifts in consumer preferences towards subscription services and car-sharing models.
