The internal tourism consumption of transport equipment rental services in the US exhibited consistent growth from 2013 to 2019, peaking at $50.75 billion in 2019. However, 2020 saw a sharp decline of 19.21%, attributed to the pandemic. Recovery began in 2021 with an increase of 15.74%, followed by a continued upward trend through 2022 and 2023, culminating at $55.95 billion in 2023. From 2024, the forecasted data indicates a steady growth, with values expected to reach $64.3 billion by 2028. The overall average annual growth rate from 2024 to 2028 is projected to be 2.2%, signifying moderate growth.
Key future trends to watch for include:
- Technological advancements in rental platforms and services, enhancing customer experience.- The impact of evolving environmental regulations, potentially altering fleet compositions.- Shifts in tourist behavior and preferences post-pandemic, potentially influencing demand patterns.- Economic factors and their influence on discretionary spending for tourism activities.
