Forecast: Vehicle Rental Tourism Output in the US

The vehicle rental tourism industry in the US has experienced various fluctuations over the past decade. From 2013 to 2019, the industry saw steady growth, with year-on-year variations ranging from 1.39% to 7.66%. However, in 2020, there was a significant decline of -15.57% due to the COVID-19 pandemic. The market rebounded in 2021 with a 10.28% increase and continued to grow in subsequent years, reaching a value of $1,110 million in 2023, marking a 1.55% rise from the previous year. Over the past five years, the compound annual growth rate (CAGR) has been 1.68%.

Looking ahead, the industry is forecasted to expand, reaching $1,200 million by 2028. The five-year forecasted CAGR stands at 1.25%, with an overall growth rate of 6.4%. Trends to watch in the future include potential technological advancements, changes in consumer travel behavior, and the ongoing recovery from pandemic-related disruptions.