The US car rental market fleet size has shown significant fluctuations over the years, with periods of notable growth and decline. In 2023, the fleet size reached 2,650 thousand units. Over the last two years, the fleet increased by 14.6%, from 2,280 thousand units in 2021. The average annual growth rate over the last five years (CAGR) was 2.31%. Despite a sharp decline in 2020 due to the pandemic, the market rebounded with double-digit growth in 2021 and 2022.
Forecasts suggest a continued upward trend, with the fleet size expected to grow by 1.65% annually over the next five years, reaching 2,920 thousand units by 2028. This represents an 8.53% increase from 2023.
Future trends to watch for include:
- Continued recovery from the pandemic's impact on the travel industry.
- Increasing demand for electric vehicles in rental fleets.
- Integration of advanced technology for fleet management and customer service.
- Potential market consolidation and partnerships among car rental companies.
- Influence of regulatory changes and environmental policies on fleet composition.
