The Internal Tourism Expenditure on Transport Equipment Rental Services in the US has shown a fluctuating yet generally upward trend over the past decade. Starting with a value of 28.81 billion USD in 2013, the sector witnessed gradual growth until 2017. Significant increases occurred between 2018 and 2019, followed by a sharp decline in 2020—a result of the COVID-19 pandemic. Recovery began in 2021 with a robust rebound, and by 2023, the sector reached 63.97 billion USD.
Key year-on-year variations highlight the dramatic -34.09% drop in 2020, followed by a rebound of 44.55% in 2021 and continued strong growth with increases of 26.73% in 2022 and 19.39% in 2023. The Compound Annual Growth Rate (CAGR) paints a broader picture, showing impressive recovery and growth averaging 11.15% over the last five years.
Looking forward, the forecasted data suggests steady growth, with a 5-year CAGR of 6.26%, leading to a projected value of 95.35 billion USD by 2028. This includes an estimated five-year growth rate of 35.49%.
Future Trends to Watch For:
- Continued recovery and growth post-pandemic, driven by increased travel demand.
- Technological advancements in rental equipment and service efficiency.
- Potential disruptions or opportunities from emerging mobility solutions and sustainable transport initiatives.
