The gross output of the US automotive equipment rental and leasing industry has generally shown an upward trend from 2013 to 2023, reaching 74.2 billion USD in 2023. Between 2013 and 2019, the industry exhibited steady growth, although factors such as the COVID-19 pandemic caused a significant decline in 2020. The industry rebounded strongly in 2021 and continued to grow through 2022 and 2023.
Year-on-year variations over the last two years reveal moderate growth with a 13.29% increase in 2022 and a 1.88% rise in 2023. The average annual growth rate (CAGR) over the last five years stands at 2.04%, indicating a gradual recovery and stable growth pattern.
Looking ahead, the forecast for the next five years suggests a modest CAGR of 1.48%, with an overall forecasted growth rate of 7.63%. Future trends to watch include the impact of electric and autonomous vehicles on the rental and leasing market, shifts in consumer behavior towards shared mobility, and advancements in digital rental platforms that may reshape the industry's operational dynamics.
