The number of independent car rental locations in the US has witnessed fluctuations over the past decade. In 2023, the value stood at 5.27 thousand locations. There was substantial year-on-year variability, particularly a significant dip in 2020 (-17.6%) due to the COVID-19 pandemic. From 2021 to 2023, the trend showed recovery with a peak in 2022 at 5.31 thousand. Over the last five years, the Compound Annual Growth Rate (CAGR) averaged at -0.7%, indicating a slight decline. Forecast data suggests a continued moderate decline with a CAGR of -0.56% up to 2028, alongside an overall 2.76% drop over the forecast period.
Future trends to watch for include:
- Technological advancements in vehicle sharing and rental platforms.
- Potential market consolidation and the impact on independent operators.
- Changing consumer preferences towards mobility solutions like ride-sharing.
- Regulations and environmental policies impacting the industry's structure.
