US Vehicle Rental Market - Overview and Forecast (2015 - 2020)
The increased concern and awareness of lower emissions has primary led to the increase in the car rental option, where car rental and carpooling helps to significantly reduce the number of cars on the road. One of the major trends in the US car rental market is the increased use of electric vehicles in some car rental fleets that provides considerable option to the users to be more environment-friendly in their commuting habits. In addition, car rental also provide the option of increased mobility without the concern to pay the costs associated with vehicle ownership. These services are offered via websites and through other online platforms, which has helped in the growth process of the car rental market. However, increased operational costs has hindered in the growth of the market, as consumers deter from the option of choosing luxury vehicles, and end up for more economical and cost-effective vehicle options.
The introduction of new business dynamics, increase in the number of airline passengers and growth in the tourism market are some of the major factors driving the growth of the car rental market in the United States. In US, more than 2.10 million vehicles are engaged in the car rental market, which generates revenue worth more than $27 billion in the country. Air travelers alone contribute to more than 38% of the total share in the US car rental market. US market is one of the primary markets to witness growth in the global car rental services. The market in the country is anticipated to continue growing through the forecast period, driven by an increase in the number of shorter rentals, with increased preference of the budget-conscious travelers to reduce the cost of car hiring. The business, due to its recession proof nature has greatly augmented in the recent years. The Luxury vehicles and SUVs constitute the bulk of the market share with more than 42% in the vehicle type, for the US car rental market.
One of the biggest deal in the car rental market was the acquisition of Dollar thrifty Automotive Group by Hertz. The companies are focusing on deals and strategic amalgamation with hotels and tourist groups to attract the demand from the inbound and outbound tourism market. The technological advancements along with the expansion of online access systems has fostered an extensive growth, in the car rental services during the forecast period. The companies have increased the portfolio from car sharing services to commercial truck rental, corporate fleet management. Although customers at the airport would remain to be the largest market, the growing presence of car rentals in cities and neighborhoods is quickly growing up in terms of profit.
The report classifies and defines the car rental market size, in terms of revenue. It provides a comprehensive analysis and insights into car rental service segments. The market is segmented on the basis of Booking type – Offline Access, Mobile Application, Other Online Access; Application purpose– Leisure/Tourism, Business, and others; Vehicle type- Luxury/Premium Vehicle, Hatchback, Motorhomes/RV, Buses, and others; States- Michigan, Illinois, New York, California, Texas, Ohio, Florida and Georgia. The report showcases potential growth opportunities in the forecast period, while also reviewing the market drivers, restraints, opportunities, US car rental market trends, car rental market dynamics, competitive landscape, and other key aspects with respect to car rental services. The report also covers qualitative aspects such as value chain analysis, technological roadmap, and Porter’s five force analysis for the US market. The key players in this market have also been identified and profiled. Avis, Hertz, Alamo, National are some of the dealers involved in the US car rental service market.
WHAT THE REPORT OFFERS
Market Definition and Scope along with identification of key drivers and restraints for each segments in the market. Market analysis with specific studies and theoretical analysis on the car rental market for each state Identification of factors that has been instrumental in changing the market dynamics, prospective opportunities for each segments and identification of key factors, influencing the market. Extensively researched competitive landscape segment with the market dynamics for each major player across the state. Identification and analysis of the macro and micro factors that affect the growth of the industry for each states.
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