Market Size of North America Vehicle Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Vehicle Rental Market Analysis
The North America Vehicle Rental Market was valued at USD 25.16 billion in 2021 and is expected to reach USD 42.65 billion by 2027 registering a CAGR of around 9 % during the forecast period (2022 - 2027).
The COVID-19 pandemic had negatively impacted the growth of the market as initial lockdowns and travel restrictions resulted in decreased demand for rental vehicles. However, post-pandemic as restrictions eased, demand for rental services started picking up pace in wake of growing consumer inclination towards rental vehicles over public transportation. This trend is likely to continue over the forecast period.
Over the medium term, growing popularity of online car rental booking applications and rising awareness about the features such as time-saving and cost-effectiveness of vehicle rentals are likely to drive demand in the market. In addition, growing focus of rental companies to expand their vehicle rental portfolio with the latest and eco-friendly products to further enhance the growth of the market during the forecast period.
Besides these rise in internet penetration across developed regions will help market to grow during the forecast period. Moreover, the infrastructure development in the developing regions is paving new way for the growth of market. The aforementioned factors likely to create optimistic environment and inturn to encourage key companies in the market to focus only on corporate segment, considering the lucrative business opportunities and growth potential offered by this market.
United States expected to act as leading country across North American region due to major market players operating in this region. These market players had adopted car rental software in smart-phone applications, which is driving the growth of vehicle rental market in North America region.
