Summary

The United States has the world's largest car rental market. The state of New York is located in the northeastern United States and is a popular tourist destination, that makes significant contributions to the local car rental industry. New York is a major tourist destination that draws visitors from all over the world. With a land area of over 140,000 square kilometres, the state offers a variety of historic and scenic tourist destinations, increasing demand for rental services. There are many rental companies in the state, which has 25 airports and passenger traffic of around 50 million per year, making it a highly competitive market for car rentals. New York also has the highest car rental rates, with an average daily rate of USD 76. New York City is extremely congested, and because not everyone owns a car, many rely on public transportation, rentals, or ride-sharing services. Many people rely on these services because owning a vehicle in the city is difficult due to parking and traffic issues. The fact that both tourists and locals rely on car rentals contributes significantly to the US car rental market. The rental industry in the United States has a bright future ahead of it as more and more people prefer to rent a car rather than own one. This can rise as the cost of renting a luxury car or renting a car for intercity or interstate travel rises. Aside from offices at the major airports, car rentals are available throughout the state, catering to both domestic and international travelers. People who are concerned about the environment and emissions prefer carpooling and renting to owning their own cars, which reduces the number of vehicles on the road. The car rental industry has increased its use of electric vehicles in its fleets, making it more environmentally friendly. Rentals also allow people to easily access a vehicle without incurring the additional costs associated with vehicle ownership.

According to the research report, "United States (U.S.) Car Rental Market Overview, 2028," published by Bonafide Research, the market is anticipated to add USD 12.46 billion by the end of 2028. Economy cars had the largest market share in the car rental market. One of the most important factors to consider when renting a car is its fuel economy as it has an effect on operating costs. Because of the low maintenance and procurement costs, most market players prefer economy cars for car rental services. Furthermore, economy cars are compact in nature and provide adequate comfort to the passengers. A significant increase in the number of people travelling for business and pleasure across the country is fueling demand for car rental services and propelling the industry's growth. Employees travelling to the United States for business purposes increase demand for U.S. car rentals to familiarise themselves with locations and business details. Rising internet penetration across developing as well as developed countries has further helped companies in the market capture a larger customer base with the help of dedicated mobile apps for the convenience of customers. The availability of a wider range of car types for rental purposes, such as SUVs and MUVs, boosts demand for US car rentals. The convenience of booking cars offline by visiting car rental outlets or online through a website or app has increased the share of the US car rental market.

Car-sharing and the adoption of technologies such as telematics introduced by new players such as Zipcar and BlaBlaCar have increased the adoption of car rental in the United States. In the United States car rental market, incremental improvements, such as an updated car rental app, are expected between now and then. As air traffic declined, so did the use of US car rentals in airports. Due to transportation restrictions and a lockdown, the pandemic reduced demand for car rental services in the United States. The United States' car rental market share is declining as a result of low internet penetration in developing countries, resulting in a lack of awareness about car rental services. High gasoline and diesel prices may reduce demand for car rentals in the United States.

This is one of the fastest-growing markets for smart transportation services. The key players' adoption of car rental software provides the market with excellent future prospects. Improving mobile car rental apps is a critical factor in global market growth. Car rental software boosts the market's efficiency. Other benefits of using this include simple fleet optimization, cost management, and custom reports. Adoption of car rental software creates significant market growth opportunities. One of the most difficult challenges that car rental companies face is providing superior customer service. Lack of information on payment options, long booking times, and car availability are all factors that can stymie demand in the car rental market. The dire need for technology to overcome challenges has resulted in the development of mobile software and various mergers between car manufacturers and car rental companies in order to increase the number of cars. In the near future, such developments will determine the value of the car rental market.

Considered in this report
• Geography: United States
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• United StatesCar Rental market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By car Type
• Luxury car
• Executive car
• Economy car
• Sports utility vehicle (SUV) car
• Multi utility vehicle (MUV) car

By application Type
• Leisure/Tourism
• Business

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to car rental industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.