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Car Rentals - Americas

Americas

In the Americas, the Car Rentals market is expected to generate revenue of €38.58bn in 2024.
This revenue is projected to grow annually at a rate of 3.50%, resulting in a market volume of €45.81bn by 2029.
By 2029, the number of users in the Car Rentals market is expected to reach 128.20m users.
The user penetration rate is projected to be 10.6% in 2024 and 12.2% by 2029.
The average revenue per user (ARPU) is expected to be €0.36k.
By 2029, 79% of total revenue in the Car Rentals market will be generated through online sales.
It is worth noting that in the Americas, United States is expected to generate the most revenue in the Car Rentals market, with an estimated revenue of €28,940m in 2024.
Car rental demand in the United States is increasing due to a rise in domestic travel and a shift towards more sustainable transportation options.

Key regions: United States, Saudi Arabia, Thailand, South America, Malaysia

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Analyst Opinion

The Car Rentals market in Americas is experiencing steady growth due to changing customer preferences, emerging market trends, and local special circumstances. Customer preferences in the Car Rentals market in Americas are shifting towards convenience and flexibility. Customers are increasingly looking for hassle-free transportation options that allow them to easily travel from one place to another. This has led to a rise in the demand for car rentals, as it offers the flexibility to explore different destinations at one's own pace. Additionally, customers are also seeking cost-effective solutions, as car rentals often prove to be more economical compared to owning a car or using other modes of transportation. One of the key trends in the Car Rentals market in Americas is the growing popularity of online booking platforms. Customers are increasingly using online platforms to compare prices, check availability, and make reservations for car rentals. This trend has been fueled by the widespread availability of smartphones and the internet, which has made it easier for customers to access and book car rentals on the go. Online platforms also offer additional features such as customer reviews and ratings, which help customers make informed decisions. Another trend in the Car Rentals market in Americas is the increasing focus on sustainability and eco-friendly options. Customers are becoming more conscious of their environmental impact and are seeking car rental companies that offer fuel-efficient and electric vehicles. This trend is driven by both customer demand and government regulations promoting sustainable transportation options. Car rental companies are responding to this trend by expanding their fleet of eco-friendly vehicles and offering incentives to customers who choose these options. Local special circumstances also play a significant role in shaping the Car Rentals market in Americas. For example, in countries with a large tourism industry, such as Mexico and the Caribbean, the demand for car rentals is driven by international tourists who want to explore the local attractions at their own pace. In urban areas with limited parking spaces and high congestion, car sharing services have gained popularity as a convenient alternative to traditional car rentals. Additionally, in countries with a large immigrant population, car rentals are often used by individuals who do not own a car but need temporary transportation for work or personal reasons. Underlying macroeconomic factors also influence the Car Rentals market in Americas. Economic growth, disposable income levels, and the overall stability of the economy play a significant role in determining the demand for car rentals. In periods of economic growth, people are more likely to travel and spend money on leisure activities, leading to an increased demand for car rentals. Conversely, during economic downturns, people may cut back on discretionary spending, which can impact the demand for car rentals. In conclusion, the Car Rentals market in Americas is witnessing growth due to changing customer preferences, emerging market trends, and local special circumstances. The shift towards convenience and flexibility, the popularity of online booking platforms, and the focus on sustainability are driving the demand for car rentals. Local factors such as the tourism industry and urban congestion also contribute to the market's development. Additionally, underlying macroeconomic factors such as economic growth and disposable income levels play a significant role in shaping the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of car rental services.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.