According to a market report, published by Sheer Analytics and Insights, the total north america car rental market was valued at $58.5 billion in 2021 and it is expected to reach $103.2 billion at the CAGR of 5.2% through the forecast period. Car rental agencies are companies that provide services to their customers for travel purposes. Time of the car usage could be from a few hours to a few weeks. This car rental system serves people who do not have their own car or people with damaged cars who are waiting for their own vehicles to be repaired. Car rental agencies might serve vehicles such as vans, trucks in particular markets and they might also offer two-wheelers such as motorcycles or scooters.
A quick expansion of COVID-19 had a negative influence on the North American tourist sector. Further, this has affected the car rental business in a particular way and later this has led to a drop in demand for automobile rental agencies at tourist spots and airports. However, after the pandemic situation, car rental companies are getting back in stable positions again. In the North American region, some rental agencies provide vehicles mainly for those who need cars for temporary usage. Alongside the general rental, agencies provide a few product facilities such as navigation systems, GPS tracker, portable WIFI, and safety seats, especially for children. Even there are online car rental booking facilities for customers across the region. Travelers and other consumers can reserve a particular vehicle through the online application system for their own needs. However, keeping their customers in mind, few rental agencies from North American region are providing solutions to reduce traffic and pollution. Moreover, they often do pollution control check in order to keep their customers eco-friendly.
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North America held the largest market share of more than 50% in 2020. Leading car rental operators such as Avis Budget Group, Enterprise Rent-a-car among others are expected to make profitable growth over the forecast period. In the region, car rental market has witnessed significant attention over the last few years due to the increased use of digital mediums such as smartphones and other online booking systems. Car rental operators in developed countries such as the U.S, Canada, and Mexico are implementing new technological strategies and developing advanced systems to provide a streamlined process.
Key players such as Avis Budget Group, Enterprise Rent-a-car, Europcar, The Hertz Corporation, Alamo-rent-a-car, Routes Car Rental, Discount Car, and Truck Rentals are dominating the North America car rentals market by providing automobiles and car rental services to their customers such as an individual person, tourist, and travelers. The major focus of these players is to expand their business growth by enhancing rental services and implementing innovative strategies to gain the maximum profit from the market across the region. Furthermore, these leading players are also strengthening their hold on the car rental market by executing new business strategies, making partnerships with other companies.
North America Car Rentals Market Has Been Segmented Into:
North America Car Rental Market – By Product Type:
North America Car Rental Market – By Rental Duration:
North American Car Rental Market - By Application:
North America Car Rental Market – By Region:
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