$58.5bn
$XX.Xbn
128k
3,375
$X.Xbn
Car rental services fluctuated throughout the period. Stay-at-home orders during the pandemic prevented traveling, which decimated the market for car rentals. As mass vaccinations spread, the restrictions began to lift, leading to an influx of traveling for leisure and business purposes. While car rental operators recovered quite well, inflationary concerns led some consumers to hold off on traveling, constraining additional growth. Revenue grew at a CAGR of 1.8% to $57.65 billion over the past five years, including a 4.5% increase in 2023 alone. Average profit has also increased from the lows suffered in 2020.
Industry revenue has grown at a CAGR of 0.6 % over the past five years, to reach an estimated $58.5bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Enterprise Holdings Inc. | 11,155.5 | 946.1 | 8.5 | |
Avis Budget Group, Inc. | 7,365.2 | 603.3 | 8.2 | |
Hertz Global Holdings, inc. | 6,673.0 | 687.0 | 10.3 |
To view the market share and analysis for all 11 top companies in this industry, view purchase options.
Industry revenue is measured across several distinct product and services lines, including Leisure car rental, Business car rental and Car leasing. Leisure car rental is the largest segment of the Car Rental in the US.
Leisure rentals are the backbone
Operators rent or lease passenger cars to customers. Car rentals typically last a short time (30 days or fewer) while leasing agreements last longer (12 months or more). This industry excludes the rental or leasing of cars with drivers or trucks.
Purchase this report to view all 11 major companies in this industry.
NAICS 53211 - Car Rental in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Car rentals have skyrocketed as travel picked back up following mass vaccination efforts. Consumers are taking trips that they held off because of the pandemic.
Learn about an industry's products and services, markets and trends in international trade.
The airport market has experienced a significant boost thanks to a surge in both international and domestic travelers. This surge is a direct result of the pent-up demand for...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Companies near popular tourist spots will enter agreements to offer specialized rental units for their business activities. Some hotels and resorts will provide car rental se...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
The rise in popularity of ride-share apps has directly threatened car rental services. Ride-sharing makes accessing a ride simple with a mobile device.
Learn about the performance of the top companies in the industry.
Hertz's partnership with Tesla to increase the number of electric vehicles in their fleet has sent shockwaves throughout the industry.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Lower tariffs on imported vehicles have led to lower purchasing costs. Trade relationships with Mexico and Canada provide companies with easier access to cars.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Purchases remain the highest cost for car rental companies. Partnerships and contracts with suppliers help ease expenses.
Including values and annual change:
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Unlock comprehensive answers and precise data upon purchase. View purchase options.
The market size of the Car Rental in the US industry in United States is $58.5bn in 2024.
There are 3,375 businesses in the Car Rental in the US industry in United States, which has declined at a CAGR of 0.4 % between 2019 and 2024.
The market size of the Car Rental in the US industry in United States has been growing at a CAGR of 0.6 % between 2019 and 2024.
Over the next five years, the Car Rental in the US industry in United States is expected to grow.
The biggest companies operating in the Car Rental market in United States are Enterprise Holdings Inc., Avis Budget Group, Inc. and Hertz Global Holdings, inc.
Passenger car rental and Passenger car leasing are part of the Car Rental in the US industry.
The company holding the most market share in United States is Enterprise Holdings Inc..
The level of competition is high and increasing in the Car Rental in the US industry in United States.