Market Trends of United States Vehicle Rental Industry
This section covers the major market trends shaping the US Vehicle Rental Market according to our research experts:
Rise in Tourism Industry Driving the Vehicle Rental Market
North America is one the main tourism industry under which the united states dominated the regional market. The state of New York is located on the northeast part of the United States and is one of the major tourist attractions. New York is the most competitive market for the car rentals due to the presence of numerous car rental providers. Spanning over 140,000sq-km, the state provides its travelers with a lot of historic and scenic tourist destinations, in turn, increasing the demand for rental services.
Additionally, New York has more than 25 notable airports, with a total passenger traffic of over 50 million per annum. The airports also provide a wide selection of car rental service providers to their commuters. The state is one of the most expensive locations to rent a car, with a daily average of around USD 76. This can increase with the rise in rent for luxury cars or renting cars at intercity or interstate travel. Apart from offices at the major airports, car rentals are also present throughout the state, which cater to the local and foreign travelers.
Online Booking is Dominating other booking type of Platforms
Online access is the most common method of booking a rental car, followed by offline access.
- It includes booking via internet websites and mobile applications.
- Among these, booking via sites is the most common way of booking cars. Online booking allows car booking even from far off places, without the need to be physically present at the location.
- It helps save time and is very convenient for both the car renter and owner
Now-a-days, booking online also serves a variety of purposes, such as verification of documents of the renter, information to the renter regarding the car, ability of drop and pickup of the renting car at a certain place, e-signed contracts, cashless transaction, and many more. These have helped car renting companies to gain a competitive edge over their competitors, during the past few years.
