Now Available: The North American Car Rental Market to 2018

From: Fast Market Research, Inc.
Published: Tue Aug 12 2014

The North American car rental market performed well during the review period (2009-2013), driven primarily by the overall good performance of the travel and tourism sector. Domestic trips, intra-regional travel as well as international arrivals to the region increased, leading to a rise in demand for car rental by both business and leisure tourists. The US is the largest market in the region, with the highest number of domestic as well international arrivals in 2013.

Report Highlights

* The total number of domestic trips in the US increased from 1.9 billion in 2009 to 2.1 billion in 2013, rising at a review-period CAGR of 1.98%. Over the forecast period, domestic tourist volume will continue to grow at a CAGR of 1.63% to reach 2.22 billion by 2018, driven by improved consumer confidence, rising employment rates and an increase in business travel.
* Domestic tourism drives the travel and tourism sector in Canada, with domestic trips accounting for 86.8% of domestic and inbound trips in the country. The total number of domestic trips increased at a review-period CAGR of 4.68%, rising from 91.4 million in 2009 to 109.7 million in 2013, driven by improving economic conditions within the country, rising consumer confidence, higher disposable incomes and more attractive discounts offered by travel suppliers.
* Leisure travel accounted for 63.4% of the total Mexican domestic trips, while business travel accounted for 18.3%. The average length of domestic trips in Mexico is higher in comparison to the US and Canada. The average number of nights spent on domestic trips in Mexico was 7.4 in 2013 which is significantly higher compared to 2.8 nights in Canada and 3.6 nights in the US.
* The total number of international arrivals to North America increased at a review-period CAGR of 4.33% from 93.0 million in 2009 to 110.2 million in 2013. The US recorded the highest review-period CAGR of 6.18%, while Canada and Mexico recorded CAGRs of 1.38% and 1.55% respectively. Of the total arrivals to the region, 63.8% came from North America while only 36.2% came from other regions (Africa, Asia-Pacific, Europe, Middle East and South and Central America) in 2013.
* Due to its high-quality road infrastructure and limited railways, the US car rental market is well developed. Tourist routes such as Route 66 are key tourist attractions and contribute to the growth of the car rental market in the country. The US car rental industry grew during the review period, with the total market value increasing at a CAGR of 5.35% from US$23.3 billion in 2009 to US$28.6 billion in 2013. Fleet size also increased at a CAGR of 4.20% driven by the expansion of the leading operators, Enterprise, Hertz and Avis.

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