The Europe car rental service market is expected to grow from US$ 14.17 Bn in 2018 to US$ 24.00 Bn by the year 2027. This represents a CAGR of 6.2% from the year 2019 to 2027.
The Europe Car Rental Services Market is mainly driven by the growing number of car rental services in the region as various established companies are focusing on providing the services to their customers. In addition, the growing spending power of the people and changing lifestyle are also powerful factors that are driving the growth of the Europe car rental service market in the region. Growing tourism activities and constantly rising tourism budget have supported the growth of the car rental services market.
Several car rental companies are focusing on offering advanced technology-driven solutions to their customers with intent to offer improved customer service as well as to distinguish their services from those offered by their competitors. In October 2019, Enterprise Holdings introduced Entegral, an integrated software solution capable of simplifying the post-accident process; this product enabled service providers to get customers on their way, back into their cars. Recently, Avis added a split bill function into its app to enable travelers to split rental charges between personal and business credit cards. Hence, such significant growth is expected to offer ample growth opportunities for the Europe car rental service market players during the forecast period of 2019 to 2027.
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Major Key Players Covered In This Report:Avis Budget Group, Inc. AB Car Rental Bonaire ALD Automotive Arval BNP Paribas Group DriveNow Europcar Mobility Group S.A. Green Motion International National Car Rental (Enterprise Holdings) Sixt SE The Hertz Corporation
In recent years, the car rental services market has noticed the development of economical offers to fulfill augmented demand for more reasonably priced services. The low-cost services segment comprises all low-price rental offers, including a reduced number of offerings and services along with a narrower choice of brands, categories, and car models. Several well-recognized market players have acquired car rental companies offering services to the customers who are conscious about the rent. For instance, Europcar acquired Goldcar and InterRent, low-cost car rental services providers. Further, it also acquired Fox Rent A Car, a US-based low-cost rental service provider, to gain the US low-cost car rental market share. Hence, such benefits of low-cost car rental services are propelling the growth of the Europe car rental service market.
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A car rental services company rents automobiles for short periods of time for a charge. It is usually organized with several local branches that enable the user to return the vehicle at a different branch and primarily located on airports and or non-airport areas and often complemented by a website enabling online reservations. Today, car rental service companies made available various types of cars such as mini & economy, compact & intermediate, standard, full size, premium, luxury, and special at on-airports, railroad stations, hotels, and other locations. Previously business for car rental was operated on-airport location only. Nonetheless, from the last few years, the car rental service industry is also having non-airport locations as well, which includes outstation, inner-city, countryside, and intercity.
The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Europe Car Rental Service market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal with regard to different segments. The report predicts the influence of different industry aspects on the Europe Car Rental Service market segments and regions.
The research on the Europe Car Rental Service market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients understand their competitor’s methodologies. The research also segments the Europe Car Rental Service market on the basis of end user, product type, application, and demography for the forecast period 2020–2027. Comprehensive analysis of critical aspects such as impacting factors and competitive landscape are showcased with the help of vital resources, such as charts, tables, and infographics.
This report strategically examines the micro-markets and sheds light on the impact of technology upgrades on the performance of the Europe Car Rental Service market.
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