According to Europe, Car Rental Industry Analysis in the recent years, there has been a strong rise in the number of inbound tourists to Europe which has further led to an affirmative impact on the growth of this market in the continent. Car rental services generally function in a network of pick-up or drop-off points and provide a wide range of vehicles, which are usually owned by an organization that rents them to the users for short periods of time, depending on their needs; be it daily, monthly, or even annual plans.
Sources from Europe Car Rental Industry Research Report well showcase that in today’s world, the industry has evolved from just being a basic service provided by popular organizations to a “widely recognized component” of the urban transport market and is very robustly being developed into a globalized industry that can offer much transportation, land use, environmental, and social benefits. Additionally; Avis Budget, Enterprise, Europcar, Hertz, and Sixt have been identified as the prominent vendors of the car rental market in Europe which mainly caters to three types of transport including airport, local, and outstation.
The car rental market in Europe is characterized by the presence of a goodly number of international players along with several regional players and recently, the large players have been noticed as acquiring the smaller players that exist in this industry in order to ameliorate their overall geographical presence and product portfolio and embellish their technological abilities. Furthermore, with the rise of product extensions and technological innovations; the market’s competitive environment is anticipated to intensify as the years roll by.
The airport transportation segment is further expected to experience a considerable growth as a result of which the overall revenue of this sector is all set to balloon in 2021. Significantly, all the key car rental vendors are expected to showcase an exponential growth owing to the resiliently expanding presence of these players in the prominent European countries including France, the UK, Germany, Spain, and Italy.
Moreover, mobility is a theme that has gained popularity recently and is majorly being driven by shifts in the consumer attitudes, urbanization and other societal changes like: an amplified focus on the overall sharing economy. This has been witnessed as a megatrend, which is expected to shape the European society in the future years owing to an increase in the number of people who will seek alternative solutions to car ownership, for instance: car and ride sharing and ultimately a boom in the demand will be experienced especially for the providers of such mobility services.
Even, the car rental companies have been observed as focusing on adoption of electric cars in order to comply with the stringent environmental regulations and initiatives as per the Europe Market Research Reports for Car rental. It is further projected to be one of the key trends that will help the car rental market to blossom in this continent. Recently, Hertz and Enterprise has added electric vehicles to its portfolio and is all set to further introduce plug-in vehicles for rental and car-sharing services, which will be a game changer as it will help in lessening the cost of buying an electric car significantly; ultimately leading to an increased influence on the sales of more electric cars in future.
Most of the US rental agencies have had their presence throughout Europe since a long time and these companies possess a higher demand feature in this continent because the vehicles are readily available in nearly all areas. Consequently, the number of users of these rental services is expected to amount to nearly 16.9 million by 2022. Besides that, Europe Car rental Market Research Reports have revealed that the airport transport segment will act as the major contributor of this market owing to the presence of a horde of vendors, which will provide convenient services to the customers along with complimentary vehicle insurance in the years to proceed. Furthermore, the upcoming trends involving the launch of subscription model in rental cars are gaining momentum in this industry and triggering the overall market demands by enabling the customers to suit their different needs. Thus, with such ongoing developments in future; the car rental industry in Europe will flourish incredibly.
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Ankur Gupta, Head Marketing & Communications