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
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