What Is The Size Of Italy Car Rental Industry?
Italy Car Rental market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027F.
The Italy Car Rental Market is largely driven by smartphones users’ penetration, rising tourism and government initiatives.
Also, growing Demand for On-Demand Transportation Services to drive market growth increasing vehicle costs, shrinking parking lots, and high auto maintenance costs encourage people to use on-demand transportation services for trips and everyday commuting. As a result, the industry has grown due to consumers' increased preference for on-demand transportation.
Furthermore, the rising number of international tourists is the main growth driver for the expansion of the car rental market in the country raising the standard of booking and leading to robust revenue generation.
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Furthermore, the COVID-19 has disrupted car rental growth across the country. The strict travel restrictions and quarantine rules across the country have adversely affected the car rental market. The car rental market registered around ~% lower revenue in 2020 as compared to 2019. However, the market is displaying a decent recovery post-severe COVID-19 pandemic outbreaks as the market revenue is surging by around ~% in 2021 as compared to 2020.
Italy Car Rental Market By Type Of Vehicles
The Italy Car Rental market is segmented by type of vehicles into small cars/hatchbacks, Sedans, SUVs and others.
The most popular car models in the market are VW, Mercedes, Opel, VW Up, Toyota Aygo, Polo, Opel Corsa, VW Golf, and Opel Astra. Small Car/ Hatchback has the highest market share among other types of vehicles in the country in 2022.
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Italy Car Rental Market By Fuel Type
The Italy Car Rental market is segmented by fuel type into petrol, diesel and electric.
People usually prefer petrol-based car as they don’t want to wait for charging their cars.
Italy Car Rental Market By Mode Of Booking
The Italy Car Rental market is segmented by mode of booking into online and offline.
Online booking dominates the Italy car rental market in terms of revenue in 2022 and is registers a significant growth in terms of revenue during the forecast period. The rise in the use of internet and mobile phone applications across the country is likely to enhance the use of online booking platforms.
Competition Scenario In Italy Car Rental Market
Italy Car Rental Market is at a growing stage. The market is moderately fragmented. Italy Car rental market is dominated by major players such as USDopcar, Avis, Hertz, Rentalcars.com, Easycar.com, and many others Italy’s Car Rental Market is in the Growing stage owing to rising internet connectivity and smartphones penetration along with rising tourism.
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What Is The Expected Future Outlook For The Overall Italy Car Rental Market Across The Globe?
The Italy Car Rental market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Italy Car Rental market is driven by rising tourism, growing internet connectivity.
However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
Also, owing to the increasing demand from tourists for business and leisure purposes hiring rental cars along with the Italy government’s decision to increase the tax-free travel allowance. The growing penetration rate of the internet and smartphones are driving more people to rent a car as the services are mainly provided through online platforms.
The rise in domestic and international tourism across the country is likely to witness major growth in the market. In 2021, domestic expenditure accounts for around ~% of total tourism spending. The contribution of travel and tourism spending is the key factor toward the Italian GDP. Such an increase in travel and tourism sectors across the country is witnessing major demand for car rental services, which in turn witnessing major growth for the market.
Along with rising internet penetration across the country and increase in use of smart phone application for online car rental booking is likely to witness significant growth for the market. For instance, in 2021, the number of active internet user in Italy counted more than ~ million, such increase in use of internet will help to boost the market.
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Italy Car Rental Market Outlook to 2027F
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