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The European Vehicle Rental Market is segmented by Application Type (Leisure/Tourism and Business), Vehicle Type (Passenger Cars and Commercial Vehicles), Booking Type (Online and Offline), Rental Length Type (Short-term and Long-term), and Geography.
Fastest Growing Market:
The European vehicle rental market is anticipated to register a CAGR of over 6% during the forecast period, 2020-2025.
The European vehicle rental market has been segmented by application type, booking type, vehicle type, and rental length type.
|Rental Length Type|
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Tourism is a significant economic activity in the European Union, with a wide-ranging impact on economic growth, employment, and social development. It is a growing sector and key to the economy, as it generates more than 5% of the European Union GDP.
The European car rental companies cater majorly to tourists, looking to explore the destinations in their own time, with online and walk-in booking services making car rental more simple, accessible, and efficient. Furthermore, with relaxation in the issuing of visas to tourists from the relevant source markets, such as the United States, Canada, Japan, and Australia, also propelled the tourism in the country, in turn, driving the vehicle rental market.
Tourism is a growing sector in Spain and is one of the key factors driving the growth of the economy. The country has 47 UNESCO World Heritage Sites, numerous beaches on the Atlantic and Mediterranean, and countless ongoing festivals across the year, which helps gather millions of international tourists and domestic tourists.
The Spanish vehicle rental companies cater specifically to tourists, looking to explore Spain on their own, online and walk-in booking services, making vehicle rental more straightforward, more accessible, and efficient.
The Spanish tourism industry is expected to witness slow growth in 2019, owing to the recovery of the tourism industry at Mediterranean destinations, such as Tunisia or Turkey, which, in turn, may result in slow growth in the car rental market in the country.
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France is the largest market for vehicle rental in the region, with increased demand for vehicles, for leisure and tourism purposes. The market has evolved over the years to emerge as one of the most developed markets in the region. According to a press conference with CNPA, (the car rental branch of the trade association of cars and related activities, in France), the number of car rental transactions has been increasing in the region.
In 2018, France witnessed the most considerable footfall of international tourists of 86.9 million, followed by Spain, Italy, the United Kingdom, and Germany at 81.8, 58.3, 37.7, and 37.5 million, respectively.
The number of tourists is directly proportional to the vehicle rental market, as these countries hold the top five spots in terms of market revenue.
The market for car sharing in Germany has shown a booming trend over the last two years and is further expected to continue growing during the forecast period. The sharing of operating and maintenance costs significantly reduces the burden among the consumers in a vehicle rental system and is one of the primary reasons for the growth of the German market.
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The European vehicle rental market is consolidated, dominated by major players, like Avis Budget Group Inc., Enterprise Holdings Inc., Europcar, The Hertz Corporation, and SIXT SE.
Europcar, a leading player in the European vehicle rental market, made a major move by launching a new brand – InterRent in 2013, and entered into a partnership with the US car rental provider, Advantage. The company also made a strategic acquisition of a majority stake in Ubeeqo, a French startup, specializing in car sharing.
The vehicle rental market in the region has undergone a lot of mergers and acquisitions, making the top-five players a significant contributor in the vehicle rental market. Most of the big-time US rental agencies have their presence in the market throughout Europe. These companies are among the most demanded ones in the region, due to their presence throughout Europe, and readily available vehicles, in nearly all the areas.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Application Type
5.2 Booking Type
5.2.1 Offline Access
5.2.2 Online Access
5.3 Vehicle Type
5.3.1 Passenger cars
5.3.2 Commercial Vehicles
5.4 Rental Length Type
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Advantage OPCO LLC
6.2.2 Avis Budget Group Inc.
6.2.3 Enterprise Holdings Inc.
6.2.4 Europcar International
6.2.5 The Hertz Corporation
6.2.6 InterRent Car Rental
6.2.7 Peugeot Open-Europe
6.2.8 SIXT SE
6.2.9 Thrifty Car Rental Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS