Market Size of Italy Car Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.04 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Italy Car Rental Market Analysis
Italy Car rental market was valued at USD 0.77 Billion in 2021 and is projected to grow to USD 1.14 Billion by 2027, registering a CAGR of 5.04% in terms of revenue during the forecast period (2022-2027).
The rapid expansion of 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 50% 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 48% in 2021 as compared to 2020.
Over the medium term, 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 84% 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.
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 50 million, such increase in use of internet will help to boost the market.
