Market Size of United Kingdom Car Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR (2024 - 2029) | 13.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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United Kingdom Car Rentals Market Analysis
The United Kingdom Car Rental Market is expected to register a CAGR of 13.70% during the forecast period.
The market was valued at USD 1.37 billion in 2021 and is expected to surpass a net valuation of USD 3.02 billion by 2027.
Moreover, covid-19 has partially affected the market for the United Kingdom car market with strict lockdown and a decrease in traveling to restrain the spread of the virus. Moreover, the recovery has been accepted by the market soon after Q2 2021, demand is seen turning around on the positive side.
Consumer preferences shifted as a result of a variety of circumstances. Most notably, health concerns drove people and families to hire vehicles rather than use public transportation. The rise of digital platforms in the marketplace has also facilitated the selection of cars for hire or leasing.
Internet penetration among the generation has been identified as a key pivot role in driving the demand for car rental market in United Kingdom. Several players in car rental business operating in the segment are expansing thei roots in countries to elevate the demand for the same. For instance;
- In Jul 2022, Theeb Rent A Car has opened its second branch in Hail city, north-western of Saudi Arabia, in line with its expansion plans to cover all the Kingdom cities, areas, and provinces.
Thus, rising leisure and tourism activties in the country has helped market to grow positively during the forecast period.
