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Europe Vehicle Rental Market 2019-2024 Comprehensive Analysis of Leading Key Players with Significant Growth Rate and Gross Margin Forecast to 2024

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Europe Vehicle Rental

Europe Vehicle Rental Market” report provides an in-depth research of market-based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments. Europe Vehicle Rental Market is comprehensively prepared with main focus on the competitive landscape, geographical growth, segmentation, and market dynamics, including drivers, restraints, and opportunities. It also analyzes the current and future prospect of Europe Vehicle Rental Market.

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Key Insights of Europe Vehicle Rental Market:

  • Complete in-depth analysis of the Europe Vehicle Rental
  • Important changes in market dynamics.
  • Segmentation analysis of the market.
  • Emerging segments and regional markets.
  • Historical, on-going, and projected market analysis based on volume and esteem.
  • Assessment of niche industry players.
  • Market share analysis.
  • Key strategies of major players

Market Overview:

  • The European vehicle rental market is anticipated to register a CAGR of about 6.23%, during the forecast period (2019 – 2024).
  • – One of the major factors driving the growth of the passenger car rental market is the growth in the tourism industry (resulting in an increase in the number of tourists visiting the region per month) and growing business opportunities in the region.
  • – Additionally, factors, such as increasing regulations on vehicle emissions, advancement in vehicle safety, the introduction of driver assist systems in vehicles, rapidly growing logistics, retail, and e-commerce sectors, have been significantly driving the demand for new advanced trucks in the European market over the past two years (2017-2018). Truck rental companies have also been equally impacted by the above factors, and are upgrading various systems of trucks in their rental fleet and adding new trucks in their rental fleet side-by-side, in order to capture the increasing market demand.
  • – Short-term leasing is likely to continue to grow during the forecast period, as it aids the European businesses meeting the peaks and troughs of seasonal demand by providing suitable trucks for the job at a short notice, without any penalties or commitments.
  • – European cars are majorly rented for a 24-hour period, usually with a 59-minute grace period. However, vehicles are most economical when rented for a week, or for a duration of more than five days, with unlimited mileage.
  • – The intensity of competition in the truck rental market in Europe is high, as truck rental firms, as well as truck OEMs, who offer rental services have been rigorously promoting their fleet management services to customers, such as telematics that offer optimal usage of the rental trucks with service support, document administration, cost estimates, insurances, and door-to-door services.

    Europe Vehicle Rental Market Segmentation by Top Key Players:

  • Advantage Rent-a-Car
  • Avis Budget Group
  • Enterprise Rent-a-Car
  • Europcar
  • Hertz
  • Inter-Rent
  • Peugeot Open-Europe
  • Sixt Group
  • Thrifty

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    Scope of the Report:

  • The European vehicle rental market has been segmented by application type, booking type, vehicle type, and rental length type.
  • Key Market Trends:

    Growing Domestic and International Tourism in the Region

    Tourism is a major economic activity in the European Union, with 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 GDP of the European Union.

    – In 2018, as per the UN World Tourism Organization, the international tourists’ arrivals in Europe, grew by 6% from 2017.
    – International tourist arrivals in Europe reached 713 million in 2018, from 628.31 million in 2017.
    – The growth was driven by Southern and Mediterranean Europe (growth by 7%), Central and Eastern Europe (growth by 6%), and Western Europe (growth by 6%). The growth in Northern Europe was flat, owing to Brexit issues.

    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 important 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 & Mediterranean, and numerous ongoing festivals across the year, which aids in gathering millions of international tourists, along with domestic tourists.

    – As per the UN World Tourism Organization, Spain registered 81.8 million international tourists during 2018.
    – This helped Spain to hold the second position as the most visited country in the EU region, after France.

    Spanish vehicle rental companies cater specifically to tourists, looking to explore Spain on their own, with online and walk-in booking services, making vehicle rental simpler, 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.

    France is the Leading European Vehicle Rental Market

    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 is increasing in the region.

    In 2018, France witnessed the largest footfall of international tourists of 86.9 million, followed by Spain, Italy, 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 also 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 reduce the burden, significantly, 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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    Europe Vehicle Rental Market Covers Following Points in TOC:

    • Chapter 1: Europe Vehicle Rental Market Definition
    • Chapter 2: Research Methodology of Europe Vehicle Rental Market
    • Chapter 3: Europe Vehicle Rental Market Executive Summary
    • Chapter 4: Europe Vehicle Rental Market Overview Includes Current Market Scenario, Porter’s Five Forces Analysis, Bargaining Power of Suppliers and Consumers, Threat of New Entrants and Substitute Product and Services
    • Chapter 5: Market Dynamics Covers Drivers, Restraints, Opportunities and Challenges
    • Chapter 6: Europe Vehicle Rental Market Segmentation by Types, End-User, and Applications Forecast to 2024
    • Chapter 7: Europe Vehicle Rental Market Segmentation by Geographical Regions
    • Chapter 8: Competitive Landscape of Europe Vehicle Rental Market Includes Mergers & Acquisition Analysis, Agreements, Collaborations, and Partnerships, New Products Launches
    • Chapter 9: Key Players for Europe Vehicle Rental Market

     

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