Europe Car Rental Service Market to Reach US$ 24.00 Bn at a CAGR of 6.2% in 2027

Europe Car Rental Service Market to 2027 - Regional Analysis and Forecasts by Rental Location (Non-Airport, and On Airport & Train Station); Car Category (Mini & Economy, Compact & Intermediate, Standard, Full Size, Premium, Luxury, and Special); Customer Type (B2B and B2C)

Publication Month : Dec 2019

  • Report Code : TIPRE00007758
  • Category : Automotive and Transportation
  • Status : Published
  • No. of Pages : 230
Inquire Before Buy

PRICING

$3000

$1800

The Europe car rental service market is expected to grow from US$ 14.17 Bn in 2018 to US$ 24.00 Bn by the year 2027. This represents a CAGR of 6.2% from the year 2019 to 2027.

The Europe car rental services market is mainly driven by the growing number of car rental services in the region as various established companies are focusing on providing the services to their customers. In addition, the growing spending power of the people and changing lifestyle are also powerful factors that are driving the growth of the Europe car rental service market in the region. Growing tourism activities and constantly rising tourism budget have supported the growth of the car rental services market.

Europe Car Rental Service Market Share by Countries (%)

Europe Car Rental Service Market Share by Countries (%)
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities

Europe Car Rental Service Market - Market Insights

Integration of technology-driven solutions to offer better customer services

Several car rental companies are focusing on offering advanced technology-driven solutions to their customers with intent to offer improved customer service as well as to distinguish their services from those offered by their competitors. In October 2019, Enterprise Holdings introduced Entegral, an integrated software solution capable of simplifying the post-accident process; this product enabled service providers to get customers on their way, back into their cars. Recently, Avis added a split bill function into its app to enable travelers to split rental charges between personal and business credit cards. Hence, such significant growth is expected to offer ample growth opportunities for the Europe car rental service market players during the forecast period of 2019 to 2027. 

The emergence of low-cost car rental services

In recent years, the car rental services market has noticed the development of economical offers to fulfill augmented demand for more reasonably priced services. The low-cost services segment comprises all low-price rental offers, including a reduced number of offerings and services along with a narrower choice of brands, categories, and car models. Several well-recognized market players have acquired car rental companies offering services to the customers who are conscious about the rent. For instance, Europcar acquired Goldcar and InterRent, low-cost car rental services providers. Further, it also acquired Fox Rent A Car, a US-based low-cost rental service provider, to gain the US low-cost car rental market share. Hence, such benefits of low-cost car rental services are propelling the growth of the Europe car rental service market. 

Europe Car Rental Service Market – Rental Location

A car rental services company rents automobiles for short periods of time for a charge. It is usually organized with several local branches that enable the user to return the vehicle at a different branch and primarily located on airports and or non-airport areas and often complemented by a website enabling online reservations. Today, car rental service companies made available various types of cars such as mini & economy, compact & intermediate, standard, full size, premium, luxury, and special at on-airports, railroad stations, hotels, and other locations. Previously business for car rental was operated on-airport location only. Nonetheless, from the last few years, the car rental service industry is also having non-airport locations as well, which includes outstation, inner-city, countryside, and intercity.

Europe Car Rental Service Market – Customer Type

The market players in the region are continuously focusing on the introduction of low-cost services for rental cars. Various companies hugely prefer online platforms for strengthening their market presence and gaining a wide customer base for car rental services. Additionally, numerous prominent car rental service providers are introducing attractive schemes with reasonable prices, thus strengthening their customer base. To ensure the companies provide the right service to the prospective customer, car rental service providers need to focus on various aspects such as understanding customers, consider their existing customer records such as online and offline customer feedback, and various others.

Europe Car Rental Service Market - Car Category Insights

The growth of car rental services market in Europe is due to the expansion and progression of the travel and tourism industry.  Different types of rental cars can be categorized as mini & economy, compact & intermediate, standard, full size, premium, luxury, and special. The car category helps one easily find a rental car that suits their needs. Numerous different car rental agencies provide several types of rental vehicles to serve business or customer’s needs. Companies such as Europcar and others in the region provide a variety of cars suitable for any budget and occasion. Furthermore, rental cars offer a clearer idea of the vehicle class and characteristics. Hence, this helps makes sure that car rental would meet the expectations.

Europe Car Rental Service Market by Car Category

Europe Car Rental Service Market by Car Category
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities


Europe Car Rental Service Market -

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Europe Car Rental Service Market: Strategic Insights

europe-car-rental-service-market
Market Size Value inUS$ 14.17 Billion in 2018
Market Size Value byUS$ 24.00 Billion by 2027
Growth rateCAGR of 6.2% from 2019-2027
Forecast Period2019-2027
Base Year2019
Analyst Image

Naveen

Have a question?

Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Analyst Image  Speak to Analyst

The market players present in car rental service market are mainly focusing on product enhancements by implementing advanced technologies. By signing partnerships, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company to maintain its brand name across the European region. Few of the recent developments are listed below:

2019:

Avis Budget Group renewed a multi-year agreement to extend its relationship as the exclusive car rental provider for AARP members. The Group will continue to offer AARP members with discounted rates as well as special offers on vehicle rentals with Avis Car Rental, Budget Car Rental, Payless Car Rental, and Budget Truck Rental.

2019:

Europcar acquired Fox Rent A Car, a US-based car rental services provider to accelerate its direct presence in the US.

2019:

The Avis Car Rental Mobile App was upgraded with a split payment feature that enables travelers to split rental charges between Personal and Business Credit Cards.

EUROPE CAR RENTAL SERVICE MARKET – MARKET SEGMENTATION

Europe Car Rental Service Market by Rental Location

  • Non-Airport
    • Outstation
    • Inner City
    • Country Side
    • Inter City
  • On-Airport & Train Station

Europe Car Rental Service Market by Car Category

  • Mini & Economy
  • Compact & Intermediate
  • Standard
  • Full size
  • Premium
  • Luxury
  • Special

Europe Car Rental Service Market by Customer Type

  • B2B
    • Corporate
    • SMEs
    • Others
  • B2C

Europe Car Rental Service Market by Countries

  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Russia
  • Poland
  • Austria
  • Switzerland
  • Sweden
  • Norway
  • Belgium
  • Netherlands
  • Rest of Europe

Europe Car Rental Service Market – Key Companies Profiled

  • Avis Budget Group, Inc.
  • Europcar Mobility Group S.A.
  • AB Car Rental Bonaire
  • DriveNow GmbH & Co. KG
  • Green Motion
  • Sixt SE
  • The Hertz Corporation
  • National Car Rental (Enterprise Holdings)
  • ALD Automotive
  • Arval BNP Paribas Group
  • Athlon International
  • DriiveME
  • Elite Rent-a-Car
  • Indigo Car Hire
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Rental Location, Car Category, Customer Type

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

UK, Germany, France, Italy, Russia

The List of Companies

  1. Avis Budget Group, Inc.
  2. AB Car Rental Bonaire
  3. ALD Automotive
  4. Arval BNP Paribas Group
  5. DriveNow
  6. Europcar Mobility Group S.A.
  7. Green Motion International
  8. National Car Rental (Enterprise Holdings)
  9. Sixt SE
  10. The Hertz Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Trends and growth analysis reports related to Europe Car Rental Service Market