Europe Car Rental Market, By Vehicle Type (Luxury Cars, Executive Cars, Economy Cars, SUVs, MUVs); By Application (Local usage, Airport Transport, Outstation); By Booking Type (Online, Offline); By Country (Germany, United Kingdom, Italy, France, Spain, Belgium, Russia, Netherlands, Rest of Europe), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
- Published Date: November 2023
- Report ID: BWC23922
- Available Format: PDF
- Page: 240
Report Overview
Tourism trends, economic conditions, vehicle fleet size and quality, competitive pricing, regulatory policies, and the rise of ride-sharing services, consumer preferences for flexible transportation options, and sustainability are expected to drive the Europe Car Rental Market during the forecast period between 2023 and 2029.
Europe Car Rental Market - Industry Trends & Forecast Report, 2029
Europe car rental market size was estimated at USD 14.16 billion in 2022. During the forecast period between 2023 and 2029, the size of Europe car rental market is projected to grow at a CAGR of 10.86% reaching a value of USD 26.28 billion by 2029. Europe car rental market is influenced by several key driving factors. Firstly, the growing trend of tourism within Europe contributes significantly, as tourists often require rental vehicles for transportation. Also, the convenience and flexibility of car rentals for business travelers play a pivotal role. Environmental concerns and a shift towards eco-friendly options, like electric and hybrid cars, are also impacting the market. The expansion of online booking platforms and mobile apps has made it easier for consumers to access rental services. Further, the proliferation of ride-sharing and car-sharing services has intensified competition, prompting rental companies to innovate and offer competitive pricing and services.
Car Rental - Overview
Car rental refers to the temporary usage of a vehicle, typically from a rental company, for a specified period in exchange for a fee. It offers individuals and businesses the flexibility of access to a wide range of vehicles, including cars, vans, and trucks, without the commitment of ownership. Customers can rent vehicles for various purposes, such as travel, transportation, or special occasions. Rental companies often offer a variety of vehicle models, rental durations, and optional services like insurance and GPS navigation. Car rental is a convenient and cost-effective solution for those needing temporary access to transportation.
Europe Car Rental Market
Growth Drivers
Sustainable Tourism Trends Propel Market Growth
One significant growth driver for the Europe car rental market is the increasing emphasis on sustainable tourism. Travelers across the continent are increasingly conscious of their carbon footprint and are seeking eco-friendly transportation options. Car rental companies are responding by expanding their fleets with electric and hybrid vehicles, reducing emissions, and adopting green practices. Also, government regulations and incentives to promote clean energy transportation are pushing the industry towards sustainability. Therefore, eco-conscious travelers are more likely to choose car rental services that align with their values, driving the growth of this segment in the European market.
Restraints
Supply Chain Bottlenecks
Europe car rental market faces a significant restraint due to supply chain bottlenecks, hampering its growth prospects. The global semiconductor shortage has disrupted the production of new vehicles, leading to reduced fleet availability for rental companies. Also, delays in the delivery of rental vehicles, spare parts, and maintenance equipment have created operational challenges, impacting the overall customer experience. Rising fuel costs and limited access to electric and hybrid vehicles further compound the industry's woes, as customers seek more eco-friendly options. These multifaceted supply chain issues pose a formidable obstacle to the recovery and expansion of the Europe car rental sector.
Impact of COVID-19 on Europe Car Rental Market
COVID-19 pandemic significantly impacted Europe car rental market. Travel restrictions, lockdowns, and reduced tourism significantly dampened demand for rental vehicles, leading to a sharp decline in revenues for car rental companies. Many firms struggled to adapt to the new normal, implementing strict hygiene measures and contactless services to reassure customers. The business and leisure travel segments were particularly affected, with a shift towards remote work and reduced international travel. As vaccination campaigns progressed, the market slowly recovered, but it faced ongoing challenges due to uncertainties in travel patterns and evolving pandemic dynamics, reshaping the industry's future outlook.
Europe Car Rental Market
Segmental Coverage
Europe Car Rental Market - By Vehicle Type
By vehicle type, Europe car rental market is divided into Luxury Cars, Executive Cars, Economy Cars, SUVs, and MUVs segments. Luxury cars often attract discerning travelers seeking premium comfort and style. Executive cars target business travelers with a preference for sophistication. Economy cars appeal to budget-conscious individuals, while SUVs and MUVs meet the demand for spacious and versatile vehicles. Collectively, these segments underscore the market's adaptability, ensuring that European car rental providers can accommodate a wide array of clientele, making it a thriving and competitive industry across the continent.
Europe Car Rental Market - By Application
Based on application, Europe car rental market is divided into Local usage, Airport transport, and Outstation segments. The local usage segment stands out as the largest. This segment caters to individuals and businesses looking for short-term rentals within city limits, making it a significant driver of the overall car rental industry in Europe. It encompasses a wide range of customers who require vehicles for daily commuting, leisure, or short trips. With its broad customer base and diverse rental needs, the Local usage segment plays a pivotal role in shaping the dynamics and competitiveness of the European car rental market.
Europe Car Rental Market - By Booking Type
By booking type, Europe car rental market is split into Online and Offline segments. The online segment has witnessed substantial growth and prominence in recent years. This digital-driven segment allows customers to conveniently book rental cars through various online platforms and apps, offering a wide range of choices and competitive pricing. With the increasing trend of digitalization and the ease of online reservations, the online segment has become the largest and most dominant sector in the European car rental industry. It continues to evolve, offering customers a seamless and efficient way to access rental vehicles across the continent.
Europe Car Rental Market - By Country
Geographically, Europe car rental market is divided into Germany, United Kingdom, Italy, France, Spain, Belgium, Russia, the Netherlands, and Rest of Europe. These countries represent the core of the market, each offering unique opportunities and challenges for car rental services. However, it's important to note that there is also a segment known as "Rest of Europe," which encompasses other European nations not specifically mentioned here. While these countries may have smaller market shares individually, their collective impact on the European car rental industry should not be underestimated, as they contribute to the overall diversity and complexity of the market.
Competitive Landscape
Europe car rental market is fiercely competitive, with Avis Budget Group, SIXT SE, Enterprise Holdings Inc., Europcar International, The Hertz Corporation, ALD Automotive, Europcar Mobility Group, FleetCor Technologies, Movilitas Rent a Car, Goldcar, InterRent, Aurtoclick, Thrifty Car Rental, Budget Rent a Car, and Alamo Rent A Car. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.
Scope of the Report
|
Attributes |
Details |
|
Years Considered |
Historical Data – 2019–2022 |
|
Base Year – 2022 |
|
|
Estimated Year – 2023 |
|
|
Forecast Period – 2023–2029 |
|
|
Facts Covered |
Revenue in USD Billion |
|
Market Coverage |
Germany, United Kingdom, Italy, France, Spain, Belgium, Russia, Netherlands, Rest of Europe |
|
Product/ Service Segmentation |
Type, Application, Booking Type, Country |
|
Key Players |
Avis Budget Group, SIXT SE, Enterprise Holdings Inc., Europcar International, The Hertz Corporation, ALD Automotive, Europcar Mobility Group, FleetCor Technologies, Movilitas Rent a Car, Goldcar, InterRent, Aurtoclick, Thrifty Car Rental, Budget Rent a Car, Alamo Rent A Car |
By Vehicle Type
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Luxury Cars
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Executive Cars
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Economy Cars
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SUVs
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MUVs
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By Application
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Local Usage
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Airport Transport
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Outstation
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By Booking Type
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Online
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Offline
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By Country
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Germany
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United Kingdom
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Italy
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France
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Spain
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Belgium
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Russia
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The Netherlands
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Rest of Europe
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- Research Framework
- Research Objective
- Technology Overview
- Market Segmentation
- Executive Summary
- Europe Car Rental Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Increasing tourism in Europe
- Growth of the shared mobility market
- Restrain
- Economic slowdown
- Rising fuel prices
- Opportunities
- Expansion into new markets
- Development of new products and services
- Challenges
- Competition from other modes of transportation
- Managing a large fleet of vehicles
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Europe Car Rental Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share and Forecast
- By Vehicle Type
- Luxury Cars
- Executive Cars
- Economy Cars
- SUVs
- MUVs
- By Application
- Local Usage
- Airport Transport
- Outstation
- Others
- By Booking Type
- Online
- Offline
- By Country
- Germany
- United Kingdom
- Italy
- France
- Spain
- Belgium
- Russia
- The Netherlands
- Rest of Europe
- By Vehicle Type
- Market Size & Forecast, 2019–2029
- Germany Car Rental Market Overview
- Market Size & Forecast, 2019–2029
- Market Share & Forecast
- By Vehicle Type
- By Application
- By Booking Type
- United Kingdom Car Rental Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Vehicle Type
- By Application
- By Booking Type
- Market Size & Forecast, 2019–2029
- Italy Car Rental Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Vehicle Type
- By Application
- By Booking Type
- Market Size & Forecast, 2019–2029
- France Car Rental Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Vehicle Type
- By Application
- By Booking Type
- Market Size & Forecast, 2019–2029
- Spain Car Rental Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Vehicle Type
- By Application
- By Booking Type
- Market Size & Forecast, 2019–2029
- Belgium Car Rental Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Vehicle Type
- By Application
- By Booking Type
- Market Size & Forecast, 2019–2029
- Russia Car Rental Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Vehicle Type
- By Application
- By Booking Type
- Market Size & Forecast, 2019–2029
- The Netherlands Car Rental Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Vehicle Type
- By Application
- By Booking Type
- Market Size & Forecast, 2019–2029
- Rest of Europe Car Rental Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Vehicle Type
- By Application
- By Booking Type
- Market Size & Forecast, 2019–2029
- Competitive Landscape
- List of Key Players and Their Offerings
- Europe Car Rental Market Share Analysis, 2022
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of COVID-19 on Europe Car Rental Market
- Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- Avis Budget Group
- SIXT SE
- Enterprise Holdings Inc.
- Europcar International
- The Hertz Corporation
- ALD Automotive
- Europcar Mobility Group
- FleetCor Technologies
- Movilitas Rent a Car
- Goldcar
- InterRent
- Aurtoclick
- Thrifty Car Rental
- Budget Rent a Car
- Alamo Rent-a-Car
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumptions & Limitations
- Qualitative Research
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
Figure 1 Europe Car Rental Segmentation
Figure 2 Europe Car Rental Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 Europe Car Rental Market Size, By Value (USD Million), 2019–2029
Figure 5 Europe Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Figure 6 Europe Car Rental Market Share, By Application, By Value, 2019–2029
Figure 7 Europe Car Rental Market Share, By Booking Type, By Value, 2019–2029
Figure 8 Germany Car Rental Market Size, By Value (USD Million), 2019–2029
Figure 9 Germany Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Figure 10 Germany Car Rental Market Share, By Application, By Value, 2019–2029
Figure 11 Germany Car Rental Market Share, By Booking Type, By Value, 2019–2029
Figure 12 United Kingdom Car Rental Market Size, By Value (USD Million), 2019–2029
Figure 13 United Kingdom Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Figure 14 United Kingdom Car Rental Market Share, By Application, By Value, 2019–2029
Figure 15 United Kingdom Car Rental Market Share, By Booking Type, By Value, 2019–2029
Figure 16 Italy Car Rental Market Size, By Value (USD Million), 2019–2029
Figure 17 Italy Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Figure 18 Italy Car Rental Market Share, By Application, By Value, 2019–2029
Figure 19 Italy Car Rental Market Share, By Booking Type, By Value, 2019–2029
Figure 20 France Car Rental Market Size, By Value (USD Million), 2019–2029
Figure 21 France Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Figure 22 France Car Rental Market Share, By Application, By Value, 2019–2029
Figure 23 France Car Rental Market Share, By Booking Type, By Value, 2019–2029
Figure 24 Spain Car Rental Market Size, By Value (USD Million), 2019–2029
Figure 25 Spain Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Figure 26 Spain Car Rental Market Share, By Application, By Value, 2019–2029
Figure 27 Spain Car Rental Market Share, By Booking Type, By Value, 2019–2029
Figure 28 Belgium Car Rental Market Size, By Value (USD Million), 2019–2029
Figure 29 Belgium Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Figure 30 Belgium Car Rental Market Share, By Application, By Value, 2019–2029
Figure 31 Belgium Car Rental Market Share, By Booking Type, By Value, 2019–2029
Figure 32 Russia Car Rental Market Size, By Value (USD Million), 2019–2029
Figure 33 Russia Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Figure 34 Russia Car Rental Market Share, By Application, By Value, 2019–2029
Figure 35 Russia Car Rental Market Share, By Booking Type, By Value, 2019–2029
Figure 36 The Netherlands Car Rental Market Size, By Value (USD Million), 2019–2029
Figure 37 The Netherlands Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Figure 38 The Netherlands Car Rental Market Share, By Application, By Value, 2019–2029
Figure 39 The Netherlands Car Rental Market Share, By Booking Type, By Value, 2019–2029
Figure 40 Rest of Europe Car Rental Market Size, By Value (USD Million), 2019–2029
Figure 41 Rest of Europe Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Figure 42 Rest of Europe Car Rental Market Share, By Application, By Value, 2019–2029
Figure 43 Rest of Europe Car Rental Market Share, By Booking Type, By Value, 2019–2029
List of Tables
Table 1 Europe Car Rental Market Size, By Value (USD Million), 2019–2029
Table 2 Europe Car Rental Market Size, By Vehicle Type, By Value, 2019–2029
Table 3 Europe Car Rental Market Size, By Application, By Value, 2019–2029
Table 4 Europe Car Rental Market Size, By Booking Type, By Value, 2019–2029
Table 5 Germany Car Rental Market Size, By Value (USD Million), 2019–2029
Table 6 Germany Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Table 7 Germany Car Rental Market Share, By Application, By Value, 2019–2029
Table 8 Germany Car Rental Market Share, By Booking Type, By Value, 2019–2029
Table 9 United Kingdom Car Rental Market Size, By Value (USD Million), 2019–2029
Table 10 United Kingdom Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Table 11 United Kingdom Car Rental Market Share, By Application, By Value, 2019–2029
Table 12 United Kingdom Car Rental Market Share, By Booking Type, By Value, 2019–2029
Table 13 Italy Car Rental Market Size, By Value (USD Million), 2019–2029
Table 14 Italy Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Table 15 Italy Car Rental Market Share, By Application, By Value, 2019–2029
Table 16 Italy Car Rental Market Share, By Booking Type, By Value, 2019–2029
Table 17 France Car Rental Market Size, By Value (USD Million), 2019–2029
Table 18 France Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Table 19 France Car Rental Market Share, By Application, By Value, 2019–2029
Table 20 France Car Rental Market Share, By Booking Type, By Value, 2019–2029
Table 21 Spain Car Rental Market Size, By Value (USD Million), 2019–2029
Table 22 Spain Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Table 23 Spain Car Rental Market Share, By Application, By Value, 2019–2029
Table 24 Spain Car Rental Market Share, By Booking Type, By Value, 2019–2029
Table 25 Belgium Car Rental Market Size, By Value (USD Million), 2019–2029
Table 26 Belgium Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Table 27 Belgium Car Rental Market Share, By Application, By Value, 2019–2029
Table 28 Belgium Car Rental Market Share, By Booking Type, By Value, 2019–2029
Table 29 Russia Car Rental Market Size, By Value (USD Million), 2019–2029
Table 30 Russia Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Table 31 Russia Car Rental Market Share, By Application, By Value, 2019–2029
Table 32 Russia Car Rental Market Share, By Booking Type, By Value, 2019–2029
Table 33 The Netherlands Car Rental Market Size, By Value (USD Million), 2019–2029
Table 34 The Netherlands Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Table 35 The Netherlands Car Rental Market Share, By Application, By Value, 2019–2029
Table 36 The Netherlands Car Rental Market Share, By Booking Type, By Value, 2019–2029
Table 37 Rest of Europe Car Rental Market Size, By Value (USD Million), 2019–2029
Table 38 Rest of Europe Car Rental Market Share, By Vehicle Type, By Value, 2019–2029
Table 39 Rest of Europe Car Rental Market Share, By Application, By Value, 2019–2029
Table 40 Rest of Europe Car Rental Market Share, By Booking Type, By Value, 2019–2029
Table 41 Avis Budget Group Company Overview
Table 42 Avis Budget Group Financial Overview
Table 43 SIXT SE Company Overview
Table 44 SIXT SE Financial Overview
Table 45 Enterprise Holdings Inc. Company Overview
Table 46 Enterprise Holdings Inc. Financial Overview
Table 47 Europcar International Company Overview
Table 48 Europcar International Financial Overview
Table 49 The Hertz Corporation Company Overview
Table 50 The Hertz Corporation Financial Overview
Table 51 ALD Automotive Company Overview
Table 52 ALD Automotive Financial Overview
Table 53 Europcar Mobility Group Company Overview
Table 54 Europcar Mobility Group Financial Overview
Table 55 FleetCor Technologies Company Overview
Table 56 FleetCor Technologies Financial Overview
Table 57 Movilitas Rent a Car Company Overview
Table 58 Movilitas Rent a Car Financial Overview
Table 59 Goldcar Company Overview
Table 60 Goldcar Financial Overview
Table 61 InterRent Company Overview
Table 62 InterRent Financial Overview
Table 63 Alamo Rent A Car Company Overview
Table 64 Alamo Rent A Car Financial Overview
Table 65 Other Prominent Players Company Overview
Table 66 Other Prominent Players Financial Overview
Market Segmentation
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