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

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 - 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 -

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Europe Car Rental Service Market: Strategic Insights

Europe Car Rental Service Market

• Market Size 2018
  US$ 14.17 Billion
• Market Size 2027
  US$ 24.00 Billion

Market Dynamics

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FUTURE TRENDS

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OPPORTUNITIES

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Regional Overview

• Europe

Market Segmentation

Rental Location

• Non-Airport
• On Airport & Train Station

Car Category

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

Customer Type

• B2B and B2C

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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

Europe Car Rental Service Market Report Scope