Belgium Car Rental market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD~ Bn by 2027F.The Belgium Car Rental Market is largely driven by increasing tourism, technological prospects & customer loyalty.The Car Rental Industry in Belgium & the whole of Europe will be driven majorly by increasing expansion of tourism & travel industry in the country, catalyzed by the government initiatives. Moreover, the growth of medical tourism can also be expected as Belgium is a popular tourist destination, with over 10 million tourists visiting the country in 2019. This has led to a growing demand for rental cars in Belgium.
Furthermore, the declining economic situation is arising in the Europe because of the Russia-Ukraine war & the cut-off of the Russian energy supply to the European countries. Thus, a tumultuous growth is expected of the Belgium Car Rental Market. As a result, a rise in price of rental cars is expected in the upcoming years. Although the market can be expected to show a steady growth but given the recent impact of the Russia-Ukraine war & the energy crisis, a slower market growth could be imminent.In addition to that, the global pandemic caused a huge devastation to the global economy. People were locked in as a result of which no transportation was in place & hence the car rental industry has also suffered.
BELGIUM CAR RENTAL MARKET BY APPLICATION
The Belgium Car Rental market is segmented by Application into Local Usage, Airport Transport, Outstation and Others. Local usage is the most dominant segment as more use the rental cars for their personal use.
BELGIUM CAR RENTAL MARKET BY TYPE OF VEHICLES
The Belgium Car Rental market is segmented by type of vehicles into Luxury, Executive, Economy, SUV and MUV. The most popular car models in the market are VW, Mercedes, Opel, VW Up, Toyota Aygo, Polo, Opel Corsa, VW Golf, and Opel Astra. Economy has the highest market share among other types of vehicles in the country.
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BELGIUM CAR RENTAL MARKET BY PRICE
The Belgium Car Rental market is segmented by Price into High (500,000+), Medium (200K-500K) and Low (Below 200K). Medium range vehicles have rented the most in the Belgium in 2022.
BELGIUM CAR RENTAL MARKET BY CITIES
The Belgium Car Rental market is segmented by cities into Antwerp, Brussels, Bruges and Namur. Brussels has the most market share in car rental in Belgium as compare to other cities.
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BELGIUM CAR RENTAL MARKET BY MODE OF BOOKING
The Belgium Car Rental market is segmented by mode of booking into online and offline. Online mode of booking is more as compare to offline as it is quick and have more options. Also, tourist from other countries who don’t know to location can also easily book their cars online.
COMPETITION SCENARIO IN BELGIUM CAR RENTAL MARKET
Car Rental Market in Belgium & the other regions of Europe is moderately concentrated owing to the presence of a few big players namely Avis Budget, Sixth, Europcar, Hertz & Enterprise-rent-a-car serving as dominant & active entities in the industry. Global giants enter the market through strategic partnership with local players by way of franchise, acquisition or merger. The competition amongst the entities is on the basis of price, quality of service being provided, ease of car rental & return, vehicle reliability, vehicle availability, product innovation, rental location, local & international distribution & the seamless process of car renting.
WHAT IS THE EXPECTED FUTURE OUTLOOK FOR THE OVERALL BELGIUM CAR RENTAL MARKET ACROSS THE GLOBE?
The Belgium Car Rental market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Belgium Car Rental market is driven by increasing tourism, technology prospects & customer loyalty. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
The car sharing market in Belgium & other parts of Europe has been growing owing to an increase in the number of key players in the national & international landscape. The market has been crowded by the presence of only a few players which has its good & bad effects. On one hand, where consumers do not have to think much before going for a car rental company, on the other hand, a situation of these giants controlling the market prices is likely to be created thus exploiting the industry. A few major players in the market are Ubeeqo, Sharenow, Zipcar etc.
Furthermore, the declining economic situation as a result of the Russia-Ukraine war & the cut-off of the Russian energy supply to the European countries is expected to result in a tumultuous growth of the Belgium Car Rental Market. As a result, a rise in price of rental cars is expected in the upcoming years.
In future, it is anticipated that car rental market in Belgium & other parts of Europe will be fueled by rise in tourist arrivals, economic growth, regional expansion of players in terms of fleet size, increase in customer spending, initiatives undertaken to reduce traffic congestion and carbon footprint by government bodies across various countries and growth in investments in technology by major players in the market over the years. Although a bit fluctuation is predicted a result of Russia Ukraine war & the rise in the energy prices, steps can be taken to increase the overall revenue.
For more insights on the market intelligence, refer to the link below: –
Future Outlook of Belgium Car Rental Industry
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