What Is The Size Of Germany Car Rental Industry?
Germany Car Rental market is growing at a CAGR of ~% in 2017-2022 and is expected to reach EUR ~ Bn by 2027F.
The Germany Car Rental Market is largely driven by rise in number of travelers demands for car rental services, increasing demand for online car rental services and digitization.
But, the rapid spread of coronavirus across the country and enforced lockdown in country have had a negative impact on the car rental market. Manufacturers operating in the car rental market are recovering from the losses caused due to disturbed services due to halt on transportation activities and travel restrictions.
After the successful recovery of businesses, manufacturers in the car rental market are marking their presence in the market. Major players operating in the car rental market are investing and expanding their services to fulfill rising demands from consumes.
Also, increasing popularity of tours and travels due to rising disposable incomes is a factor demanding high quality and reliable travel services for their tours. Leading car rental service providers are offering quality services and promoting their brands at airports, and this is helping customers to adopt their services
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Germany Car Rental Market By Market Structure
The Germany Car Rental market is segmented by market structure into organized and unorganized market. There is a preference towards the organized sector as most of the tourists look for legal documents and certifications of the vehicle to avoid security patrolling for safety measures.
Germany Car Rental Market By Type Of Vehicles
The Germany Car Rental market is segmented by type of vehicles into small cars/ hatchbacks, sedans, SUVs and others. The most popular car models in the market are VW, Mercedes, Opel, VW Up, Toyota Aygo, Polo, Opel Corsa, VW Golf, and Opel Astra. Small Car/ Hatchback has the highest market share among other types of vehicles in the country.
Germany Car Rental Market By Ice/Ev
The Germany Car Rental market is segmented by ICE/EV into ICE (internal combustion engine) and electric vehicles. There is a preference towards the ICE vehicles as they have been very common and EVs are new concept and they are expensive also.
Germany Car Rental Market By Cities
The Germany Car Rental market is segmented by cities into Berlin, Hamburg, Munich and others. Munich has the most market share in car rental in Germany as compare to other cities.
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Germany Car Rental Market By Mode Of Booking
The Germany 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.
Germany Car Rental Market By Client
The Germany Car Rental market is segmented by client into business and leisure. Leisure holds the most of the market share in Germany Car Rental Market.
Germany Car Rental Market By Pick-Up
The Germany Car Rental market is segmented by pick-up into on-airport and off-airport. On-airport holds the market share in Germany Car Rental Market as people wants to get picked from the airport.
Competition Scenario In Germany Car Rental Market
Germany Car Rental Market is at growing stage and has moderately fragmented market with about 10-12 organized rental car providers. The Car Rental Market in the Germany has seen emergence of more players over the past 5 years. SIXT SE, Enterprises Holding Inc., Europcar, and AVIS are market leaders in Germany.
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What Is The Expected Future Outlook For The Overall Germany Car Rental Market?
The Germany Car Rental market was valued at EUR ~billion in 2022 and is anticipated to reach EUR ~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 Germany Car Rental market is driven by long term car renting gaining momentum, support for sustainable travel boosts interest in train and bus transport and expansion of the tourism industry. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
Also, online tourist vehicle bookings are increasing in the country and globally due to the rising usage of smartphones, and the growth in the number of users preferring online channel. With the growing trend in technology, renting a vehicle through online booking has become the most preferred choice for customers over the past few years.
Moreover, it provides additional facilities to monitor a rental vehicle’s operation, performance, and maintenance in real-time. Such features are tremendous assets for drivers and fleet managers, enabling them to better and more efficiently identify risks and implement timely improvements to their rental services. Furthermore, technological advancement and digitalization are factors assisting market players to stay ahead of the competition. Car rental services are often complemented by websites, allowing online reservations and car rental offices are primarily located near airports or busy city areas. Alongside the basic rental of a vehicle, car rental agencies typically offer extra services, such as GPS navigation systems, insurance, and entertainment systems. And, with broader challenges confronting all travel operators during the pandemic, car rental companies have suffered many of the same losses as other modes of transportation, such as airlines and trains, as a result of pandemic-driven demand for private travel options to non-urban destinations. However, as normal travel patterns resume in the coming years, car rental companies will face more direct competition from other modes of ground transportation, such as trains and buses, which will also seek a larger share of the more localized domestic and regional trips that are likely in the coming years.
For More Insights On Market Intelligence, Refer To The Link Below: –
Germany Car Rental Market Outlook To 2027F
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