“Rise in the tourists arrivals in top European countries (Spain, United Kingdom, Italy, France and Germany) coupled with regional expansion of domestic and international players in terms of their fleet size and number of rental locations have driven the Europe Car Rental Market”.
The report titled “Europe Car Rental Market Outlook to 2025- By Region (France, Germany, Spain, United Kingdom, Italy, Portugal, Ireland, Poland and Others), By Fleet (Compact, SUV, Luxury) and By Purpose (Leisure and Business), Car Sharing By Fleet Size and Users and Cab Aggregator By Revenue and Users)” by Ken Research suggested that the Europe Car Rental Market has been increasing due to rise in tourist arrivals coupled with regional expansion of local & international players in the market and adoption of innovative strategies by major players in European countries is expected to register a positive CAGR of 4.7% in terms of fleet size during the forecast period 2018-2025F.
Rise in the Number of Tourist Arrivals: Rise in tourism has been the major factor responsible for the growth of car rental services in Europe. Five out of the top 10 destinations in the world namely France, Spain, Italy, Germany and United Kingdom are located in European Union. The major car rental companies in Europe generate their revenue from the leisure and business travelers. The number of international tourist arrivals in European Union increased from 433 million in 2013 to 569 million in 2018 at a CAGR of 5.6% during the review period.
Digitization of Services: Digitization of services and smartphone technology in Europe has evolved over the years. Companies have been focusing on developing solutions such as simplifying booking process, connected vehicle technology, improved pricing mechanism and others in order to adapt to the latest technology trends to improve the experience and allowing flexibility to the customers. For instance, Sixt car rental company based in Germany, has developed an integrated platform for its car rental, car sharing and car ride services called Sixt One. The platform will enable the customers to avail the services from one single application thereby ensuring flexibly and smooth booking experience for the customer.
360 Degree Mobility Approach followed by companies: Companies have been following aggressive marketing strategies in order to differentiate their service offerings from other players in the market. 360 degree mobility approach is an example of one such aggressive marketing strategy. In this approach the companies integrate car sharing, ride hailing, scooter sharing, public transport and other mobility needs of the customer to address maximum customer touch points and creating a one stop solution for mobility.
Key Segments Covered:-
Europe Car Rental Market
By Region
France
Germany
Spain
United Kingdom
Italy
Portugal
Ireland
Poland
Others
By Fleet Type
Compact
SUV
Luxury and Premium
By Purpose
Leisure
Business
By Rental Location
On-Airport
Off-Airport
Europe Cab Aggregator Market
Europe Cab Aggregator Market By Revenue
Europe Cab Aggregator Market By Number of Users
Europe Car Sharing Market
Europe Car Sharing Market By Fleet Size
Europe Car Sharing Market By Number of Users
Key Target Audience:-
Car Rental Companies
Ride Hailing Companies /Cab Aggregators
Car Sharing Companies
Ride Sharing Companies
Government/ Regulatory Authorities
Online Aggregators
Automotive OEMs
Time Period Captured in the Report:-
Historical Period: 2013-2018
Forecast Period: 2019F-2025F
Companies Covered:-
Europe Car Rental Market
Europcar
Sixt
Avis Budget Group
Hertz
Enterprise-Rent-a-Car
Europe Cab Aggregator Market
Uber
Bolt
Gett
Cabify
Kapten
FreeNow
Europe Car Sharing Market
ShareNow
Zipcar
Ubeeqo
Getaround
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Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
