Car Rental Market in Europe Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


Europe Car Rental Market Analysis: 

The Europe vehicle rental market has been valued at more than USD 13.0 billion in the current year, with an expected growth to USD 25.0 billion in the next five years. This growth is expected to be driven by a CAGR of 11% during the forecast period. However, the COVID-19 pandemic has caused a significant slowdown in the region’s vehicle rental market due to the sudden and complete suspension of transportation. The European countries’ rental vehicle demand has continued to decline as a result of the region’s declining preference for shared mobility. Nevertheless, the demand for vehicle rentals has significantly increased in the aftermath of the pandemic, as the number of tourists has significantly increased. This trend is expected to continue over the forecast period.

Over the medium term, the rise of electrification could potentially reduce the opportunities for vehicle rentals. The governments of different countries in the European region are offering huge incentives for the purchase of electric vehicles and commercial electric vehicles, which could potentially reduce the need for rental services if the products are offered at a lucrative price for the buyers. This could, in turn, reduce market opportunities and hinder market growth. However, the rise in online rental platforms has enabled customers to rent vehicles based on demand. As an additional offering, they are being provided with telematics, which is helping the business achieve faster deliveries and fleet management. The advantage of rentals is that customers don’t have to buy vehicles, which drastically reduces the upfront investment for businesses. Moreover, rental eliminates the cost of services, maintenance, and vehicle replacement, as well as the risks associated with the demand.

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