Europe Car Rental Service Market Key Segments Poised for Strong Growth 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 service market thrives on the increasing availability of rental services, fueled by established companies expanding their offerings. Bolstered by rising disposable incomes and evolving lifestyles, the demand for car rentals continues its upward trajectory. Furthermore, the robust growth in tourism activities, supported by increasing travel budgets, significantly contributes to the expansion of this market.

Strategic Insights for the Europe car rental service market

Data-driven strategic insights into the Europe car rental service market sector provide a comprehensive analysis of the current market dynamics, highlighting emerging trends, key industry players, and specific regional characteristics. These insights deliver actionable recommendations, empowering stakeholders to differentiate themselves by identifying underserved market segments or crafting unique value propositions. By leveraging data analytics, industry participants can anticipate market shifts, whether they are investors, manufacturers, or other stakeholders. Adopting a forward-looking perspective is crucial, enabling stakeholders to proactively address market changes and position themselves for sustained success in this dynamic European landscape. Ultimately, well-informed strategic insights equip readers to make impactful decisions that drive profitability and achieve their business objectives within this market.

Regional Insights for the Europe car rental service market

The geographic reach of the Europe car rental service market defines the specific areas where businesses operate and compete. A deep understanding of local nuances, such as diverse consumer preferences (for example, varying demands for specific charging plug types or battery backup durations), differing economic conditions, and diverse regulatory frameworks, is paramount for tailoring effective market strategies. Businesses can broaden their market presence by identifying untapped regions or adapting their services to meet local demands. A focused market approach enables more efficient resource allocation, targeted marketing campaigns, and improved positioning against local competitors, ultimately fostering growth within those specific areas.

Europe Car Rental Service Market - Market Insights

Integration of Technology Enhancing Customer Service

A significant trend in the Europe car rental service market is the increasing focus of companies on integrating advanced technology-driven solutions. This strategic move aims to elevate customer service and create a competitive edge. For instance, in October 2019, Enterprise Holdings launched Entegral, an integrated software solution designed to streamline the post-accident process, enabling service providers to efficiently get customers back on the road. More recently, Avis introduced a split bill feature within its mobile application, allowing travelers to conveniently divide rental charges between personal and business credit cards. This emphasis on technological advancements is anticipated to generate substantial growth opportunities for players in the Europe car rental service market throughout the forecast period spanning 2019 to 2027.

The Rise of Budget-Friendly Car Rental Options

The car rental service market has witnessed a notable expansion in affordable offerings in recent years, driven by heightened demand for more economically priced services. The low-cost segment encompasses all budget-friendly rental options, typically featuring a reduced range of offerings and services alongside a more limited selection of brands, vehicle categories, and car models. Several prominent market players have acquired car rental companies specializing in cost-conscious customers. For example, Europcar's acquisitions of Goldcar and InterRent, both low-cost car rental service providers, exemplify this trend. Furthermore, Europcar's acquisition of Fox Rent A Car, a US-based budget rental service, aimed to capture a share of the US low-cost car rental market. Consequently, the advantages offered by low-cost car rental services are a significant factor propelling the growth of the Europe car rental service market.

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

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Europe Diabetes Care Devices Market: https://penzu.com/p/b2697a244f22b07d 

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights