The Vehicle Rental Market in Europe is being driven by Growing awareness about rental cars among European people
The Vehicle Rental Market in Europe is expected to grow at a CAGR of 8.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 21.46 billion. In the European vehicle rental market, technology plays a pivotal role in enhancing customer convenience. Operators are focusing on streamlining membership processes to ensure swift vehicle availability. Digital platforms, such as mobile apps and websites, are the primary channels for conducting business. These mediums facilitate communication of fares, promotional offers, discount coupons, and real-time vehicle availability and tracking details. Furthermore, rental companies heavily rely on digital advertisement and continually update their mobile applications to incorporate additional customer-friendly features, such as program widgets, to provide targeted and timely information.
Get more information on Vehicle Rental Market in Europe by requesting a sample report
The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
Rich Experience: 20+ years leading global market research, trusted insights across industries.
Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.
Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.
Market Scope |
|
Report Coverage |
Details |
Page number |
151 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.8% |
Market growth 2025-2029 |
USD 21.46 billion |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
8.7 |
Key countries |
Germany, UK, France, Italy, and Rest of Europe |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Find out which segment is leading the market by accessing the free PDF report
The European vehicle rental market caters to both business and leisure travellers, offering a range of automobiles through both online and offline channels. Rental Car services provide personal vehicles for global commuters and tourists, with insurance compensation policies and car damage repair ensuring peace of mind. Entertainment systems, internet booking applications, and car rental software enhance the customer experience. Car rental operators serve various segments, including bleisure and leisure travel, airport transport, local usage, and the upper middle-class group. Urbanization and internet penetration drive growth in this market, with demand for economy and executive cars at airports and city centers.
The European vehicle rental market encompasses the provision of automobiles through both online and offline channels. Rental car services cater to the needs of travellers seeking temporary personal vehicle usage. Technavio projects growth in this sector, driven by the increasing trend of outsourcing vehicle maintenance and repair services. Damage repair and insurance compensation policies are crucial aspects of the rental experience, with entertainment systems and global positioning systems adding value. Diversified support services providers offer essential functions, including equipment repair, industrial maintenance, and transaction services, enhancing the overall rental experience.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted