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Car Rental Market in Europe Banks on Advent of Subscription Model and Other Upcoming Trends

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Published on : Dec 08, 2017

ALBANY, New York, December 08, 2017: The car rental market in Europe has been expected in a report put on sale by ResearchMoz.us to attain growth with the increase in the count of inbound tourists. Titled “Car Rental Market in Europe 2017-2021,” the report has analyzed more factors that could make a positive impact on the growth of market players. Apart from the aforementioned primary growth factor of the market, there could be strong business opportunities showing face in the next few years due to the rise in global tourism. According to the report, the market could hold the potential to rise at a CAGR of 17.94% between 2017 and 2021. Readers have been provided with a comprehensive study of the Europe market with key focus on certain aspects such as competitive landscape.

As per the evaluation of the report, the Europe car rental market could be divided according to a specific type of category, i.e. type of rental. In terms of rental type, the analysts have segregated the market into three segments, viz. outstation transport, local transport, and airport transport. Amongst these, airport transport has been foreseen to showcase a substantial growth in the coming years on account of the rise of global tourism.

Car rental consumers provided with convenient services, such as complimentary vehicle insurance, could be one of the most attractive points of the growth of several companies operating in the Europe car rental market. The airport transport market has been foretold to be backed by the presence of significant players of the industry. Seasoned researchers have studied this segment to find out that there could be an intense competition between small and large-scale companies mainly on the basis of technology, process, and innovation.

The geographical classification of the car rental market in Europe has pointed out two segments, i.e. Eastern Europe and Western Europe, which could take a significant position in the near future.

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Car rental consumers in Europe have been anticipated to suit a range of needs as certain approaching trends take shape in the market, such as the emergence of subscription model. This could be evident with the new plans of Revv, a self-drive car rental startup, to make available a yearly subscription scheme for its customers. Under this scheme, customers could be provided with annual insurance, roadside assistance, and car maintenance support. Furthermore, for a year or so, cars could be at the disposal of customers. The result of the rise of such trends has been predicted to fuel the growth of car rental services and give a neck-and-neck competition to the market for car ownership.

One of the highlighted growth factors of the car rental market in Europe has been envisaged to be swelling consolidation. At the same time, there could a setback in the market because of increasing strictness in the regulation of car rental services. However, the market could gain strength with the growth of electric cars in the industry. The urban transport market has witnessed the considerable growth of car rental services as its broadly recognized element. Few years ago, car rental had been merely a basic type of service offered by prominent firms. With the market heading toward a globalized growth, there could be an advent of a multitude of social, environmental, land-use, and transportation benefits.

The car rental market in Europe has been envisioned to be packed with the presence of popular industry names such as Europcar, Enterprise, and Avis Budget.

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