Car rental market expected to see strong growth

Steering1A new report on the state of the car rental market has forecast strong growth for the industry over the next three years.

The report – published by Technavio and titled Car Rental Market in Europe 2017-2021 – expects there to be a 17.94% increase in growth between now and 2021.

Avis Budget, Enterprise, Europcar, Hertz, and Sixt were the European market leaders named in the report, whilst it also cited Alphabet, Arval, Hermes, Irish Car Rental, and Maggiore as other prominent figures.

One growing trend detailed in the report is the prominence of electric vehicles, which first entered the market in 2010, as firms are expected to focus on their environmental credentials.

For example, in 2015, both Enterprise and Hertz added electric vehicles to their fleets and started introducing plug-in vehicles for rental services.

The car rental market in Europe has undergone a significant period of change, with various acquisitions and mergers taking place, which means the top five companies now account for around 70% of the market.

One challenge that the market does face is more stringent rules for car rental across Europe, with more focus being put on both additional and hidden costs.

Over the last year, a number of complaints and investigations have been published surrounding car rental companies across Europe, highlighting the growing concerns that holidaymakers have when renting abroad.

However, this doesn’t seem to have stopped people renting, with Avis Car Rental UK even expanding on its service to appeal to certain travellers.

The company now offers an optional concierge service to all bookings for Chinese travellers, so they will be able to travel independently without having to learn any English.

VisitBritain revealed that there was a record number of Chinese visitors to the UK in early 2017, a 27% increase on the same period in 2016.

If you’re thinking of renting a car whilst on holiday this year, get a car hire excess quote today and discover if you could save money when ensuring you are covered for all eventualities.

Date Created: 08 January 2018

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