According to SPER Market Research, the Europe Car Rental Market is estimated to reach USD 41.63 billion by 2032 with a CAGR of 13.34%. The expansion of the tourism sector (which has led to an increase in the number of tourists visiting the region each month) and expanding business prospects in the area are some of the key factors boosting the growth of the passenger car rental market. During the anticipated period, it is anticipated that the expansion of the European commercial vehicle market would be aided by rising commercial activity in the region and a growing logistics industry.
Europe Car Rental Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 13.34%
- Forecast Market Size (2032): 41.63 billion
The already precarious automobile and vehicle rental sectors saw negative growth as a result of the COVID-19 pandemic. In addition, lockdowns and closures brought on by the outbreak have halted demand for car rentals. But because automobile rental firms are starting to buy cars again, the market for vehicles is predicted to develop reasonably during the forecast period.
Impact of COVID-19 on the Europe Car Rental Market
Recent COVID-19 has slowed the expansion of the market. Rental car demand has decreased due to lockdowns and travel restrictions. However, following major COVID-19 pandemic outbreaks in nations like Italy, France, the United Kingdom, Spain, etc., the European car rental business is showing signs of a respectable recovery.The already ailing automotive and vehicle rental industries saw negative growth as a result of the COVID-19 pandemic. In addition, the outbreak has caused lockdowns and closures, which have reduced demand for car rentals. But because automobile rental firms are starting to buy cars again, the market for renting out vehicles is anticipated to develop reasonably during the course of the projected year.
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Europe Car Rental Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Vehicle Type:
- Economy cars
- Executive cars
- Luxury cars
By Mode of Booking:
- Airport Transport
- Local usage
- Rest of Europe
Europe Car Rental Market Key Players:
The Europe Car Rental Market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; ANI Technologies Pvt. Ltd. (Ola Cabs), Avis Budget Group, Inc., AVR Qatar, Inc., Eco Rent a Car, Enterprise Holdings, Inc., Europe car Mobility Group, Hertz Global Holdings, Inc., Localiza, SIXT SE.
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