FMI reported recently a predicted CAGR of 5.6% for UK car-rental market value growth from US $3,203.4 million in the year 2021 to hit US$ 5,545.1 mm by end of forecast period expected through years between these two dates is starting with someone that can be attributed according what one holds information concerning People’s need for easy, comfortable yet economical travel offered through the various car rental options available in the market has led to its growth.
However, subscription models are increasingly becoming more popular among the consumers as they are cost-effective and provide greater convenience. This has led to a number of OEMs infiltrating the market with better service arrangements, which is poised to ensure continued growth.
However, players want to enhance their current working systems while leveraging skills at fleet management and prevailing public fleets positions in order of making competitive advantage.
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Vehicle subscriptions are expected to entice customers who may not represent conventional customer profiles for OEMs. For example, few extravagant OEMs are trying membership models widen their customer base.
Moreover, the car subscription model permits customers to maintain a strategic distance from upfront capital necessities and long-term contracts related with buying or renting. It also allows consumers to access comfort and adaptability with the “all-in” month-to-month expense and responsibility.
“Growing preference for economic cars and rise-sharing services, coupled with subscription models offered by market players will continue fueling growth of the market over the assessment period,” says an FMI analyst.
Key Takeaways:
- Based on car type, demand for economy cars is expected to surge at a considerable pace over the forecast period.
- In terms of end use, the on-airport segment is projected to remain dominant through 2031.
- Sales in the mobile application segment are forecast to continue gaining traction over the forecast period.
- The U.S. is expected to dominate the North America market owing to the presence of key market players and increasing preference for ride-sharing services.
- Demand in the U.K. is expected to remain high due to growing prevalence of medical tourism in the country.
Some of the key players operating in the car rental services market
- The Hertz Corporation
- Alamo Rent a Car
- Enterprise Rent-A-Car
- SP AutoReisen Rent a Car SL
- Avis Rent A Car System, LLC
- Cicar
- Thrifty Car Rental
- Dollar Rent A Car, Inc.
- Europcar Mobility Group
- Budget Rent a Car System, Inc.
- Lojas Centauro
- Sixt SE
- Goldcar
- Burnt Tree Vehicle Rental
- Salford Car & Van Rental
- Other (as per request)
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Leading players operating in the market are offering services aligned with consumers’ expectations to gain a competitive edge in the market. Besides this, players are investing in mergers, acquisitions and collaborations to strengthen their footprint in the market. For instance:
- In January 2020, Localiza Rent A Car SA had been ranked 7th place in customer service – EXAME / IBRC (Ibero-Brazilian Institute for Customer Relations)
- In 2019, Enterprise Holdings, Inc. had acquired Romsey-based car rental company, SHB Hire Ltd. The latter operates a fleet of over 18,500 commercial vehicles and this acquisition would help the company to form one of the largest U.K. commercial vehicle rental business.
- In 2019, Hertz Global Holdings and Air France jointly launched Hertz DriveU, which had designed to meet all customer transportation needs.
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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