The rapid decline in domestic and international travel as a result of the COVID-19 pandemic has created a drastic knock-on impact for the car rental industry. Car rental companies are on respirators, with many on the verge of bankruptcy.
With many Croatians suffering from the economic fallout of COVID-19, buying a new car is unattainable, particularly in light of increasing costs of cars, repairs and registration. In reaction to this and to combat falling sales from its usual revenue streams, Hertz, which is represented by Autotechnica Fleet Service in Croatia, is now offering long-term car rental.
Car rental will recover more slowly than other tourism sectors over the forecast period, with leisure car rental recovering faster than business car rental. This is because business travel is expected to take longer to recover than leisure travel Over the forecast period, companies will take extra precautions to protect employees from unnecessary travel and will look to cut out unnecessary costs due to leaner budgets.
Rental car operators will have to be more inventive in finding ways to attract customers over the forecast period through policies such as digitalisation, competitive pricing and offering customers more options, such as car sharing. Major car rental players are also expected to double down on long-term car rental, as an alternative to buying a new car or leasing a car.
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Car rental covers the short-term rental of passenger vehicles for self-drive including small vans by both business and leisure users, whether from the airport or downtown locations. Small vans up to one tonne are included. For longer than average rental periods, eg rental of one month, provided the rental is sourced from the short-term rental fleet, this transaction is included. Car rental value covers the price of car hire to the consumer. Ancillary revenues are included, such as the hire of baby car seats, GPS navigation systems, optional roadside assistance services and collision and damage waivers. Volume is provided by the number of car hire transactions, fleet size and number of car rental operators. In underdeveloped markets, car rental companies offer chauffeur-driven cars. Most people prefer these options, due to unfamiliarity with the roads. Euromonitor International includes chauffeur-driven cars in car rental, when they concern car rental companies such as Hertz or Avis, which offer a chauffeur-driven service as an additional option. Car rental covers sales to inbound tourists and domestic tourists. i.e. from a destination point of view (also known as point of supply). For example, if a US citizen books a car rental service in France via the US offices of Hertz, the sales are attributed to Hertz France. The same applies for online sales. Car rental excludes long-term leasing, commercial vehicles, trucks and motorbikes and local car sharing schemes.See All of Our Definitions
This report originates from Passport, our Car Rental research and analysis database.
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