Car rental felt a steep decline as a result of the pandemic, and it is set to see ongoing consequences in 2021. Both in 2020 and in the first half of 2021, car rental continues to pay for the plummeting number of inbound tourists and business consumers.
For most players, impressive double-digit drops in current retail value sales were unavoidable in 2020 and early 2021. As a result of low sales in summer 2020, car rental players were left with little option but to drastically reduce their fleets in the short term.
The negative impact of the pandemic was not only felt in value terms but also in fleets. In order to reduce losses, all companies had to strongly reduce their fleets from March 2020 to early 2021.
The anticipated slow recovery of business car rental could negatively impact car rental players over the forecast period. Indeed, more so than leisure, the recovery of business car rental will be dependent on the comeback of inbound business tourists in airports, something that is not expected to happen quickly.
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Car rental covers the short-term rental of passenger vehicles for self-drive by both business and leisure users, whether from the airport or downtown locations. Trucks and commercial vans are excluded. 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 (Destination) research and analysis database.
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