Although demand for car rental was certainly negatively impacted by reduced tourist flows due to COVID-19 in 2020, it was not as badly affected as airlines, for instance. This is because travelling by car was regarded as safer than public transport.
The fleet size declined significantly in 2020, along with the fall in demand. Although in 2021 there is expected to be no further decline, company investment in fleets has been very conservative.
Like other tourism categories, car rental is set to return to the 2019 pre-pandemic level of sales in 2024. Partnering with airlines is set to be a key strategy used by the leading players in the forecast period to recover their sales.
The fleet size is set to grow strongly once again from 2022 onwards. All companies held back on investing in their fleets due to widespread uncertainty in the context of COVID-19.
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Understand the latest market trends and future growth opportunities for the Car Rental (Destination) industry in Greece with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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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 DefinitionsThis report originates from Passport, our Car Rental (Destination) research and analysis database.
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