Car rental operators lost the majority of their sales in 2020 and had to implement strict measures in order to survive. Such strategies included reducing fleet sizes, ceasing new car purchases, and moving existing rental fleets to long-term lease clients.
Car sharing companies are becoming an increasingly popular trend, lending themselves well to car owners who do not use their vehicles all the time and wish to lower their fixed vehicular costs, in addition to people who need a car from time to time but do not want the responsibility of owning one. Companies such as MOL Limo (mollimo.
Recovery in car rentals is strongly linked to a rebound in international inbound air travel, particularly so in relation to business trips and meetings, incentives, conferences and exhibitions (MICE tourism). However, as noted, these are expected to be slow areas of recovery, thus placing ongoing restrictions and limits on the traditional model of the car rental industry.
Rising competition from more modern and sustainable car sharing companies is also created challenges for traditional players in the industry, further forcing a rethink of strategies. The emergence of this new trend also lends itself perfectly to domestic tourism, such as weekends away, short trips to the countryside, or to visit family in other areas of the country.
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Understand the latest market trends and future growth opportunities for the Car Rental (Destination) industry in Hungary 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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