Car rental (destination) is rebounding in 2021, following a slump in 2020 due to the effects of the Coronavirus (COVID-19) crisis. Consumers are slowly regaining confidence in car rental services, while more and more people seeing this as a safer option compared with other modes of transportation when travelling to and from destinations and for use during stays.
Consumers have tended to show higher trust and loyalty to direct players over intermediaries during the course of the pandemic. The COVID-19 crisis has seen more and more customers choose to book car rental services directly, as they believe this provides higher guarantees in case of cancellations or changes of plans.
Car rental value sales (constant 2021 prices) are projected to enjoy healthy-to-fast growth through the forecast period. However, at constant 2021 prices, value sales are not expected to return to the 2019 level before the end of the forecast period.
Diversification and flexibility are expected to be watchwords in car rental, as in other travel categories, in the forecast period. COVID-19 has created or accelerated strong shifts in terms of consumer travel habits and preferences.
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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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