Car rental (destination) services linked to the influx of both domestic and, especially, international travellers have suffered during the time of the COVID-19 pandemic. This is due to the myriad restrictions on mobility, from closed borders to area-specific regulations related to cases of the virus, leading to fewer passengers and significantly lower sales overall.
As briefly noted and also as seen with charter flights in airlines, private hire vehicles for companies have become more popular during the time of the pandemic. This is due to both biosafety protocols and practical reasons, especially the fact that demand for mobility has decreased due to lockdowns and people working from home.
Full recovery in car rental services is expected to be in line with recovery in tourism overall, especially so regarding a stronger influx of inbound foreign travellers. As such, this is expected to take place towards the end of the forecast period.
It is expected that the trend for corporate hire will continue over the forecast period, as operators have enhanced their services in this area. As such, this offers opportunities for growth, as hire vehicles offer cost and safety advantages to companies.
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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 DefinitionsThis report originates from Passport, our Car Rental research and analysis database.
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