The car rental industry had its worst year ever in 2020. The travel segment, which in Portugal represents around 60% of the car rental business in the country, had an abrupt fall in 2020, due to the spread of COVID-19 and the severe disruption to travel.
The pandemic has forced companies to change their business plans and reinvent themselves, in particular boosting investment in technology. With the breaks in business areas such as tourism, many car rental players have reinvented their business, for example by investing in new vehicle rental solutions, such as those more directed to the delivery segment, benefiting the growth seen in e-commerce or the corporate segment.
Car rental in Portugal will continue to achieve positive growth over the forecast period. Online value sales are forecast to recover to pre-pandemic levels much sooner than offline sales, which will still be below 2019 levels in 2026.
Mobility and connectivity are trends that are likely to continue to evolve over the coming years. Although solutions such as car sharing may not evolve during the pandemic, motorcycles, bicycles and scooters are here to stay and will only gain ground as relatively low-cost and convenient alternatives to cars.
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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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