Value sales for car rental were mainly being generated through rentals to UK domestic consumers in 2020 and 2021. This was due to the travel restrictions in place for inbound travellers coming into the UK for nearly half the year.
The decline in inbound business and leisure travel significantly impacted value sales and transactions for car rental companies. Avis and Hertz therefore suffered the greatest impact as a larger proportion of their clientele are corporate, whereas Enterprise catered to more domestic locations outside of airport locations and was therefore able to cushion some of the negative effects by concentrating less on inbound travellers and more on domestic consumers.
Car rental sales are expected to return to pre-pandemic levels in 2025, while the number of transactions will return to 2019 levels a year earlier, in 2024. Prices are likely to therefore remain competitive as car rental companies look to attract more customers to aid the recovery process.
It is unlikely that car rental companies will be introducing electric vehicles (EV) ahead of petrol over the next few years. Currently, it is too expensive for car rental companies to obtain EV fleets and it is a challenge to get electronic chips to support the use of EV as well.
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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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