The momentum of Greek tourism, with its successive record-breaking numbers of tourist arrivals fuelled growth in car rental in Greece over the review period. This was the case also in 2017, when demand for car rental saw a significant increase across all parts of the country, particularly in Athens, Crete, Cyclades and the Ionian islands. The only places to be excluded from growth were the Eastern Aegean islands (Chios, Samos and Lesbos) which were affected by the immigration crisis. In order to meet the rising demand, operators renewed and expanded their fleets, and the total number of cars-to-rent increased from 53,000 in 2014 to 61,000 in 2016 and 67,100 in 2017 – outnumbering for the first time the long-term (leasing) fleet which shrank due to economic recession.
The forecast performance of car rental is directly associated with the anticipated performance of incoming tourism, hence is positive. The focus of major tourist operators in Greece, the proliferation of air connections along with developments in the Middle East, Northern Africa and especially in Turkey, will keep boosting arrivals in Greece over the forecast period, and thus leisure car rental is set to outperform business car rental. However, business car rental is also set to register a positive CAGR; after years of decline during the economic crisis, the relative stabilisation of the Greek economy will translate to stabilisation and slight growth of business car rental.
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This industry report originates from Passport, our Travel And Tourism market research database.