A major barrier for car rental in the Czech Republic is the high level of car ownership, and the fact that consumers are not used to using professional car rental companies when they need a car. If they need a car, most consumers borrow one from friends or family. Sales were therefore driven by the growth of inbound tourism in 2017. Tourists arriving to Prague hired cars with the aim of travelling to the regions and seeing more of the country. Business car rental was also growing, due to the positive performance of the economy.
With a value CAGR of 1% at constant 2017 prices over the forecast period, leisure car rental is predicted to experience a marginally better performance than business car rental. The key driver of growth will be increases in inbound and domestic tourism and slowly declining scepticism amongst Czech consumers of car rental services. Growth in business travel will fuel the slow growth in business car rental.
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This industry report originates from Passport, our Travel And Tourism market research database.