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Europe Car Rental Industry to Reach USD 15,700 Million by 2017: Ken Research

January 2014  

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The car rental industry in Europe will be driven majorly by the increasing expansion of tourism and travel industry in various European countries, buoyed by the government initiatives. The popularity of medical tourism is also expected to incline in future which will positively affect the market for car rentals in the region. The rising household income of travelers will continue to fuel increasing demand for leisure trips. Additionally, thriving international trade in the European region will continue to sustain demand from business travel in different countries of Europe. This will further strengthen the market for car rentals in Europe. 

Car rental industry in Europe is anticipated to grow at a higher pace over the span of 2012-2017, strengthened by positive economic situation, growing off-airport car rental market and inclining trend of business and leisure trips by the European people. The demand for cars is expected to increase in the coming years, with a surge in spending on building extensive road networks, thereby resulting in an incline in the demand for cars for rent. Though rising fuel costs would continue to challenge the industry growth, the future of the industry seems optimistic, on account of the market leaders implementing new strategies and increasing focus on car sharing among travelers, which is a growing service segment in the industry.

According to research report, “Europe Car Rental Industry Outlook to 2017: Latvia, Belgium and Ukraine to Stimulate the Market Growth”, Europe car rental market is anticipated to grow at an average annual growth rate of 3.85% over the period 2012-2017. The introduction of advanced technologies in the car rental industry is expected to revolutionize the market. With the launching of Global Positioning System (GPS), biometric data recorders and eco-friendly cars, the future prospects of car rental industry are expected to be encouraging.
The report provides detailed overview on the Europe car rental market. This report helps reader to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will help industry consultants, car rental companies to align their market centric strategies according to ongoing and expected trends in the future.