The United Kingdom car rental market is estimated at USD 3,579.1 million in 2024 and is projected to reach USD 6,146.1 million by 2034, at a CAGR of 5.6% from 2024 to 2034. The growth in the market can be attributed to the increasing preference of the population for safe, easy, luxurious, and budget-friendly travel through different car rental services offered in the market.
NEWARK, DE / ACCESSWIRE / August 6, 2024 / The car rental industry in the United Kingdom had an estimated valuation of USD 3,382.8 million in 2023 and is expected to reach a size of USD 6,146.1 million by 2034, increasing at a CAGR of 10.8% between 2024 and 2034. By 2024, the industry for car rental is poised to reach a valuation of USD 3,579.1 million.
Companies in the United Kingdom may gain from developments in the car rental industry by providing better mobility options for their staff and customers. Corporate sustainability objectives are advanced by having access to a varied fleet that includes electric and hybrid cars, all at a lower operating cost than traditional car ownership.
Companies in the United Kingdom can take advantage of advances in the car rental business to improve their corporate social responsibility (CSR) activities. Companies may minimize their carbon footprints, line with environmental goals, and improve their reputation as socially responsible corporations by collaborating with car rental firms that provide eco-friendly vehicle alternatives and supporting sustainable mobility practices.
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This is an opportunity that benefits stakeholders and customers who are increasingly giving sustainability top priority when making decisions, in addition to helping with environmental conservation efforts.
How are Rising On-Airport Car Usage Boosting the Demand for United Kingdom Car Rentals?
The expansion of the Europe automobile rental market is mostly driven by rising tourism, particularly travelers who travel for business and pleasure. As tourism grows, so does the demand for automobile rental services, as renting a car is one of the most popular forms of transportation for both business and pleasure. Furthermore, because airports are typically located outside of cities, there is a greater need for automobile rental services to facilitate travel.
Car rental services are frequently used by business travelers since they provide greater comfort and allow for speedier transportation and such factors are boosting the market for the United Kingdom car rental market.
How are Multi-national Players Faring in the United Kingdom Car Rental Market?
The United Kingdom car rental market has a large number of multinational companies with vast service offerings and strategized services according to the regional trends with efficient fulfillment ability towards better car rental services over most of the local players present in the area, thereby attracting large consumer base, which in turn will boost the market for car rental in the United Kingdom region. Moreover, the perception of customers towards multi-national businesses has observed a positive growth trend, and are opting for such established brands in the international market.
Reputation plays an important role in the service industry and thus, multi-national companies have gained a huge consumer base in the United Kingdom car rental market.
Key Takeaways from the Market Analysis
The United Kingdom car rental industry size reached USD 2,835.5 million in 2019.
From 2019 to 2023, the United Kingdom car rental industry experienced a CAGR of 4.5%.
In addition to having a projected 33% market share in 2024, economy cars will be extensively used for car rental services.
The majority of automobile rentals in the United Kingdom will be utilized for intercity trips, and by 2024, they should account for 39.8% of the market.
"The United Kingdom car rental industry is seeing substantial growth and innovation due to the growing preference for flexible mobility options, which is being driven by trends in urbanization and changing consumer habits," says Sudip Saha Managing Director and Co-Founder at Future Market Insights.
Competitive Landscape
Improving client satisfaction and sustainability are the main areas of innovation in the United Kingdom car rental industry. In order to meet the growing demand for environmentally friendly transportation, significant companies are innovating by increasing the number of electric and hybrid cars in their fleets.
In order to improve client satisfaction, they are also investing in digitization and putting mobile applications, contactless rental procedures, and online booking systems into place. Partnerships with ride-hailing services are also being pushed, with the goal of providing integrated mobility solutions for increased accessibility and convenience.
Startups in the United Kingdom car rental industry are upending established models with their innovative ideas, which include mobile app-driven rental experiences, peer-to-peer car-sharing systems, and subscription-based services. They put cost, convenience, and flexibility first, disrupting established players and changing the face of urban transportation.
Key Offerings
Avis Rent A car System LLC is an automobile rental firm with over 5,000 facilities throughout 165 countries. Avis is a multinational mobility solutions company that owns and runs three of the most well-known brands in the market: Budget, Zipcar, and Avis.
In 2022, Cepsa and CICAR, a car rental firm, have partnered to create a collaborative business model that will promote electric rental cars and electric mobility in the Canary Islands. Customers who hire electric vehicles can use the ultra-fast public network Cepsa plans to install in the Canary Islands and at the CICAR bases to recharge their vehicles as part of this program. To build up these bases, Cepsa will also provide CICAR with a wide variety of services, including installation, startup, operation, and maintenance.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the United Kingdom car rental market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the United Kingdom car rental market, the market is segmented on the basis of car type (economy cars, compact cars, intermediate cars, premium cars, luxury cars, others), end use (intercity, intra-city, on-airport, others), sector (organized, unorganized), country (England, Scotland, Wales, and Northern Ireland).
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Category-wise Insights
What are the reasons for Economy Cars to Emerge as the Preferred Car Type in the United Kingdom Car Rental Market?
In the United Kingdom automobile rental market, economy cars are the most popular means of transportation. Economy automobile rental services provide less expensive rides that are accessible to the general public. Customers on business and pleasure vacations, on the other hand, prefer luxury and premium automobile rental services. The bulk of riders or consumers, on the other hand, prefer economical cars. Customers with a pre-determined mindset for a less expensive ride are likewise attracted to the sharing/pooling notion.
These considerations, together with the high availability of such vehicles, are driving up demand for economy cars in the United Kingdom car rental market. Customers have adopted earth-friendly products and services as their awareness of health and the environment has grown. Concerns about pollution have prompted environmentally minded passengers to use shared cabs or auto rental services to decrease emissions, lowering air pollution levels and reducing the number of cars on the road.
Which type of End Use Segment in the United Kingdom Car Rental Dominates the Market?
On the basis of End Use, on-airport type United Kingdom car rental is estimated as the leading segment amongst end-use. This might be due to the high number of tourist arrivals in the regions as well as the greater use of the local population for traveling purposes by airplane as the highly preferred mode of transport.
What type of Booking Mode is the Most Prominent Channel through the Forecast Period?
Because of the ease of booking and availability through online platforms, car rental has become very popular all over the United Kingdom Tourists prefer to use an online booking or mobile application platform since it allows for a simple, hassle-free money transfer via digital payment, as well as live tracking and better security.
In the car rental sector, the growing number of smartphone users and internet penetration play a critical role. Online platforms are preferred by daily commuters to book shared cabs for workplace commutes or city rides. Enterprise is one of the firms that provide a ride-sharing service, which is becoming increasingly popular throughout the region.
Which Sector Holds the Maximum Share in the United Kingdom Car Rentals Market?
On the basis of sector, the organized segment holds the maximum share in the United Kingdom car rental market owing to the strict rules implemented by the regional government. Moreover, the prominence of mobile applications pushes the respective market to be operated as per government and organizations' setup rules. Such factors are boosting the regional organized market in the United Kingdom, and is anticipated to be the significant segment in the growth of the United Kingdom car rental market
Key Segments Profiled in the Car Rental industry
By Car Type:
Economy Cars
Compact Cars
Intermediate Cars
Premium Cars
Luxury Cars
Others
By End Use:
Intercity
Intra-city
On-Airport
Others
By Sector:
Organized
Unorganized
By Country:
England
Scotland
Wales
Northern Ireland
About the Consumer Goods Domain at Future Market Insights
The consumer goods domain at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting' at the ET Inspiring Leaders Awards 2022.
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