The growth in the market can be attributed to the increasing preference of population for safe, easy, luxurious, and budget-friendly travel through different car rental services offered in the market.
As per newly released data by Future Market Insights (FMI), the U.K. car rental market is estimated at US$ 3,203.4 Mn in 2022 and is projected to reach US$ 5,545.1 Mn by 2032, at a CAGR of 5.6% from 2022 to 2032.
The growth in the market can be attributed to the increasing preference of population for safe, easy, luxurious, and budget-friendly travel through different car rental services offered in the market.
2017-2021 U.K. Car Rental Market Outlook Compared to 2022-2032 Forecast
Over time, the car rental industry has grown significantly as a critical vertical in the transportation industry, benefiting not only customers and rental companies, but also automobile manufacturers. Automobile manufacturers have invented attractive programs, such as automobile leasing, that allow small firms to expand their fleet size without incurring significant financial costs.
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Economic growth, a surge in the usage of luxury automobiles by corporations on business trips, and an expanding tourism industry are some of the key causes for the entire car rental market. People are willing to spend more money in order to spend more time with their families, and this trend will be a major contributor in future market growth.
How are Rising On-Airport Car Usage Boosting the Demand for U.K. 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 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 U.K. car rental market.
Country Insight
What are the Implications of Government Initiatives in the U.K. Car Rentals Market?
The U.K. government has taken many steps to improve the service industry's efficiency. This includes rules that are implemented in the national interest or local development. For instance, in 2020, U.K. took another historic step on the road to ending its contribution to climate change while boosting jobs in the process, as the Prime Minister, Transport Secretary and Business Secretary announced the end of the sale of new petrol and diesel cars in the U.K. by 2030. This will put the U.K. on course to be the fastest G7 country to decarbonize cars and vans. .
Competitive Landscape
Leading players operating in the regional market are focusing on various service offerings, partnerships, promotional activities, and other strategies in order to expand their business. Moreover, the greater implementation of the usage of U.K. car rentals in intra-city sector is likely to expand the customer base and boost the market.
Key Points Covered in U.K. Car Rental Market Survey
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U.K. Car Rental Market by Category
By Car Type:
By End Use:
By Booking Mode:
By Sector:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 10, 2022
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