The report titled “The UK Car Rental Industry Analysis to 2017 – Surging Car Rental For Corporate Purposes” provides a comprehensive analysis of the market size of the UK car rental industry by revenue and by rental fleets, market segmentation by on and off airport car rentals, by business, leisure and replacement rentals, long and short duration, as well as it is also segmented on the basis of online and station booking. The report entails the market share of major players in the overall car rental industry as well as the market share by on and off airport segment. The report also provides travelers profile in the country along with major trends and developments in the car rental industry in the UK.
The UK car rental industry, which has grown at a CAGR of 1.14% over the period of 2006-2012, was valued at USD ~ million in 2012. The global recession hampered the market revenues of the car rental market during 2009, resulting in lowering number of leisure and business travel trips.
The crisis propagated to the whole Europe rapidly and affected many countries including the UK. The overall consumer spending declined, which resulted in lowering down of expenses for travel purposes. The major operators in the car rental industry slashed expenses and looked for avenues in off-airport markets including insurance replacement and car sharing, while others switched to acquisitions to penetrate leisure segment of the market, which has been the potential growth driver of the industry. In response to the unstable economic conditions, the marketers have implemented innovative strategies in recent years, such as the introduction of electric cars and concept of internet rentals, where reservations provide online customers an opportunity to bid the price they wish to pay for the specific travel related product without prior knowledge of the brand. The brand is disclosed only after the customer makes an online payment. This has enabled the car rental operators to increase their popularity, market share and utilization.
The demand for renting cars for longer duration, ranging up to six months, has witnessed fluctuating revenues over the past few years. Increasingly hectic lifestyles and stringent working environment has instigated people to cut short their holidays as they do not get vacations for longer span of time. Renting cars for shorter duration has contributed a higher share in the UK car rental industry revenues over the years as compared to renting a car for longer durations.
Advancement in technology which led to the escalation of internet and broadband services in the UK has transformed the pattern of renting a car. The online booking of car rentals has showcased a tremendous growth in terms of contribution to overall market revenues, over the last five years (2006-2012), and is expected to incline in future, as compared to station booking of the rentals.
Among the international car rental players in the UK car rental market, Europcar has been the largest player in the industry over the past seven years from 2006-2012. In the last few years, car-sharing has evolved as a new hybrid concept in the automotive sector. The trend of two or more individuals sharing a car along a journey has been witnessing higher traction in the recent years. The rising gasoline prices have attracted traditional car rental companies such as Hertz and Enterprise to enter into providing car sharing service to the customers.
KEY TOPICS COVERED IN THE REPORT
Europe Car rental industry market size, 2006-2012
The market size of the UK Car Rental Industry, 2006-2012
Market segmentation by On-Airport and Off-Airport, 2006-2012
Market segmentation by Business, Leisure and Replacement Purposes, 2006-2012
Market segmentation by Online and Station Booking, 2006-2012
Market segmentation by Long and Short Duration, 2006-2012
Market share of major players in the UK Car Rental industry, 2006-2012
Trends and Developments in the UK Car Rental Industry
Future Outlook and Projections in the UK Car Rental industry, 2013-2017
For more information on the research report, refer to below link:
Ankur Gupta, Head Marketing & Communications
ankur [@] kenresearch.com