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Summary and extracts
1 Market Summary
1.1 Definition and presentation
The term "car rental" refers to those companies that offer the service of renting cars of different kinds for different periods of time (may be hours but also months). The customers of these companies are most often tourists or people who need a car for work. For this reason, the locations for making the rental are usually located at ports, airports or railways. In addition to rental per se, it is possible to request additional services such as child seats, telepass or GPS.
The types of vehicles offered by car rental companies are mainly:
- Cars
- Motorcycles
- Vans
Globally, the value of the car rental market is about $98.14 billion (year 2020 figure) and is expected to grow between 2021 and 2028 at a compound growth rate (CAGR) of 4.6 percent.
Regarding the rental market in Italy, it can be seen that long-term rental in recent years has achieved positive results. In 2020, the number of cars rented increased by 2.4 compared to the previous year. As for the short-term rental market, the pandemic has resulted in losses. Despite this, the market is expected to recover in the coming years due to the fact that more and more people are traveling for work and tourism.
The trends that mark this market now are: the electric car with self-driving, rental of used cars, medium-term rental (more than 30 days but less than a year) and digitization of the entire market, focus on small and medium-sized businesses as the most profitable customer.The most recognized companies in this market are: Arval, Ald Automotive, Leasys Volkswagen and Mercedes Benz CharterWay.
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Latest news
Hertz changes boss after disastrous bet on electric cars - 17/03/2024
- - Electric vehicle order: 100,000 electric cars to Tesla for $4.2 billion.
- - Hertz announces plans to sell 20,000 electric cars, representing a third of its "clean" fleet.
- - Repair costs for electric vehicles are on average twice as high as for conventionally powered vehicles.
- - Its German counterpart, Sixt, has also expressed its intention to reduce the number of Teslas in its fleet.
Mobility: Europcar and Volkswagen step up joint projects - 15/09/2023
- Europcar is to acquire 51% of Euromobil, Volkswagen's car rental business in Germany.
- Euromobil employs 400 people and provides car rental services at the group's 2,000 dealerships in Germany.
- Europcar and Volkswagen plan to exchange know-how and provide mutual assistance in fleet management.
- Europcar is working with Volkswagen on a project for an all-in-one mobile application combining various mobility services.
A former Citroën and Volkswagen executive at the wheel of Europcar - 17/07/2023
- Since 2022, Europcar has been owned by a trio consisting of the Volkswagen group (majority shareholder with two-thirds), the Attestor fund and the Dutch Pon group.
- Europcar has had to face up to a 2 billion debt burden in recent years.
- The company was saved from insolvency during the health crisis of 2020 thanks to loans guaranteed by the French and Spanish governments.
Car-sharing, car-pooling, leasing: Volkswagen's big plan for Europcar - 06/06/2022
- Europcar to become the cornerstone of Volkswagen's new mobility strategy
- The firm confirms its ambition to put autonomous cars on the road as early as 2025, in Europe and then the USA
- Europcar and its fleet of 250,000 vehicles, while remaining an independent brand, are at the heart of the strategic plan.
- Volkswagen plans to invest some 36.5 billion to develop its in-house software services and become a global mobility provider.
- The carmaker and its two partners have closed the takeover bid for the rental company
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the car rental market | Italy
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