1.1 Definition and presentation
The car rental market concerns all transactions between companies and individuals which allow to borrow a vehicle over a fixed period of time. A distinction is usually made between short rentals and long-term leases.
The global market is growing rapidly; key drivers include the increasing number of smartphone users globally, together with rising dependency on technology for carrying out activities such as booking and paying for rental services. Together, they have been vital to market growth over the years.
In the UK, the car rental market’s economic impact is significant; in 2018, it contributed £7.6 billion in taxation and supported close to half a million jobs. [fleetnews] Moreover, the market is expected to see strong growth as a result of increased tourism.
The market is moderately concentrated and includes players such as Avis, Budget, and Europcar Group.
Increased concern and awareness of lower emissions have primarily led to an increase in car rental options. Car rental and carpooling significantly help in reducing the number of cars on the road.
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