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UK Car Rental Industry: KenResearch

 
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Ankur Gupta Ankur Gupta
New User | Posts: 2 | Joined: 01/14
Posted: 02/28/14
10:17 PM

Emerging trends of car sharing, tourist preferences towards off-airport car rental and expansion in business trips to lead the market in future.

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The UK car rental market has been undergoing a significant transformation in its growth. The strength of domestic tourism along with increased focus of the car rental companies on building a stronger presence outside the airport locations will be the primary drivers of growth of the car rentals in the country in the coming few years. The rental services in the UK have been traditionally favored by both domestic and foreign tourists. The UK car rental market is estimated to grow at a positive rate over the period of 2012-2017, supported by a recovering economic scenario, growing off-airport car rental market and increasing leisure trips in the country. The increasing construction of road networks and expansion in the number of international tourist visits to the UK is expected to surge the demand of rented cars, thereby aiding the growth of the UK car rental industry in the future.

Carpooling services and revenues from both airport and off-airport segment of the industry will be the major growth drivers for the car rental companies in the UK in the coming few years. It is expected that by 2017, the UK’s car sharing market would grow at a rapid pace with increasing expansion of third party mobility solution suppliers as well as surging partnerships with cooperatives, facilitating immense car sharing facilities among neighborhood communities.

The off-airport market segment of the UK car rental industry is estimated to yield USD ~ million in 2015, with an expansion of rental services to suburban areas of the UK and aggressive geographic expansion plans by the major companies, to open offices in off-airport locations, making it convenient for the travelers to rent a car near their place. This market is expected to increase over the years with growing preference of consumers towards car sharing or short term car rental.

Some companies are also expanding into off-airport markets, including insurance replacement, while others have been turning to acquisitions and mergers in order to penetrate the leisure segment of the market with travelers planning more summer trips. This trend is expected to continue in the coming years as well, leading to greater concentration of the industry and enabling the market players to increase their potential in diverse segments of the industry to serve customers better.

The passenger cars and light commercial vehicle rental fleets in the UK are expected to note an escalation in growth in the number in the coming future. The rental fleets in the UK are anticipated to grow at an average annual growth rate of 7.89% from 2012-2017.
Business market segment of the UK car rental industry is estimated to yield USD ~ million in 2015 due to the expansion of business travels in urban areas of the UK. This market is expected to increase over the years with the growing preference of consumers towards car sharing or short term car rental for business purposes. The contribution of business purposes car rental is expected to be ~% by 2017.
The future prospects of the car rental market in the country seem favorable with rising international and domestic tourism, expanding off-airport rental facilities for the convenience of vacationers and corporate people.

According to research report, “The UK Car Rental Industry Analysis to 2017: Surging Car Rental for Corporate Purposes”, the UK car rental market is estimated to grow at a CAGR of 3.65% over the period of 2012-2017, because of the significant change in the economic scenario, tremendous growth in car renting for corporate trips and escalation in the demand for off-airport car rentals by British people. Leaning towards geographic expansion in the cities of the UK, the demand for rented cars by native travelers will incline the overall car rental business in the country in future.

The report titled “The UK Car Rental Industry Analysis to 2017: Surging Car Rental for Corporate Purposes” provides detailed overview on the UK car rental industry. This report helps reader to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will help industry consultants, car rental companies to align their market centric strategies according to ongoing and expected trends in the future.


Read More: http://www.kenresearch.com/automotive-transportation/car-rental/uk-car-rental-market-research-report/443-100.html  

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