The car rental industry in the United Kingdom had an estimated valuation of US$ 3,382.8 million in 2023 and is expected to reach a size of US$ 6,146.1 million by 2034, increasing at a CAGR of 10.8% between 2024 and 2034. By 2024, the industry for car rental is poised to reach a valuation of US$ 3,579.1 million.
Companies in the United Kingdom may gain from developments in the car rental industry by providing better mobility options for their staff and customers. Corporate sustainability objectives are advanced by having access to a varied fleet that includes electric and hybrid cars, all at a lower operating cost than traditional car ownership.
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Companies in the United Kingdom can take advantage of advances in the car rental business to improve their corporate social responsibility (CSR) activities. Companies may minimize their carbon footprints, line with environmental goals, and improve their reputation as socially responsible corporations by collaborating with car rental firms that provide eco-friendly vehicle alternatives and supporting sustainable mobility practices.
This is an opportunity that benefits stakeholders and customers who are increasingly giving sustainability top priority when making decisions, in addition to helping with environmental conservation efforts.
Key Takeaways from the Market Analysis
- The United Kingdom car rental industry size reached US$ 2,835.5 million in 2019.
- From 2019 to 2023, the United Kingdom car rental industry experienced a CAGR of 4.5%.
- In addition to having a projected 33% market share in 2024, economy cars will be extensively used for car rental services.
- The majority of automobile rentals in the United Kingdom will be utilized for intercity trips, and by 2024, they should account for 39.8% of the market.
“The United Kingdom car rental industry is seeing substantial growth and innovation due to the growing preference for flexible mobility options, which is being driven by trends in urbanization and changing consumer habits,” says an FMI analyst.
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Competitive Landscape
Improving client satisfaction and sustainability are the main areas of innovation in the United Kingdom car rental industry. In order to meet the growing demand for environmentally friendly transportation, significant companies are innovating by increasing the number of electric and hybrid cars in their fleets.
In order to improve client satisfaction, they are also investing in digitization and putting mobile applications, contactless rental procedures, and online booking systems into place. Partnerships with ride-hailing services are also being pushed, with the goal of providing integrated mobility solutions for increased accessibility and convenience.
Startups in the United Kingdom car rental industry are upending established models with their innovative ideas, which include mobile app-driven rental experiences, peer-to-peer car-sharing systems, and subscription-based services. They put cost, convenience, and flexibility first, disrupting established players and changing the face of urban transportation.
Key Companies Profiled:
- The Hertz Corporation
- Alamo Rent a Car
- Enterprise Rent-A-Car
- SP AutoReisen Rent a Car SL
- Avis Rent a Car System, LLC
- Cicar
- Thrifty Car Rental
- Dollar Rent a Car, Inc.
- Europcar Mobility Group
- Budget Rent a Car System, Inc.
- Lojas Centauro
- Sixt SE
- Goldcar
- Burnt Tree Vehicle Rental
- Salford Car & Van Rental
- Other
Key Offerings
- Avis Rent A car System LLC is an automobile rental firm with over 5,000 facilities throughout 165 countries. Avis is a multinational mobility solutions company that owns and runs three of the most well-known brands in the market: Budget, Zipcar, and Avis.
- In 2022, Cepsa and CICAR, a car rental firm, have partnered to create a collaborative business model that will promote electric rental cars and electric mobility in the Canary Islands. Customers who hire electric vehicles can use the ultra-fast public network Cepsa plans to install in the Canary Islands and at the CICAR bases to recharge their vehicles as part of this program. To build up these bases, Cepsa will also provide CICAR with a wide variety of services, including installation, startup, operation, and maintenance.
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U.K. Car Rental Market by Category
By Car Type:
- Economy Cars
- Compact Cars
- Intermediate Cars
- Premium Cars
- Luxury Cars
- Others
By End Use:
- Intercity
- Intra-city
- On-Airport
- Others
By Booking Mode:
- Offline Access
- Mobile Application
- Other Internet Access
By Sector:
- Organized
- Unorganized
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the United Kingdom car rental market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the United Kingdom car rental market, the market is segmented on the basis of car type (economy cars, compact cars, intermediate cars, premium cars, luxury cars, others), end use (intercity, intra-city, on-airport, others), sector (organized, unorganized), country (England, Scotland, Wales, and Northern Ireland).
About the Consumer Goods Domain at Future Market Insights
The consumer goods domain at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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