According to the latest report by IMARC Group, titled "Scandinavia Car Rental Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Scandinavia car rental market is expected to grow at a CAGR of 11.6% during 2022-2027. Car rental is the process of renting automobiles for a predefined period of time via online and offline rental channels. These services are widely used by individuals who do not own personal vehicles and require an automobile for a short duration. They provide freedom of movement to the user at relatively low costs. These services cover other additional benefits, such as car damage repair and insurance compensation policies. Moreover, these cars are generally equipped with advanced entertainment systems, global positioning systems (GPS) and Wi-Fi networks that assist in providing enhanced convenience to the users.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Scandinavia Car Rental Market Trends:
The market in Scandinavia is primarily driven by the rising influx of tourists across the countries. With significant growth in the tourism sector and the growing demand for affordable traveling options by tourists, there has been a considerable rise in the number of agencies that offer car rental services in the region at affordable costs. This is further supported by rapid urbanization and the escalating penetration of smart devices and high-speed internet connectivity in Scandinavia, which has led to the rising preference for online rental services among the masses. The market is also driven by the implementation of several favorable initiatives by the governments of Scandinavian countries to reduce vehicular emissions and promote carpooling services that are relatively eco-friendly in nature. Apart from this, numerous key players are now investing in the adoption of electric vehicles to expand their fleet due to an enhanced focus on sustainable development. This, coupled with the advent of car rental applications that offer customer-centric benefits, such as ease of booking, on-site convenient pick-up options and real-time location observation, is expected to create a positive outlook for the market. Some of the other factors contributing to the market growth include the growing consumer awareness regarding the cost-efficiency of these rental services and the widespread integration of rental platforms with advanced technologies, including artificial intelligence and predictive analytics.
- On the basis of the booking type, the market has been bifurcated into online and offline.
- Based on the rental length, the market has been divided into short term and long term.
- On the basis of the vehicle type, the market has been classified into luxury cars, executive cars, economy cars, sports utility vehicles (SUVs), and others.
- Based on the application, the market has been categorized into leisure/ tourism and business.
- On the basis of the end user, the market has been segmented into self-driven and chauffeur-driven.
- On the geographical front, the market has been segregated into Norway, Denmark and Sweden.
- The competitive landscape of the industry has been examined in the report with the detailed profiles of the key players. Some of these players include Alamo, Autoplan, Avis Rent A Car System, LLC., Budget Rent A Car System, Inc., Enterprise Holdings, Inc., Europcar, National Car Rental, Sixt, The Hertz Corporation and Thrifty Car Rental.
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