United Kingdom (UK) Car Rental Market Research Report, 2028

United Kingdom (UK) Car Rental Market Research Report, 2028

Actual Market Research 30-01-2023 57 Pages Figures : 5 Tables : 10 Region : Europe Country : United Kingdom Category : Automotive & Transport Transportation

The car rental market in the UK is highly influenced by the economic and political environment, changes in consumer behavior, and technological advancements. The market is expected to grow in the coming years, driven by the growing popularity of ride-hailing services and the increasing demand for self-driving cars. The UK government has implemented several regulations and policies aimed at promoting sustainable transport and reducing carbon emissions, which has resulted in a shift towards electric and hybrid vehicles in the car rental industry. According to the research report "UK Car Rental Market Research Report, 2028," published by Actual Market Research, the market is expected to add USD 1.93 billion by 2028. The UK car rental market is segmented by car type. Luxury car, executive car, economic car, sports utility vehicle, multi-utility vehicle In the UK, the car rental market is dominated by economy cars because they are the most popular means of transportation. Economy car rental services provide less expensive rides that are accessible to the general public. Customers on business and pleasure vacations prefer luxury and premium car rental services. During the forecast period, short-term car rentals are expected to dominate the market. These short-term car rentals enable consumers and families to visit local city sites with additional seasonal offers and discounts. Based on government regulations and framework, short-term leasing has assisted passengers in saving fuel costs and travelling to various locations in cities with ease. Considering these factors, demand is expected to remain positive. With the increased use of smartphones and the growing number of users preferring the online channel, online tourist vehicle bookings are increasing in the country. Technological progress and digitalization are factors that help market participants stay ahead of the competition. Car rental services are frequently supplemented by websites that allow online reservations, and car rental offices are typically located near airports or in congested city areas. Car rental agencies typically provide additional services, such as GPS navigation systems, insurance, and entertainment systems, in addition to the basic rental of a vehicle. Cars hire in the UK starts at just €22.50 per day for a (mini) class car from Avis. The average price to hire a car in the UK is just €106.90 per day, whilst the most expensive hire car in the UK is a Ford Ranger Double Cab car for a full-size class from Green Motion, which costs €1603.60 per day. The most popular location to hire a car in the UK is Manchester Airport, with 13 car rental companies and 261 cars to choose from. Avis is the cheapest car rental company in the UK, offering a (mini) class car such as the Fiat 500 for as little as €157.50 per week. Most popular UK airport car hire locations: Heathrow Airport, Gatwick Airport, Manchester Airport, Stansted Airport, Luton Airport, Edinburgh Airport, Birmingham Airport, Glasgow Airport, Bristol Airport, Some of the major car rental players in the UK are Auto Europe, Avis, Holiday Autos, London Car Rentals, SJ Underwood Car Hire, Season Car Hire, Seasons Cars, Signature Car Hire, Stafford Shelf Drive, Thrifty Car and Van Hire, and United Rentals. Online booking of car rentals is going to dominate the booking of car rentals in the UK because online car rentals have become popular all over the UK. Tourists prefer to use online booking platforms since they allow for a simple, hassle-free money transfer via digital payment as well as live tracking and better security. Car rental companies in the UK offer a super flexible cancellation policy without the need for extra fees and by issuing full cash refunds. Recent Developments: • In May 2022, Jaguar Land Rover will offer three different ownership options for its car rental business in the United Kingdom. Jaguar and Land Rover provides a variety of models that you may buy, rent, or subscribe to over an extended period of time through JLR's online customer platform in the UK. Considered in this report • Geography: UK • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • UK Car Rental market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By car Type • Luxury car • Executive car • Economy car • Sports utility vehicle (SUV) car • Multi utility vehicle (MUV) car By application Type • Leisure/Tourism • Business The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to car rental industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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