Focus on tourism induced recovery, more technological advancements & customer loyalty are some of the factors that will induce steady recovery thereby developing the Belgium Car Rental Market.
COVID19 pandemic affecting Market Growth: The global pandemic caused a huge devastation to the global economy. People were locked in as a result of which no transportation was in place & hence no cars were required. The industry suffered more so in the aftermath of the pandemic when a majority of population either lost their jobs or were fearful of the same happening to them as a result of which they decided not to spend large chunks on renting expensive cars. All in all, a very unpredictable decline was faced by the Belgium Car Rental Industry.
Competitive scenario: Car Rental Market in Belgium & the other regions of Europe is moderately concentrated owing to the presence of a few big players namely Avis Budget, Sixth, Europcar, Hertz & Enterprise-rent-a-car serving as dominant & active entities in the industry. Global giants enter the market through strategic partnership with local players by way of franchise, acquisition or merger. The competition amongst the entities is on the basis of price, quality of service being provided, ease of car rental & return, vehicle reliability, vehicle availability, product innovation, rental location, local & international distribution & the seamless process of car renting.
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Car Sharing Market: The car sharing market in Belgium & other parts of Europe has been growing owing to an increase in the number of key players in the national & international landscape. The market has been crowded by the presence of only a few players which has its good & bad effects. On one hand, where consumers do not have to think much before going for a car rental company, on the other hand, a situation of these giants controlling the market prices is likely to be created thus exploiting the industry. A few major players in the market are Ubeeqo, Sharenow, Zipcar etc.
High Vehicle & Maintenance cost: Europeans on an average spend USD 25,000 on new cars. The actual cost incurred when purchasing a car includes taxes, insurance, maintenance, regular gasoline expenses & other costs which are often overlooked. Cars in Europe generally come equipped with features that enhance acceleration, speed, safety, passenger comfort & entertainment which ultimately increases the overall cost. Moreover, when there are so many features that come along with the car, a constant need to repair them is also felt & required. All this increases the overall cost of purchasing a car because of which majority of the population prefers renting the same which opens a lot of good opportunities for the Belgium Car Rental Market.
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Market Restraints: The Russia-Ukraine war increases the energy prices but even before that the market was experiencing increased level of crude oil prices which ultimately increases the overall cost of renting a car. This can not only hinder the growth prospects for the Belgium Car Rental Market but can also cause it to have a negative effect on its recovery.
Analysts at Ken Research in their latest publication, “Belgium Car Rental Market Outlook 2026F- driven by increasing tourism, technological prospects & customer loyalty” observed that Belgium Car Rental Market is in a steady growth phase but can witness some fluctuation in the upcoming years owing to the after-effects of the global pandemic. Technology prospects, customer loyalty, adaptation to climate induced changes & promotion are some of the factors that will induce growth in the Belgium Car rental market over the period 2022-2027F. It is expected that the Belgium Car rental market will grow at the CAGR of ~% for the above forecasted period.
Key segments covered in the report
Belgium Car Rental Market
- By Vehicle type
- Luxury
- Executive
- Economy
- SUV
- MUV
- By Application
- Local Usage
- Airport Transport
- Outstation
- Others
- By price
- High (500,000+)
- Medium (200k-500k)
- Low ( below 200k)
- By Company
- Avis
- Europcar
- Hertz
- Sixth
- By tenure of rental
- Short term
- Long term
- By major cities
- Antwerp
- Brussels
- Bruges
- Namur
- By booking mode
- Online
- Offline
Key Target Audience
- Car Rental Companies in Belgium
- Market Entrants in the Car Rental Market of Belgium
- Car Rental Companies in Europe
- Market Entrants in the Car Rental Market of Europe
- Ride Hailing Companies
- Car Sharing Companies
- Government/Regulatory Authorities
- Online Aggregators
- Automotive OEM
Time period captured in the Report
- Historical Period: 2017-2021
- Base Period: 2022P
- Forecast Period: 2023-2027
Companies Covered
- Avis Budget
- Europcar
- Sixth
- Enterprise Holding
- Hertz
- Carzonrent
Key Topics Covered in the Report
- Overview of Automotive Industry in the Belgium
- Overview and Genesis of Car Rental Market in Belgium
- Ecosystem of Belgium Car Rental Market
- Business Cycle and Value Chain Analysis of Car Rental Market in Belgium
- Belgium Car Rental Market Sizing, 2017- 2022P
- Market Segmentations of Car Rental Market in Belgium (by Market Structure, by Type of Vehicle, by ICE/ EV, by Mode of Booking, by Pick-up, by Client, by Region), 2022P
- Snapshots on Car Sharing, Cab Aggregators, Car Pooling/ Ride, Self- Driven Cars and Bike Aggregators
- SWOT Analysis of Belgium Car Rental Market
- Growth Drivers of Belgium Car Rental Market
- Government Regulations And Incentives of Belgium Car Rental Market
- Trends and Developments of Belgium Car Rental Market
- Challenges of Belgium Car Rental Market
- Competitive Analysis of Car Rental Market in Belgium
- End User Analysis of Car Rental Market in Belgium
- Future Outlook and Projections of Car Rental Market in Belgium, 2022P-2027F
- Market Opportunities and Analyst Recommendations
- Disclaimer
- Research Methodology
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