The Belgium Car Rental Market Is Expected To Grow At A Steady Pace In The Coming Years, Driven By Tourism, Technology Prospects & Customer Loyalty: Ken Research
Belgium Car Rental Market Ecosystem
Revenue in the Car rental segment is expected to reach US $ ~ Mn in 2022P & will be showing an annual growth rate of ~%, resulting in a projected market volume of US $ ~ Mn by 2027. The key players operating in the Belgium Car Rental market are Hertz, Europcar, Avis Budget, Sixt, Carzonrent, Six Rent A Car, Enterprise Rent-A-Car, Enterprise Holding, Irish Car Rental, and Trust Middle East Car Rental.
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Key Market Findings:
- In the Belgium Car Rental Market, the number of users is expected to reach ~ Mn. by 2027.
- User penetration is ~% in 2022P & is projected to hit 8.3% by 2027 thereby expanding the Belgium Car Rental Market size & share.
- Medical tourism is expected to contribute greatly to the car rental market in Belgium
- In the Car rentals Market, ~% of total revenue will be generated through online sales by 2026.
Tourism Driven Growth: The Car Rental Industry in Belgium & the whole of Europe will be driven majorly by increasing expansion of tourism & travel industry in the country, catalyzed by the government initiatives. Moreover, the growth of medical tourism can also be expected to incline in favor of the Car rental market. However a fast paced growth is not something on the table for the next five years.
Declining Economic situation: The declining economic situation as a result of the Russia-Ukraine war & the cut-off of the Russian energy supply to the European countries is expected to result in a tumultuous growth of the Belgium Car Rental Market. As a result, a rise in price of rental cars is expected in the upcoming years. Although the market can be expected to show a steady growth but given the recent impact of the Russia-Ukraine war & the energy crisis, a slower market growth could be imminent.
Technology Prospects: A customer requires two things while renting a car, the car itself & the platform to rent it easily. A tighter online integration of information about the cars available can result in a number of customers moving to the final phase of renting a car. The best solution when it comes to this is an interactive online interface. The online experience must extend seamlessly into the dealership – by giving the customer access to terms & pricing details on their mobile app rather than having to rely on the dealer. All in all, the Belgium Car Rental market trends could witness a rise in aggregator platforms offering information on rental services in the foreseeable future.
Customer loyalty: If discounts & membership loyalty benefits are given to regular customers, the number of times they’ll reach out to the same brand will increase tremendously. This practice of giving free car days has already been kept into place by Avis car rentals. A similar adoption of customer centric approach has been observed by other players in Belgium as well.
Analysts at Ken Research in their latest publication, “Belgium Car Rental Market Outlook 2027F- driven by increasing tourism, technology 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 2017-2027F. 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
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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
For more insights on the market intelligence, refer to the link below
Belgium Car Rental Market size
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Europe Car Rental Market Outlook to 2025
Germany Car Rental Market Outlook To 2027F
Netherlands Car Rental Market Outlook to 2027F
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