Belgium Car Rental Market Outlook 2027F

The report provides a comprehensive analysis of the Car Rental market in Belgium. The report covers a wide range of aspects including overview, genesis, market size in respect with revenue & fleet size, market segmentation by fleet size, by fleet type (Compact, SUV & luxury), by region & purpose (Leisure or Business). The report also covers comprehensive details on the recent trends & developments, problems & challenges, SWOT analysis & major acquisition & merger deals in the industry. An elaborated competitive landscape including competitive scenario, cross comparison matrix, strength & weakness of key players, market share on the basis of fleet size is also included in the report. The report concludes with the future projections for the above mentioned market segments & analyst recommendations that involves key strategies for the key players to ensure that they enhance their existing profit levels for the foreseeable future as well as some major suggestions for the potential entrants highlighting the major opportunities available & some cautions.

Market Overview

Belgium Car Rental market has witnessed a steady growth in the 2017-2021 period in terms of fleet size & revenue owing to the expansion in the number & size of both local & international players & market size as a result of increase in the number of tourists travelling to Europe. Regarding the future projections, the Belgium Car Rental market is expected to reach US $ ~Mn in 2022P & will grow at an annual growth rate of ~% (CAGR). The user penetration is expected to reach ~% by 2027 & the average revenue per user will be US $ ~ Mn.

Belgium has a well-established tourism industry which is of high advantage to the Car Rental market established there.

The market is moderately concentrated with a few giants operating in there. The key players operating in the market are Avis budget, Carzonrent, Sixth, Hertz, Enterprise-rent-a-car & Europcar.

Key trends by market segment

• By type of Vehicle: Compact vehicles accounted for the highest market share in 2022. Compact Cars belonging to Ford Focus, Volkswagen, Golf, Seat Leon accounted for being the most popular cars for rental in Belgium & other European countries
• By Purpose: Cars rented for Leisure purposes contributed majority share in the car rental market in Belgium & other regions of Europe. Remaining share was observed to be captured by business or corporate car rental transactions in 2022. It was witnessed that car rental market in Belgium was more inclined towards business transactions
• Belgium Car Sharing Market: Car Sharing Market has been growing owing to a rise in the number of local and international players operating in Belgium & other European countries
• Belgium Cab Aggregator Market: Cab Aggregator Market in Belgium has been growing owing to a rise in the number of users and operational locations in the region

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.

Future Outlook

In future, it is anticipated that car rental market in Belgium & other parts of Europe will be fuelled by rise in tourist arrivals, economic growth, regional expansion of players in terms of fleet size, increase in customer spending, initiatives undertaken to reduce traffic congestion and carbon footprint by government bodies across various countries and growth in investments in technology by major players in the market over the years. Although a bit fluctuations are predicted a result of Russia Ukraine war & the rise in the energy prices, steps can be taken to increase the overall revenue.

 

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