Dublin, Jan. 18, 2021 (GLOBE NEWSWIRE) -- ResearchAndMarkets.com published a new article on the automotive rental industry "Gradual Recovery Expected in 2021 for the Automotive Rental Industry"
Total US car rental revenue declined 27.4% year over year in 2020. The $23.22 billion in revenue for 2020 is the lowest since 2011. Car rental companies responded to the pandemic by rapidly adopting contactless delivery of vehicles along with enhanced cleaning and sanitization procedures. Many operators were also forced to drastically reduce rates to remain in business. An Auto Rental News survey suggested that 12% to 15% of US independent and franchised car rental operators shut down, some temporarily, in 2020.
Analysts have predicted that recovery will be gradual. It is likely that demand will remain low in the first half of 2021 as a resurgence of COVID-19 cases limit travel. However, as vaccines are expected to become more widely available in the later half, it is anticipated that consumers will be interested in traveling again in the third and fourth quarters of 2021. Demand for rental cars may also increase as a result of consumers who are in the market for a new vehicle but may be unwilling to commit to a purchase or lease agreement until the virus has been contained. This wariness could create a unique opportunity for rental operators. Even as vaccines are rolled out and the demand for rental cars increases, it is likely that consumers will expect enhanced cleaning procedures to remain into 2021.
The article on ResearchAndMarkets.com contains a selection of reports on the automotive rental industry such as:
Car Rental Market Research Report by Car Type (Economy Cars, Luxury Cars, MUVs, and SUVs), by Fuel Type (Diesel and Gasoline and Petrol), by Application - Global Forecast to 2025 - Cumulative Impact of COVID-19
Automotive Rental & Leasing Industry (B2B Procurement) Purchasing World Report & Database
Car Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
To see the full article and a list of related reports on the market, visit"Gradual Recovery Expected in 2021 for the Automotive Rental Industry"
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