(MENAFN Press) Latvia is increasingly emerging as a popular destination for medical tourists, as some treatments and consultations are accessible for prices nearly 30-40% lower than in Western European countries. This has been a major factor stimulating the demand for car rental fleets thus, strengthening the revenue of car rental players in the country. Car rental industry in Latvia is estimated to grow at a CAGR of 5.24% over the period 2012-2017 with the revenue reaching USD 382 million by 2017.
Belgium's travel and tourism sector showcased an increase in both domestic and international tourist volumes and expenditures in 2011. The government of Belgium introduced various strategies and initiatives to develop ecotourism in the country. The fleet size of the Belgium car rental market has grown at an average annual growth rate of 4.55% in the period of 2006-2012. In 2007, the number of car rental fleets was 270,000 which stood at nearly 325,000 in 2012. An improvement in economic scenario and a subsequent expansion in number of inbound and domestic travelers are expected to drive the revenues for the car rental industry in Belgium in the future. Furthermore, the country is expected to witness increasing number of leisure and business travelers in the future. Business tourists are estimated to become major customers over the forecasted period due to an increase in travels for business purposes in the country. The car rental fleets in Belgium are expected to grow at a CAGR of 2.28% in the next five years.
Car rental industry in Ukraine is forecasted to grow at an average annual growth rate of 6.50% from 2012-2017, with the revenue inclining to USD 24 million by 2017. The major challenges which the car rental industry in Ukraine is expected to face will be the unstable political situation that will influence economies as well as the continuance of global economic crisis. The revenues of car rentals industry are expected to be fortified by ongoing improvements in road infrastructure and improvements in the business environment, which would incline the number of business travelers in the country.
Additionally, an increase in the number of leisure travelers for enjoying winter sports as well as summer vacations in the country, as a result of country's exposure during Euro 2012 football tournament would also provide significant impetus to the car rental industry of Ukraine.
Off-airport segment will continue to dominate the market for car rentals in Europe.
The geographical expansion of various companies, covering increasing locations throughout Germany, France, the UK, Italy, Spain and other European countries, has led to an expansion of off-airport counters. The growth in the off-airport segment will be augmented by future plans by several car rental companies to expand their geographical network by opening off-airport counters throughout Europe for the convenience of the customers.
According to research report, "Europe Car Rental Industry Outlook to 2017: Latvia, Belgium and Ukraine to Stimulate the Market Growth", Europe car rental market is anticipated to grow at an average annual growth rate of 3.85% over the period 2012-2017.
The introduction of advanced technologies in the car rental industry is expected to revolutionize the market. With the launching of Global Positioning System (GPS), biometric data recorders and eco-friendly cars, the future prospects of car rental industry are expected to be encouraging.
The report provides detailed overview on the Europe car rental market and helps readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years.
The report will help industry consultants, car rental companies to align their market centric strategies according to ongoing and expected trends in the future.
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