Italy Car Rental Market Overview, 2028

The market is projected to experience significant growth as domestic and foreign travel increase nationwide. In 2021, approximately 84% of all tourism-related expenditures will be domestic. The primary contributor to the Italian GDP is travel and tourism spending. Due to the country's growing travel and tourism industries, there has been a significant increase in demand for car rental services, which is leading to significant market growth. The market is expected to experience significant growth as a result of rising internet usage nationwide and an increase in the use of smartphone applications for online vehicle rental reservations. More than 52 million people in Italy were active internet users in 2021; this rise in internet usage will help boost the market for car rental in Italy. Currently, online booking serves a variety of purposes, such as verification of the renter's documents, offering information to the renter regarding the car, and providing services like drop-off and pick-up of the rented car at a certain place, e-signing contracts, and facilitating cashless transactions. According to the research report "Italy Car Rental Market Overview, 2028," published by Bonafide Research, the market is expected to add USD 0.52 billion by 2028. The Italian car rental market is segmented by car type. Luxury car, executive car, economic car, sports utility vehicle, multi-utility vehicle In Italy, the car rental market is dominated by economy cars because they are the most popular means of transportation. Economy car rental services provide less expensive rides that are accessible to the general public. Customers on business and pleasure vacations prefer luxury and premium car rental services. During the forecast period, short-term car rentals are expected to dominate the market. These short-term car rentals enable consumers and families to visit local city sites with additional seasonal offers and discounts. Based on government regulations and framework, short-term leasing has assisted passengers in saving fuel costs and travelling to various locations in cities with ease. Considering these factors, demand is expected to remain positive. With the increased use of smartphones and the growing number of users preferring the online channel, online tourist vehicle bookings are increasing in the country. Technological progress and digitalization are factors that help market participants stay ahead of the competition. Car rental services are frequently supplemented by websites that allow online reservations, and car rental offices are typically located near airports or in congested city areas. Car rental agencies typically provide additional services, such as GPS navigation systems, insurance, and entertainment systems, in addition to the basic rental of a vehicle.

Growing electric car sharing across the country is likely to witness major growth for the market. The rising strategic partnership between the existing players in electric car sharing has significantly boosted the market. In 2020, WeShare is partnering with Volkswagen to provide the e-Golf 1 and other vehicles. The company has plans to provide a fleet of 8,400 electric vehicles across the country. In June 2021, LeasysGO! launched a car-sharing company across Italy. The company has ordered a fleet of electric Fiat 500 vehicles for rental service. The rise in popularity of electric car rental services among travellers across the country is witnessing major growth in the market. In July 2021, Enel X and Volkswagen Group jointly developed electric mobility in Italy. The two companies will establish a full-function joint venture of equal partners aimed at deploying, owning, and operating more than 3,000 high-power charging points in Italy of up to 350 kW each. The most popular city to rent a car in Italy is Catania. Car hire in Italy starts at just €5.50 per day for a (mini) class car from Centauro. The average price to hire a car in Italy is just €75.40 per day, whilst the most expensive hire car in Italy is an Opel Vivaro car for a standard class, costing €595.00 per day. With over 375 car rental locations and 176,895 car rental options available, Centauro is the cheapest car rental company in Italy, offering a (mini) class car such as the Fiat 500 for as little as €37.80. The highest price of a rental car is around Euro 600 per week for an Opel Vivaro. The most popular location to rent a car in Italy is Sicily, Catania Airport, or Fontanarossa, with 22 car rental companies and 240 cars to choose from. The total number of cars available for car rentals is 13872, and the most popular car for car rentals is the Fiat Panda. Most famous locations to hire or rent a car in Italy Alghero, Ancona Airport, Arezzo, Bari, Bologna Airport, Brescia, Brindisi Airport, Como, Forli Airport, Garda, Genoa, Lamezia Airport, Parma Airport, Pescara Airport, Reggio di Calabria, Rimini, Siena, Sorrento, Treviso Airport, Verona Airport, and Vicenza.

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Manmayi Raval

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Some of the car rental websites to book car rentals in advance in Italy AssoTaxi, Auto Servizi Mariani, Blucar Service, and Clab Service Colosseumtravel.com, Davide Guerrera, Eco Move Rent, Economy Car Rentals Considered in this report • Geography: Italy • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Italy Car Rental market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation

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By car Type • Luxury car • Executive car • Economy car • Sports utility vehicle (SUV) car • Multi utility vehicle (MUV) car By application Type • Leisure/Tourism • Business The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to car rental industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.