Avis Budget Group(US:CAR) GlobeNewswire News Roomยท2024-10-21 08:18Market Overview - The Spain Car Rental Market is estimated to be valued at USD 5.95 billion in 2024 and is projected to grow to USD 7.47 billion by 2029, with a CAGR of 10.13% during the forecast period [1] - The market is driven by the increasing number of tourists and the growing car rental fleet size in Spain, supported by the country's rich cultural heritage and numerous attractions [1][4] Tourism Impact - Spain is a leading tourist destination, attracting millions of visitors annually, which significantly boosts the demand for car rentals, especially during peak seasons [3] - In 2022, tourist arrivals in Spain exceeded pre-pandemic levels, leading to a 30-40% increase in car rental bookings compared to 2021, with expectations for continued growth in 2023 and beyond [5] Consumer Preferences - There is a notable shift in consumer attitudes towards renting cars instead of owning them, particularly among tourists who prefer the flexibility of rental cars for their vacations [2] - The demand for economy cars is rising due to their affordability, with rental companies adjusting their offerings to include more budget-friendly options [6][7] Online Booking Trends - Online car rental booking is becoming more prevalent than offline booking, with new startups entering the market to provide pricing transparency and better customer service [8][9] - Technology advancements are expected to enhance the online booking experience, allowing for improved customer service and streamlined operations [9] Competitive Landscape - Major players in the Spanish car rental market include Europcar Mobility Group, Hertz Corporation, and Avis Budget Group, among others [2][10] - Uber has recently introduced a car rental service across 116 cities in Spain, expanding its offerings and providing a diverse fleet of vehicles from reputable rental companies [10]