Spain Car Rental Market Overview, 2028

Spain Car Rental Market Overview, 2028

Car renting is the business of renting cars for a fee from rental service providers. Due to the increased use of smartphones and the growing number of users preferring the online channel, online tourist vehicle bookings are increasing in the country. With the advancement of technology, renting a vehicle through online booking has become the most popular option for customers in recent years. Furthermore, it offers additional features for real-time monitoring of a rental vehicle's operation, performance, and maintenance. Such features are invaluable assets for drivers and fleet managers, allowing them to identify risks and make timely improvements to their rental services. Most popular car rental locations in Spain are Alicante Airport, Barcelona Airport, Bilbao Airport, Ibiza Airport, Madrid Airport, Malaga Airport, and Mallorca Airport, Murcia Corvera Airport

According to the research report Spain Car Rental Market Overview, 2028, published by Bonafide Research, the market is expected to add USD 0.39 billion by 2028. The car rental market in Spain is segmented by car type: luxury, executive, economy, sports utility vehicle, and multi-utility vehicle. In Spain, 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. The demand for economy cars in Spain is high as they are more pocket-friendly. Coupes, sedans, hatchbacks, and SUVs/MPVs are the typical car models offered at economy prices by most rental companies. Consumer preferences and affordability have increased demand for economy car rental services at Spanish airports. Rental companies in Spain's airports have revised their car rental offerings by including more affordable vehicles in their fleet to improve consumer preferences when choosing rental services. Car rental companies offer brands such as Ford, Opel, Volkswagen, and others as part of their budget or economical car fleet. In the upcoming year, the market for car rental in Spain is going to be dominated by luxury and executive cars due to a rise in consumer income and increasing tourism. These factors are going to dominate the market for car rental in Spain. By application type, the market is segmented into leisure/tourism and business. Spain is one of the most visited tourist countries in Europe; almost 36 million tourists visit Spain every year. Business refers to the visitors who visit the country only for business purposes, and they prefer luxury and executive cars. In the upcoming years, the business segment is going to dominate the car rental market in Spain due to the rise in business visits and preference for luxury and executive cars, and the tourism segment is also going to dominate the market due to the increase in tourism in Spain. These factors will lead to the growth of the car rental market in Spain.

Car rental prices in Spain are kept low because there are 32 car rental companies across the country. With over 389 car rental locations and 146,404 car rental options available, the most popular car rental category in Spain is the Volkswagen Golf, available from 15 car rental companies in over 296 locations. Firefly is the cheapest car rental company in Spain, offering a (mini) class car such as the Fiat 500 for as little as €28.70 per week. The most popular location to hire a car in Spain is Malaga Airport, with 19 car rental companies and 352 cars to choose from. Then most popular car for car rental in Spain is the Opel Corsa; total cars available for car rental in Spain are more than 14000.

Spain's car rental market is segmented by online and offline booking. Online booking is going to dominate the car rental market in Spain due to 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.

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, and the short-term segment is going to dominate the market. The rise in the number of tourists in the country, the increase in the size of the car rental fleet, etc., is driving the car rental market in Spain. The country has 47 UNESCO World Heritage Sites, numerous beaches on the Atlantic and Mediterranean, and numerous ongoing festivals across the year, which aid in gathering millions of international tourists along with domestic tourists. The electric rental fleets in the country are also expected to grow in the coming years, which will also encourage the rental services offered across the country to attract customers and curb greenhouse emissions.

Considered in this report
• Geography: Spain
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Spain 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

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.