Car rental services are directly linked to the degree of mobility of people who, as tourists or business people in new locations without access to a personal or company car, are using this option to gain freedom of choice, time and comfort. Renting a car is the optimal solution to complement long-distance travel by air, at the detriment of public transport.
Evolution of the turnover
From the graph above it can be seen that the upward trend of this market continued in 2018 and 2019, following an inflection point resulting from the application of movement restrictions due to the Covid 19 pandemic. From a peak of 3 212 153 832 Ron achieved in 2019 as net turnover, the market dropped to 2 717 688 934 Ron in 2020, then showing signs of revival in 2021 reaching 3 025 736 629 Ron.
Evolution of net profit
Directly linked proportionally to the turnover, the profit graph for the same period has the same shape as the previous one with the exception that in this case we have a higher increase of the results in 2020 compared to 2021, namely: from 167 209 014 Ron in 2020 to 286 421 806 in 2021.
Evolution of the number of firms and employees
In this case, we have an interesting fact: although the number of firms increased slightly during the period, without a decrease in 2020, the number of employees decreased this year, with a rebound in 2021.
Top 10 counties by CA at the end of 2021
Summarizing the data at the end of 2021, 1 739 car rental companies with 3 105 employees, 3 025 736 629 RON net turnover and 286 421 806 RON net profit were registered in Romania.
Forecasts for 2022
At the end of 2021 the forecast for the car rental market was optimistic, with analyses showing that with a 12% quarterly growth the companies in the sector will reach the results of 2019.
New factors have emerged that cast doubt on this forecast, namely :
- Difficulties in the aviation industry
Lack of flight crew and ancillary service staff at airports has led to chaos in air traffic, with many flights delayed or delayed. The lack of passengers is directly reflected in the lack of customers for car rental companies.
2. Exploding fuel prices
Below are the average diesel prices in figures for the period July 2021 – May 2022: we have an increase of approx. 49%.
3. Economic inflation
The erosion of people’s purchasing power has led to a reassessment of consumption possibilities, with people’s financial resources going to basic necessities. Research has shown that a 10% drop in income leads to a 50% drop in travel opportunities, with holidays and trips becoming just projects or wishes.
4. Imminent new COVID waves
The likelihood of a repeat of lock-down conditions due to the pandemic as in 2019 is low, but it does exist, and a repeat of the restrictions then would have major and negative effects on the business of car rental companies.
In conclusion 2022 is a challenging year for car rental companies that will have to adapt to market conditions and find efficient and cost-effective mobility solutions for their customers.
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