The car rental industry is experiencing significant changes in the first quarter of 2024, with different dynamics between long-term and short-term rentals. This situation has been analyzed in detail by Aniasa and Dataforce, who have provided a clear overview of current trends.
In detail, long-term rental has slowed down, contributing to 31% of total market registrations. The performance of this sector has seen a significant decrease, especially in the Passenger Cars segment. On the other hand, Light Commercial Vehicles (LCV) have recorded growth, but not enough to offset the general decline. The research indicates that, excluding rent-to-rent operations, Passenger Cars have seen a decrease of almost 10,000 units compared to the same period of the previous year, with a percentage decrease of 9.3%.
The slowdown in long-term leasing can be attributed to the end of the emergency related to the shortage of microchips that had previously hampered vehicle deliveries. However, the beginning of 2024 showed a decline in registrations, influenced by the expectation of new government incentives, which generated a pause in registrations.
In contrast, the short-term rental sector is experiencing a real boom. With 40,397 registrations in the first three months, an increase of 42.63% compared to the period January-March 2023. This increase concerns both the Passenger Cars and LCV segments, with the latter showing an increase of 18.63% in registrations.
The short-term rental market has shown remarkable vitality, supported by growing demand and faster vehicle turnover. This trend reflects a preference for flexible mobility solutions, especially in a context where transport needs can change rapidly.
The first quarter of 2024 has shown a two-sided market dynamic in the car rental sector, with long-term rental trying to stabilize after a period of growth and short-term rental experiencing a significant increase. These market movements will be crucial to define the strategies of companies operating in the sector in the coming months.
