| Research Activities |
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| Trends and prospects of the car rental and leasing sector |
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Category:
Microeconomic Analysis
SubCategory:
Automotives
Date: 31/07/2024 |
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| The role and importance of the car rental and leasing sector in the Greek economy, as well as the challenges and factors that will determine its future course, are examined in the study "Trends and prospects of the car leasing sector". Short-term "rent a car" and long-term vehicle leasing (operating leasing) is an important sector in Greece. In more detail, short-term rentals play a crucial role in supporting the quality of the tourism sector as well as road safety, while long-term “operational” leasing contribute to manage costs and expenses.
Business turnover is estimated at €1.7 billion in 2023 and employment reaches 9.8 thousand people, with investment in new vehicles exceeding €500 million in 2022. The total fleet managed by companies of all categories approaches 280 thousand vehicles in 2023, with low average age (2.9 years) compared to the total passenger car fleet in Greece (17.3 years). The total contribution of the sector to the GDP of the Greek economy reaches €1.3 billion in 2022, and the total impact on employment is close to 14.6 thousand full-time jobs.
The sector faces significant challenges at the economic and institutional level (pandemic, energy crisis, supply chains), while important issues remain the growth of demand, financing and energy costs, labour force and regulatory environment, the penetration of electric mobility, etc.
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