To have an idea of the potential of this productive sector, we will say that in only 7 years the income in this segment will rise, only in the capital, to 60 million dollars, that is to say, its turnover will have quadrupled in less than 10 years.
Among the main cars demanded by this market are vehicles such as Toyota Yaris, which can comprise up to 60% of rental orders. On the contrary, cars such as Mini, with great difficulty reaches 7% of market share.
However, the most profitable cars in this expanding business are the vans, which constitute approximately 15% of the overall supply, whose rental is on average 7 days.
The car rental market
The car rental sector is a market with a wide regulation, which demands very specific requirements when setting up the business.
Vehicle rental companies represent a very important growth path, not only for the tourist sector, but also for the industrial sector, as they are the first purchaser of vehicles from automobile manufacturers.
The sector’s forecasts currently refer to increased price competition, which may lead to the emergence of low-cost companies operating over the Internet.
Car rental for foreigners
For car rental Mallorca in this amazing growth of foreign tourism, new markets are flourishing that seek to meet the needs of this entire population, as is the case of the car rental sector, whose customers are more than 50% foreign.
In addition to the arrival of foreigners, another phenomenon that is strengthening this particular market is national tourism, that is, spaniards who decide to travel within their own national borders and use these rental services to improve their quality of travel.
With foreign and domestic tourism booming, the car rental market is growing at an astounding rate of 20% per year, with a turnover of 15 million dollars in Spain alone.