Over 86% of Avis Europe's revenues in 2009 were generated in the five major markets of France, Germany, Italy, Spain and the UK.

 

 

The European industry is characterised by a small number of major car rental companies including Avis Europe, Hertz and Europcar (which operate through a combination of corporately-owned and franchised operations), large national vehicle rental companies and numerous small companies primarily servicing their own local markets. This fragmentation of the industry makes the measurement of market data difficult.

 

Euromonitor currently represents the only European-wide source of market data, which includes both airport and off-airport estimates.

 

 

The latest independent market share data from Euromonitor (Euromonitor IMIS Travel Database 2007) estimated the total car rental revenue generated in the group's 10 key corporate countries to be €8.81 billion in 2007. The largest of these countries by revenue were Germany (22.0%), the United Kingdom (18%), France (17%), Spain (16%) and Italy (12%). During this period, Euromonitor estimated that 44 million rentals were made and that a combined fleet of approximately 1.2 million vehicles was employed by the car rental industry.

 

 

Whilst there is no market data currently available for the car rental industry in 2008, growth has historically been tied to general economic activity levels and, in the case of rentals from airports, to airline passenger volume growth.

 

The global economic environment deteriorated during 2008, particulary in the second half of the year, with The Economist Intelligence Unit reporting growth of 1.1%in Euro-area GDP for 2008 compared with growth of 2.6% in 2007.  The International Air Transport Assocoation (IATA) reported full year growth of 1.8% in intra-European passenger numbers, although there was significant variation between the first and second halves of the year.  The growth rates in the car rental market in 2008 are likely to have been similar.

 

In 2009, the overall demand outllok in the Group's main markets is expected to be challenging and uncertain.  As at January 2009, The Economist Intelligence Unit was forecasting a 1.2% decline in Euro-area GDP in 2009 with growth of 0.5% in 2010, with UK GDP forecast to decline by 2.5% in 2009 and by 0.9% in 2010.

 

Growth expectations for the airline sector tend to be higher than GDP growth, driven in part by structural trends, in particular by the continued growth of low cost airlines.

 

The International Air Transport Association forecasts growth in passenger arrivals for flights within Europe of 4.4% per annum for 2008 to 2011, marginally down from their previous forecast of 4.8%.

 

Euromonitor estimated that the total industry revenue in the 10 main corporate countries grew at a compound rate of 2.6% per annum from 2002 to 2007 and forecasted growth of 4.7% per annum from 2008 to 2012

 

 

 

 

 

 

 

* Includes Budget 2.7%

** Includes Vanguard 5.0%

 

Avis began operations in Scandinavia over 50 years ago and now has the widest network covering the Region.

 

Avis was also the first rent a car company to be represented in every country in Central and Eastern Europe. With strong growth prospects, as evidenced by the expansion of the European Union eastward, Avis is very positive about its future in this fast emerging territory. Recent network expansion has focused on Russia.

 

 

 

 

Avis Europe is represented in 85% of the region, more than any other international car rental company, with services at all international airports across 38 countries. The prospective growth in Africa and the Indian Ocean give Avis confidence in the future, particularly in key markets such as Southern Africa, Morocco, Tunisia and Nigeria.

 

 

Avis Europe acquired the licence to operate in 27 territories in Asia at the time of its flotation. This provided the company with access to a vast new market representing over 60% of the world population in one of the most dynamic regions of the global economy, whilst further enhancing its international presence.

 

Asia is a key long-term growth region, and Avis became the first international car rental company to enter into equity Joint Ventures in the two strategic markets of India and China. Avis India opened in 1999 and Avis commenced trading in China in January 2003, through the signing of an agreement with a subsidiary of Shanghai Automotive Industry Corporation, one of China's largest automotive groups. Avis now operates in 17 cities with 22 locations in China.

 

 

Avis Europe began operations in the Middle East more than 40 years ago and is currently represented in over 90% of the region, serving a population of over 120 million. The operation in Israel, together with the newer Budget brand, is listed on the Tel Aviv Stock Exchange.

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