The turnover in the Renting and Leasing of Motor Vehicles sector in Italy has experienced noteworthy fluctuations over the past decade. The sector showed consistent growth from 2013 to 2019, with a minor dip in 2015. The effects of the pandemic led to a significant drop in 2020, but the market quickly rebounded with strong growth in 2021 and 2022, standing at 10.84 Billion Euros in 2023. The CAGR over the last five years was 6.4%, reflecting robust recovery and growth despite economic uncertainties.
Looking forward, the forecasted CAGR for the next five years is 4.47%, indicating steady growth albeit at a slower pace compared to the recent past. The market is expected to grow by 24.43% from 2023 to 2028, signaling confidence in the sector's resilience and potential for expansion.
Future trends to watch for include:
- Increasing demand for electric and hybrid vehicles as environmental regulations tighten and consumers seek sustainable options.- Technological advancements in vehicle telematics and fleet management, which could enhance operational efficiencies.- Potential shifts in consumer behavior towards more long-term leasing options rather than traditional ownership due to economic uncertainty and rising maintenance costs.- Impact of shared mobility services and their integration with traditional rental markets.