AMEX GBT releases its Ground Monitor 2023-24 report noting a significant increase in rental car prices. Nevertheless, landlord tariffs are likely to stabilize in 2024.
According to the study published by AMEX GBT, car rental prices continue to rise in key business destinations. In France, prices rose by 15.4% in Paris, against 12% in Marseille or even 10.1% in Lyon. According to Ground Monitor 2023-24, rate increases are expected to reach 5% nationwide by March 2024. For the main economic centers, this increase could stabilize at +2%. As a “victim” of its tourist success, France remains one of the most visited countries in the world and leisure demand can impact private sector costs, especially during the summer season (+20% on average between June and August). .
Electric vehicles at more attractive prices
In addition, France is in the process of introducing electric cars and new registrations have increased by 45.7% since February 2023. A development that is beginning to affect the rental sector as, according to the report, we are observing a large supply of electric vehicles available at competitive prices. Globally, tariff increases are also expected to stabilize at +5% in the US and Canada by March 2024, compared to 6% in Argentina or even 2% in Australia. In Europe, the increase will be highest in Germany (+7%), ahead of the UK (6.5%) and the Benelux countries (+3%).
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