Amex GBT: Global car rental rates stabilise

Friday, 14 Jun, 2024 0

American Express Global Business Travel (Amex GBT has published Ground Monitor 2024-2025, its annual forecast of car rental rates.

The findings show how the global car rental sector appears to be stabilising after more than three years of volatility.

As a result, car price rises should moderate in the coming 12 months across most locations, it predicts.

With supply chains recovering, the costs of buying and operating cars should also moderate.

Alongside price forecasts for 12 countries, Ground Monitor 2024-2025 examines the factors driving car prices and shaping corporate car programs.

Sustainability is a key theme; the report looks at how company fleets are embracing electric vehicles (EVs), as well as shifting towards smaller, lighter car models.

The report also highlights the potential of artificial intelligence (AI) to help transform fleet management and and car sourcing.

Gerardo Tejado, SVP, Professional Services, Amex GBT, said, “Ground transportation plays a crucial role in enabling businesses of all sizes to operate efficiently.”

It is a key factor in the journey experience for travellers.”

In the US, Ground Monitor 2024-25 predicts a 2.5% increase in car rental rates to March 2025.

In Canada, a 3.4% rise is forecast, while in Latin America, price rise forecasts range from 1% in Brazil to 10% in Chile.

Europe car rental rates are also forecast to rise in many key business destinations, including 5% in Germany and 6% in the UK.

France rates are predicted to range between 3-4% for smaller vehicles and rates to a drop as much as 15% for large and premium categories due to falling demand.

Benelux, the Nordics and South Africa are forecast to see stable prices, while Australia can expect an average 4% increase but with notable variations between metropolitan areas and isolated regions.

Higher demand car categories and some city locations will likely see slightly higher price rises.

TravelMole Editorial Team

Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

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