Increasing Usage Of Internet Of Things (Iot) Technology In The Europe Car Rental Market Outlook : Ken Research

The current scenario and development in the technology represent the effective growth in the near future of the car rental industry. The key players of this industry are doing implicit job for developing the applications of the existing technology and are introducing new applications with the establishment of advanced technology. According to the report analysis, ‘Car Rental Industry Research Report’ states that the Europe is dominating the market of car rental industry as the European companies are doing effective job with the IoT technology such as Hertz and will further lead to market growth more positively. Moreover, in Europe, Vans are parked at the parking areas of the stores and can be rented by the hour for customers to safely take their purchases to home. Additionally, the efficient working of European key players in this market, make the Europe market more competitive and attractive, which can attract so many investors and advancement IoT technology paves the way for new innovation services in the future.  

With the IoT technology the objects are being connected to the internet which allows react autonomously to the collected data, perform computations on this data, connect to other devices or systems to send and receive data, measure their environment to collect data and others. Moreover, the advanced development in the technology of IoT in this industry, eliminate the traditional way of booking car and mostly waiting line for hours. According to the report analysis, ‘Car Rental Market Research Reports’ states that the Western European companies are promising for providing better consumer services and offer good opportunities to both consumer and businessmen. The advanced development in the technology, drivers can use their connected smart phones for unlocking the car and with this effective feature means no losing of car keys and getting locked out. Not only has this, the IoT technology in the rented cars enables the workers can monitor the car’s fuel efficiency and odometer and this technology can help in locating any vehicle in real time, which is benefitted for both the service provider and service receiver. On a vast area, the IoT technology will help the European car rental companies in understanding that how the customer use their cars. With all the above applications of IoT technology in the car rental companies lead the market growth across the globe but more efficiently in the Europe region.

Europe is having most prominent share in the IoT technology of the car rental industry and in the near future it is expected that with the more advancement in this technology will generate the highest revenue. The Hertz’s 24/7 service is accessible in a number of European countries, including the UK and serves employees of corporate sector with access to a pool of connected devices. Moreover, the Orange Business Services will provide the IoT connectivity across seven European countries which includes France, Germany, Italy, Spain, Netherlands, Belgium, the UK and others. Hertz 24/7 also handle though retail collaboration with IKEA, B&Q, and Costco and with several other retailers such as Leroy Merlin and IKEA in other European countries. Therefore, it is expected that in the forecasted period the market of car rental industry will grow more significantly over the decades with the more development in the technology of IoT and key players are doing effective job for providing better experience. 

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Emergence of Pooling In Car Rental Market Outlook: Ken Research

Companies operating in car rental industry have realized that they are now not only operating to provide access to care but rather have to focus on mobility solutions. Users are currently looking for fulfilling variety of needs rather than just fulfilling one function.  The market for car rental is witnessing a dynamic shift and hire companies now offer variety of features to address their corporate clients need. To improve their own utility, companies have come up with car pooling or sharing mechanism. Global Car rental industry is expected to grow at a CAGR of 13.7% and reach an approximate market value of USD 127 Billion by the year 2022. This growth potential has been coupled with unorthodox services by the hire companies which include car pool servicing.

Car-sharing, or carpooling, started life as a motor vehicle version of hiring a DVD. Renting is no longer just a financial alternative to owning – user paid for a period of use, not for access at any time. The new service of carpooling, the user only pays by use. The person hires the vehicle when he or she confirms the booking via a device and stops when the user ends the booking.  Car sharing companies fulfill an important function. Both public sector companies and private companies have number of employees residing in different areas nearby and far-off. These companies look for mobility solutions for their employees to and from their workplace. These companies look for vehicular rental services to be provided to their employees. This is where car rental cash in with their pooling service by providing easy and efficient services. Since car booking is allowed at intervals of hour and half hour, it allows multiple employees to use the car pooling service. For the corporate client, there are also three ‘hidden’ benefits that accrue. First, duty-of-care is taken care of i.e. the users do not have to worry about the maintenance associated with the companies; second, these cars will be much lower-emitting than the typical privately-owned car; and third, one of the unexpected benefits is that it eliminates the need to drive to work. If the employee uses his car he shall have to drive it in the first place however, once an employer provides a car-sharing service, number of people use car sharing service which works as a positive externality to the employees motivation as they do not have to worry about traffic or driving to their workplace.

Currently UBER and Lyft dominate the market in the car pooling segment of car rental industry of US. UBER is a huge corporation with deep pocket which not only functions in this segment but also has other number of services. There have been many companies that have entered the market in the past year. These include Juno, Gett, BlaBla Car who although have a small market base but still have entered the market to explore untapped potential.

With rise in revenue of corporate clients and the need to motivate employees with non monetary incentives, companies have increased their demand of such services which opens up the pooling segment of car sharing. Thus, this industry will expand further in the coming years to serve both corporate and private customers efficiently and effectively.

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Developments In Car Rental Industry Market Outlook : Ken Research

The dynamic and complex business of car rental started with simplified renting car on per day basis at fixed base charges  plus over and above per mile charge. Soon hertz stepped into the market to change the face and fate of car rental industry. Now car rental is a fully fledged package consisting of combination of pickup and drop location, car type, rental period and even refueling option. Car rental industry is segmented on the basis of location, types of vehicle, market size, regions and many more. Car rental Market Research Reports that Emerging trends, technical advancements and industrialization has helped to expand the dynamism of car rental industry therefore influencing them to lower their carbon print, to go eco- friendly, introducing digitization, green and autonomous vehicle splendid techniques to protect from theft and most importantly has introduced with self driving ideology instead of hiring the driver which ultimately made end consumer more satisfied.

NEW TECHNOLOGIES THAT CAME INTO MARKET ARE:

Ø  Green technologies: Universal concern over pollution and global warming became the driving force for introducing hybrid rental cars that were highly fuel efficient and cost effective. Being easy on wallet and reducing global emission Hertz Toyota prius hybrid rental car became the prominent leader in hybrid category.

Ø  Electric Vehicle:  Fully electric vehicle is relatively more reliable and greener alternative to ordinary cars working on combustion engine. Therefore millions of dollars is spent by Orlando, Florida which is the most popular tourist destination and UK government to improve electric vehicles infrastructure

Ø  Black Box: They capture rudimentary information prior to accident. They record vehicle speeds and successfully helps automakers and government to design safer vehicles.

Ø  Biometrics: biometric is used across rental car collection points to protect the cars against theft. This technique is most used in Europe due to its high theft rate which collects the traceable records to track down criminals.

Ø  Electronic fuel Metering: this technology is primarily used by market leaders such as hertz to measure the amount of fuel customer has while leaving and when they return. If there would be any discrepancy it would easily be detected.

Ø  Smart phone technology: Automated rental technology that is use of mobile apps to hire rental cars are available 24/7 for the service of customer just a click away. Moreover inbuilt GPS system track rental car nearest to their current location. This function is available to more than 2000 location worldwide. Thus leaving no stone unturned to add value to customers.

Car rental Industry Analysis reports with increase in consumption and technology of car rental, the industry is anticipated to continue to grow through 2021. Car rental industries contribute significantly to reduce pollution level in the environment. Rise in the disposable income of developed countries such as North America, Europe, Asia- Pacific made them the major leader is continuously striving to equip themselves with all new technologies to acquire each and every customer in the market. The onset of technical gadgets is predicted to increase competition among the market players such as Hertz Corporation, Uber Technologies Inc, Alamo and many more. At the end of the day consumers are satisfied with the change in technologies in car rental industries marking the success of car rental industry.

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Facial Recognition Technology And Car Rental Industry Market Outlook : Ken Research

Facial recognition technology has begun to gain traction on devices like i-Phone X. Just recently IDEMIA announced their plan to install facial recognition cameras in rental vehicles. IDEMIA is a French company that specializes in biometrics and digital technology. This company is using technology to increase the security of rented vehicles. Car rental market research reports indicate that the number of users opting for car sharing services is expected to surge by 2025. However, this technology is posing a serious threat to privacy. Law authorities and car rental companies will now be able to spy on people. Car rental companies can combine GPS and facial recognition data to create an intimate record.

Certain digital methods have been introduced in the recent past in order to improve the safety and security of rented cars. These methods mostly rely on digital photography. The technology is now improving and there is more advanced and improved methods to combat the issue of security of rented cars. Omoove under Octo Telematics with its partner IDEMIA has developed an application called EasyOpen which people can download on their smart phones and use as keys to their rented cars. This was a step taken in the interest of security to ensure that only authorized people operate the vehicle. Both these companies have now taken a step further in the interest of security. They have now incorporated facial recognition into their EasyOpen solutions system. The system uses the smart phone to create the identity of the driver by registering ID documents while afterwards granting access to the car through a selfie thanks to IDEMIA’s facial recognition solution. The digital enrolment process combined with facial recognition technology will securely enroll and authenticate the driver before EasyOpen automatically opens the car.

Security is an immediate concern for the industry because it is expected that the number of people availing car rental and car sharing services will increase. Private car usage will then decrease and car rental services will need high performing technologies to secure shared and rented vehicles. IDEMIA and Omoove have strengthened their position in this market with simple and fast EasyOpen solutions.

Until now the incorporation of facial identification technology was not part of the car rental industry however, it has now been brought into the industry by some of the most reputed players. Omoove’s parent company Octo Telematics is a European leader in providing innovative technological solutions. OT Morpho (Oberthur Technologies) now known as IDEMIA is a leading global provider of security software products and services.  Apart from this, it also specializes in Augmented Identity to cater to the modern digital world and has a strong foothold in the field.

Car rental industry analysis reveals a rapidly increasing demand. This industry is undergoing advancements in the security sector with big players like OT and Morpho joining forces to form IDEMIA and thereby augmenting technological change by introducing facial recognition technology. Their innovation is being well received globally as they serve 180 countries.

For more information, click on the link below:

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