Car rental Market Research Reports Consulting | Car rental Business Review : Ken Research

According to the Car rental Market Research Reports, it is stated that there are several key players which are recently functioning in this market by folding up their sleeves for attaining the highest market growth as it is one of the richest market in the present era with the transformation in the living style and development in the economies. Not only has this, in the recent trend, with the presence of effective technologies the driers connect their smart phones with the vehicles so that they can unlock and lock their car without the help of keys and it decreased the fear of locking outside with the loss of keys. Moreover, the technological apps is also playing prominent role in the developed regions as one technology facilitate the facility of car pooling to the user which is very much affordable.

The car rental market was not as innovated and profitable in the past there were no certified mechanics in this industry but in the present era the market is very much profitable and developed as in the recent trend the market is having knowledgeable mechanics that are certified by the government. In addition, the market of car rental in the present era having various innovated technologies which proved to be beneficial for the key player for attaining the huge market share across the globe more effectively and in the least time. Whereas, many of the prominent key players for leading the market growth more actively and positively by investing in the development of the technology. Furthermore, for attaining the highest market share in the market, the regions are functioning more actively and in a more auspicious manner which further make the market more competitive and lead the market growth in the forecasted period.

The internet of things and technological apps help the user in locating the car and know the cause of delay. Furthermore, IoT is beneficial for monitoring the level of fuel and speedometer. Whereas, the technological apps, the client can maintain the accounts and can account for a schedule reservation. Therefore, in the coming years it is expected that the market of car rental will grow more actively over the decades with the effective support of new entrants in this market.

To know more, click on the link below:

https://www.kenresearch.com/tag/automotive-transportation-and-warehousing/car-rental/161.html

Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
sales@kenresearch.com

+91-9015378249

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. 

To know more, click on the link below:

https://www.kenresearch.com/tag/automotive-transportation-and-warehousing/car-rental/161.html

Related Reports :-

https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/europe-car-rental-industry-research-report/439-100.html

Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
sales@kenresearch.com

+91-9015378249

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.

For more information, click on the link below:

https://www.kenresearch.com/tag/automotive-transportation-and-warehousing/car-rental/161.html

Related Report  : -

https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/saudi-arabia-vehicle-leasing-market/143546-100.html

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

sales@kenresearch.com

0124-4230204

Launch Of Automative Vehicles In Car Rental Market Outlook : Ken Research

The concept of driverless vehicles seems to be new and it certainly feels novel, it was first thought of in the 1920s with Mercedes Benz actually taking up the project in 1980s. The recent developments have achieved greater recognitions and it entering various industry segments like logistics, aviation and even car rental. With the introduction of the driverless vehicles, it is shall not be about removing the need for people behind the wheel but rather people who shall keep the vehicle up and running in top notch conditions. Witnessing car rental companies entering this new segment, one thing that cannot be shadowed is the need for partnerships and acquisitions to create the best automotive system with billions of dollars on the line. Market Research Reports for Car rental reveals that this industry could grow at an approximate CAGR of 47.8% till 2030, globally.

Car rental industry is just another segment that is on the verge of disruption with the introduction of autonomous or driverless vehicles and hence car rental, rather being turned into dust is willing to adapt to this new phenomenon. Most of the recent developments in this market are focused on developing the technology but car rental companies could have significant role to play as driverless cars move forward. There are endless benefits to this technology. The one very prominent being improvements in prevention of accidents and mishaps associated with car rentals. Foreign tourists, business travelers hire a vehicle straight from the airport. Many who do so are unaware of the travelling conditions like roads, weather or even the driving norms. This makes them susceptible to make mistakes. From driving on the wrong side of highway to crashing vehicles in bad conditions, various cases have been reported and Car rental Industry Research Report suggests that 90% of the car accidents are caused by human error. Driverless vehicles do not require a human behind the wheel and hence mitigates this risk involved with car rental market. Another benefit that the user reaps is he or she shall have the liberty to focus their attention on more important matters rather than worrying about controlling the wheel. From enjoying the scenic beauty that travelers wish to witness or prepare for a meeting that business travelers have come for. Transportation of children, elderly, or the disabled could become easy without having to worry about the person behind the wheel. We could witness a decrease in the green house gas emissions due to regular upkeep and proper driving technique.

US car rental giants have already started to blend with this new technology. Many have started to partner with technology giants and are ready to roll out the driverless car concept in the car rental industry. Two high profile partnerships came into picture. Google’s Waymo entered into partnership with US car rental giant Avis for storing and maintaining autonomous vehicles while Apple’s self driving Lexuses have been linked to Hertz (US). Enterprise holdings, one of the market leaders in car rental market have partnered with a small startup Voyage involving a deal of just 12 cars. 

Rental car companies are not known for their innovation but they are certainly poised to deploy this technology and bring a dramatic shift in the car rental market. With each major company partnering with technology giants, they wish to improve efficiency and effectiveness in order to appeal their customers. Driverless cars will happen to car rental without any special investment from companies. It will just be an option when the vehicle is purchased, the same way that GPS is now and ultimately prove to be an inevitable change in the future.

For more information, click on the link below:

https://www.kenresearch.com/tag/automotive-transportation-and-warehousing/car-rental/161.html

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

sales@kenresearch.com

0124-4230204

Threat Of Peer To Peer Car Rental To Traditional Car Rental Companies : Ken Research

Introduction: As of September 2017, peer to peer car sharing platform Turo raised an additional USD 92 Million from its investors completing their series D round of funding. The company utilizes a business model of peer to peer  matchmaking by providing a platform for users with vehicles to list their own cars on the platform to make money to meet customers looking to rent a car for a short or a long period of time. This trend is gaining traction as Car Rental Industry Market Research reveals that the cost of owning and maintaining a car has increased significantly. Turo is accompanied by companies like Hyrecar, Hiyacar and Getaround to provide feasible solutions for car rentals at reasonable rates via their mobile application / web based platform which uses a matchmaking software to connect customers with car owners, the application allows customers to co ordinate the pickup and drop portion of the vehicle delivery so they can decide on a time and location that is convenient for them. Turo also provides added insurance for the vehicles and every car is vetted before listing and the information exchange works simply by customers and vehicle owners sending digital copies of their identity information and vehicle information needed. The emergence of applications like Turo is changing the short term car rental industry for the better but is simultaneously hurting the business for traditional car rental firms

Market Threat: The global car rental market is poised to grow significantly from its value of about USD 56 Billion in 2016 to over USD 124 Billion by 2022 with a CAGR of about 13% for the period. While this growth outpaces a majority of industries, there is major scope for expansion being hindered through the introduction of peer  to peer  car rental. Peer  to peer  car rental makes a majority of the approximately USD 5 Billion car sharing market which is forecasted to grow to over USD 11 Billion by 2024 with a CAGR of over 20% for the period 2017-2024. This signals a major threat for the car rental market as short term car rental is expected to be soon replaced by peer  to peer  based car sharing platforms. The average annual cost of maintaining and servicing a car is approximately USD 8,609. The added expenses for fuel which is volatile based on constantly changing fuel prices has been demotivating consumers from purchasing vehicles of their own.  An increasing number of consumers prefer to avail car sharing services for short and long term rentals and the reasoning is evident. Recent research indicates that in the U.S, using car sharing services saves consumers anywhere between USD 145- 435 per month. The added benefit being that comparative to a rental car company, Turo provides users with insurance for their rental cars which is not standard in traditional rental car companies and moreover, Turo costs approximately USD 52 lesser than traditional providers on a monthly basis. Another major factor in the increasing popularity of applications like Turo is the variety, as Turo allows owners to list any car of theirs and also helps aspiring customers purchase a new car there is a much larger selection of vehicles when compared to a traditional rental car company which usually handles only a handful of models. Turo lists cars from the 2016 Ford Mustang to a 2018 Porsche Carrera. A similar range of benefits is observed in companies like Zipcar and HeyCar, although not all the companies provide the wide range of vehicles compared to Turo

Conclusion: The traditional car rental business model is in danger of being replaced by peer  to peer  models which reduce the operating costs for businesses making a majority of their costs variable and changing the business model to be light on fixed assets. Another major factor influencing the growth of the online platform based model as opposed to traditional rental companies is the level of convenience that is brought about by using technology based platforms and although companies like Enterprise are lobbying for there to be strict regulations imposed on Turo similar to traditional rental car companies, the satisfaction of the customers is significantly higher through apps like Turo and Zipcar and that is even without tight regulations ensuring high quality stands. Turo is effectively changing the rental car industry in the same way Uber changed the taxi industry by increasing the size of the market but by running taxis out of business due to lower prices and better customer service and experience .

For more information, click on the link below:

https://www.kenresearch.com/tag/automotive-transportation-and-warehousing/car-rental/161.html

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

sales@kenresearch.com

0124-4230204

Car Rental Industry: The Threat Of Car Sharing To The Business Of Short Term Car Rental

Introduction: In April 2018, two companies, Ekar and Udrive were awarded contracts by the Dubai Road and Transport Authority for launching their ride sharing startups that allow users to share rides paying by the minute.  Udrive has 70% of the market as of now. The introduction of ride sharing has allowed consumers to avail a larger variety of cars, instantaneous transport on demand and the comfort of travel in a car, all without having to bear the expense of purchasing or servicing a car. Although car rental market had a way to minimize the purchase of cars by allowing consumers to rent cars on a required basis, the high cost of renting a car for a day from a car company had led to an inverse effect with consumers. The increased need for rental cars became a dependency only for travelers. The growth of the market has been due to the increasing needs of business and leisure travelers. This was the major purpose of renting a car, to have it available when you need to travel anywhere, anytime. 

Ride Sharing:   March 2009, pegged the launch of Uber , the world’s largest ride sharing company, which was created as a solution to the issues of  car rental allowing customers to order a car for their travel based on need for which the car would arrive in a few minutes . The cost of travel would be including everything required.  Since then there have been petitions and protests by taxi drivers in multiple countries asking to ban apps like Uber although there has been regional adoption of the Uber business model in many countries as well. The advent of applications like Uber led to a major hit in the business of the taxi market. And today, ride sharing as a whole poses a threat to the rental car market. The largest rental car company in the US, Enterprise car rentals, was losing significant business due to the introduction of Turo, an app that allows users to list their own cars to be rented to make income and also allows users on the app to find their dream car to rent or to finance a new car. The point of the app is connecting car owners to people in need of a car just as Uber connects people in need of a car ride to people capable of providing one. The usage of applications like these has led to a major problem for rental car companies. Uber itself exists in 72 countries as of March’2018. The availability of cars allows most business and vacation travelers the opportunity to avail a ride on demand by ordering a car for a trip with a driver and ensuring that there is no further need for the car. The only time this is an issue is if the car is needed to wait for the customer or if there is luggage that needs to be stored and hauled around. Usually, in business travel especially, there is a very minimal need for luggage to be carried around allowing most travelers to book an Uber between destinations for business travel and for a majority of vacation travel purposes as well. Hence the need of a rental car is not as high as before.  Multiple car rental companies like Hertz and Avis have been constantly losing business due to the intrusion of Uber in the car travel market. Although the effect is not major yet, there is an expected trend that companies like Uber will become a major substitute to travelers who feel the cost of renting a car is too high to be justified as it is already happening with premium travelers and car rental is virtually inexistent among locals, there seems to be a growing threat to the car rental market from the ride sharing market

Conclusion: The companies that use ride sharing are taking away a portion of business for short term car rentals. The portion is expected to increase over time. The adoption of strategies such as gamification, increasing customer service, Real time GPS positioning and system automation are efforts made in improving operations and customer experience but cannot be adequate to win consumer confidence if the cost and satisfaction factor is not improved.  

For more information, click on the link below:

https://www.kenresearch.com/tag/automotive-transportation-and-warehousing/car-rental/161.html

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

sales@kenresearch.com

0124-4230204