Car rental industry is
rising with the more development in the technology and the recent scenario
represents the significant growth in the forecasted period with the more
developed technologies and new innovations in the existing technology.
According to the report analysis, ‘MARKET
RESEARCH REPORT FOR CAR RENTAL’ states that the internet of things
technology is improving the rental car process for drivers, as well as pen and
paper systems for rental managers. With the establishment of IoT in this
industry it eliminate the traditional way of booking car or any other vehicle
such as waiting in line most probably for hours. In the recent trend, divers
can use their connected phone or device to unlock, lock, and start the rental
car and with this feature means no losing a set of keys and getting locked out.
With the technology of
IoT the rental car workers can monitor the car’s fuel level and odometer. In
addition the IoT stage can help in locating any vehicle in real time, which is
very much beneficial if the car is not returned to the proper location at the
time. The car rental companies can track the GPS location to find out more
related to why people rent their vehicles which help in improving the mapping
for future use. On a larger scale, the IoT technology will help the car rental
companies in understanding how customers use their cars. The applications of
the IoT lead the market growth globally moreover, the global rental company,
Hertz, has been eager to put the IoT technology to use in its business
vehicles. Whereas, Hertz has collaborated with the retail stores across Europe
due to which the customers who make physically large purchase can rent a car by
the hour to escort their items home. According to the report analysis, ‘CAR
RENTAL INDUSTRY RESEARCH REPORT’ states that IoT products are gaining
momentum in the market and IoT marketplaces are like gateways that offers
companies the option to connect and interact with the vast range of vendors
without creating any platform. Moreover, the major companies in this industry
are benefitting from the IoT through cost savings due to predictive
maintenance, improved safety, and other operational efficiencies.
The Asia Pacific
region is expected to remain the largest market due to increased digitalization
and rapid urbanization with the increased expenditure on traveling. In addition
the Europe and North America are expected to witness a significant growth over
the forecast period because of improving economy, high quality road
infrastructure and others. Not only has this, the rest of the world is doing so
many development and new innovations in the technology for enhancing the
landscape of the car rental market.
The emerging trend in
this market has the positive impact and enhanced the user experience through
the digitalization and enhanced technologies in the car rental service.
Enterprise Rent-A-Car, Avis Budget Group Inc., Sixt AG, Europcar Group S.A.,
Hertz Global Holdngs, Inc., has been the major players in the global car rental
market. Moreover, with the existence of the numerous players in this market, it
will lead to a competitive landscape with is benefitted for both the customer
as well as the investors. Therefore, it is expected that in the coming years
the IoT technology in the car rental industry will lead to significant growth
over the decades.
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