In the modern era, the
car rental industry is undergoing with the major changes from factors such as
advancing consumer preferences and new innovative technologies. Additionally,
the increasing concern of global warming have a major influence on the car
rental industry. Furthermore, more efficient technologies in the car rental
industry has been undertaking to produce rental options that will appeal to
customers with an environmental conscience. Not only has this, many companies
who are actively changing the way of operating the car rental industry to meet
the demands of the ever-growing environmentally friendly market. According to
the report analysis, ‘CAR RENTAL INDUSTRY ANALYSIS’ suggests that the industry of car
rental will grow in the forecasted period with the development technologies
such as the installation of GPS tracking system which can be connected with
cellphone GPS tracking devices.
Technologies are
changing in the cars thus industry has recognized the importance of providing
quality car rental options for travelers. Many other technologies introduced by
some progressive thinking of car rental companies which are changing in the way
rates are applied. Occasionally, many companies had begun to charge on an
hourly rather than daily basis. Additionally, Car rental companies are also
introducing black box recorders to their fleets. This is a technology that
through GPS tracking can ascertain where a car is at any one moment. Not only
has this, introduction of technology in the car rental industry has been the
recording of biometric data from customers. With the involvement of local
police forces, procedures are now in places to record a thumbprint of a
customer seeking an electronic record is taken of their details. Recording of
thumbprint means a lot when a theft occur, it make possible to hand over the rightful
information to the police. Moreover, car rental industry has now aiming through
online platforms by simple means of application or websites. This makes the car
rental industry more attractive for consumers. In the coming years, the report,
‘CAR RENTAL BUSINESS REVIEW’ states that the global car rental
industry market is expected to hit a CAGR of 17.3% which makes the market more
competitive with the more advancement in the technology and expansion of
businesses. The new key players are aiming, with more development in the technology
which will lead to an industry that is both friendly to the environment and
also secure for the firms.
The car rental
industry is expected to grow significantly with the increase in disposable of
customer, increasing urban population, rising economy, significant increase in
the tourism and others. In the Asia-Pacific region it is expected that this
industry is going to grow rapidly as in the other regions the GPS technology
and recording of thumbprints is not currently possessing due to less development
in the technology. Whereas, in the developed countries of Asia are playing
dominant role as they are having enhanced technology with better services and
there is no financial constraints. New players in this market are mainly focusing
on the innovations, installation of new technology and providing better
experience to the customer. The growth of car rental industry is always based
on one simple thing – how the service provider deal with each customer.
The competition in
this industry very much lucrative as majority of the car has its own
specification and is equipped with special technology. In the term of
competition this industry is truly a war zone with many key players such as
Hertz, Avis, Enterprise, and others. Whereas, it is observed that Hertz is a
prominent player or this market and dominate handsome amount of share in this
industry. Car rental industry revolves around commercial and non-commercial
segment in which all types of cars can be hired ranging from sedans to SUVs.
Moreover, under non commercial segment, the competition is led by Enterprise
which has highest share in the market.
In the Asia-Pacific
region, the dull days never be seen by the car rental industry in the developed
countries due to urban population and increase in disposable income. Moreover,
in USA and Europe the growth in the car industry showing excessive number in
the customer preference. The technology of GPS and thumbprint is benefitted for
the user and company. Emerging of technologies in developing countries and entrants
of new market players will lead the growth in the car rental industry in a
significant manner over the decades as tourism is also increasing positively.
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