Car rental industry is
a multibillion dollar industry and still undergoing with the major changes from
various factors such as new innovations and providing more applications to the
consumer. With the increase in the prices of fuel the rental car shares are
becoming increasingly popular. Recent research indicates that in the U.S. using
car sharing services saves consumers anywhere between USD 14 to 43 per month.
Car share technology uses an automated and membership based system to offer an
affordable transportation solution. According to the report analysis, ‘Car
Rental Market Research Reports’ suggests that car share technology with
in vehicle rental market has the capability to decrease the amount of traffic
on the roads and save the money of the passengers. Moreover, both Hertz Global
Holdings and Avis Budget Group reached substantial financial results last year
and it is also expected that in the coming years both the companies are
accomplished the positive outcome with the more development in the car rental
industry.
Car sharing surge the
benefits of auto mobility to individual without bearing the cost and effort of
car ownership. Therefore, car sharing has pursuing seen double digit growth
over the recent last few years, especially in the metropolitan cities where
major portion of population are passing on the costs of car ownership.
Moreover, corporate car sharing users are becoming an unavoidable source of
additional business for stationary car sharing providers. In Europe this car
sharing technology is growing rapidly and most prominently in the Germany and
France. Well known providers such as car2go and DriveNow are already
introduced, not only in the major cities in Germany or France whereas, all
across Europe, the US, and Asia Pacific region. In addition, the developing
countries in the Asia Pacific region are being catered the huge market share
with the more development in the technology of car sharing and lead the
significant market growth to the car rental industry. According to the report
analysis, ‘CAR RENTAL INDUSTRY RESEARCH
AND MARKET REPORTS’ states that the car rental industry is expected to grow
with the more innovation in the technology of the car sharing and in Europe has
seen a positive development of the car sharing in terms of number of cars and
number of users in the recent past years. In addition, peer to peer car rental
makes a majority of the car sharing market which is forecasted to grow in the
coming years at a CAGR of over 20% for the period 2017-2024.
In the Asia Pacific
region it is expected that the industry of car rental is going to grow rapidly
with more development in the various models of the car sharing technology such
as Peer-to-Peer car sharing, Stationary car sharing and Free-Floating car
sharing. Not only has this, Europe is also working efficiently for acquiring
the handsome amount of share in the market with the more innovations in the
models.
Moreover, many of the
companies are working in this sector of market whereas Enterprise is dominating
the huge market share with the efficient working followed by Uber. The Turo in
the US and iCarsclub in Singapore are functioning in this market with more different
characteristics whereas in the recent trend, Europe accounts for about 50% of
the global car sharing market. Therefore, the market of car rental industry
will most prominently increase in Europe and grow across the globe with growing
concern related to traffic control.
To know more,
click on the link below:
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