Augmented penetration of the Organized
Dealers coupled with huge investments coming from VC and PE firms have further
led to the development of various competencies in India Self Drive Car Rental
Space.
The India Self Drive Car Rental Market is heavily
concentrated in Tier 1 and the entire major cities in India; however, the
market has not reached stagnancy in these areas as there is a huge gap in
demand and supply.
Self Drive car Fleet in India is expected to increase in the
future, thus growing at a positive CAGR of approximately 14.6%, due to
increased level of Investments and Strategic Partnerships of the players with
other Service Providers.
Last couple of years saw the establishment of various start-ups
and small private companies due to heavy investments by Private equity and VC
firms.
India is expected to emerge as the world’s third-largest
passenger-vehicle market by 2021 in terms of sales.
Entry of new start ups such as OLA and others who already are
functioning in the rental industry pose big threat as their competencies would
be a major differentiator for the market.
It is expected that more people will join the workforce of
India. Participation level could reach 67% in 2020, as more women and youth
enter the job market, raising the demand for mobility.
Analysts at Ken Research in their latest publication “India
Self Drive Car Rental Market Outlook to 2024 - Rising Prominence of Shared
Mobility Space with Growing Competencies of Self Drive Companies due to Growing
Investments” believed that the Self Drive Car Rental industry in
India will augment owing to the rising Tourist population arriving in India
year after year, coupled with increase in personal disposable income and a
proper establishment of government regulations and amendments of law in the
coming years. This rise is expected to result in the increased availability of
various pickup points along with the entry of new players across the nation.
The market is expected to register positive double digit CAGR of 13.6% in terms
of Gross Transaction Value and similarly the market will grow in terms of Fleet
size, showcasing a positive CAGR of 14.6% during the forecast period
FY’2019-FY’2024.
Growing Presence of Organized Players: The market for self drive in India has witnessed a
drastic change from dominance of unorganized players towards an inclination
towards organized players in the market. With rising awareness among people
about self drive car rental and increasing preference of well equipped and
better quality cars has led to rise in number of organized players in the
market. Similarly in the future, Fresh investments and new opportunities in the
market will also lead to entry of new players in the market, where they can
explore the unexplored areas of the Indian Market.
Growing Concern of the Government: The Government of India is keen on making India
a Zero Emission zone by 20130 and for that, Self Drive Car Rental will play a
major role as it will help in reducing the number of Private cars on the road,
Hence there will be a push from the government in terms of rules, guidelines
and regulatory framework.
Less
Financial Burden: A majority of population in India tends to buy a car by
taking loans for various financial institutions. This adds up to their living
costs as the burden of paying EMI and Premium for Insurance of cars, does not
come in cheap and needs to be in line with what the person is earning. To
tackle this problem, the self drive car rental market works on an asset light
model where the person is not focused on tackling these problems, rather he or
she can avail services of a car, as and when they may require it. The decline
in financial burden and the pay per use model is supposed to provide momentum
to the market and help it grow.
Penetrating the unexplored market of India: The India self drive car rental market amounts to
almost 1% of the total Population in India and the Marketing prospects in Tier
1 cities as of now also have reached a Stalemate where a stagnant growth has
been noticed. Hence, low amount of penetration in Tier 2 and Tier 3 cities
majorly acts as a hindering factor to the growth of this market. This problem
of penetration still prevails in certain cities due to the dogmatic mindset of
people regarding owning their own vehicle instead of sharing vehicles with
their peers and colleagues. Hence the market would be focusing on expanding
their services and products to the unexplored markets of India.
Key Segments Covered:-
GTV
Organized Sector
By Cities of
India (Bangalore, Delhi Mumbai and Others)
Unorganized Sector
Number of Bookings
By Booking
Channel (Mobile, Online and Physical)
By Booking
Package (Hourly, Daily, Weekly and Monthly)
By Usage
(Intercity and Intracity)
By Booking Period
(Weekends and Weekdays)
Fleet Size
Organized Sector
By Types of Cars
(Hatchback, Sedan, SUV+MUV)
By Segment of
Cars (Standard and Luxury)
By Status of
Ownership (Owned and Leased)
Unorganized Sector
Key Target Audience:-
Startups and
Private car Owners
Offline Dealers
Online Self
Driving Car Rental Portals
Organized Multi
Brands Dealers
OEM Certified
Dealerships
Corporate Clients
Private Equity
and Venture Capitalist Firms
Industry
Associations
OEM Manufacturers
Automotive
Manufacturers
EV Service
Provides
Hotel Chains
Airport
Authorities
Car Auction
Companies
Time Period Captured in the Report:-
Historical Period – FY’2014-FY’2019
Forecast Period - FY’2019-FY’2024
Major Companies Covered:-
Zoomcar
Drivezy
Revv
Myles
Avis India
MyChoize (ORIX)
Eco Rent a Car
Zip Cars
Jiffy Cars
Voler Cars
For information click on the below mentioned link:-
Related Reports:-
Contact Us:-
Ken Research
Ankur Gupta, Head
Marketing & Communications
+91-9015378249
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