What is the Current Potential
of The India
Self Drive Car Rental Market?
The market
of India Self Drive Market stands at a GTV of INR ~ Crore in FY’2019 in
comparison to INR ~ Crore in FY’2014, showcasing a CAGR of ~. Similarly, On the
basis of Fleet Size, the India
Self Drive Car Rental Market is reported at ~ cars as of March 31st
2019 in comparison to only ~ cars as of March 31st 2014, witnessing a CAGR of
~. The market dynamics in self drive car rental industry has drastically
changed over the years and this shift can be primarily subjected to the fact
that organized players have penetrated the market and acquired a significant
proportion of market share. Lured by the favorable opportunities in this
market, new players have also emerged into this segment which has driven the
market revenues in terms of gross transaction value during FY’2019. The car
fleet is further supposed to increase in the future as a lot of EV is entering
the Indian market, and government is also looking forward to minimizing these
emissions.
Metropolitan
cities in India are witnessing a major surge in young, urban population,
looking for swift and reliable modes of transport to complement their fast-paced
lifestyles. This is the main reason for growth in the self drive segment of
Indian car rental industry, as people are trying to sustain their future by not
spending lavishly on themselves, but without compromising on the need of their
present. Entry of international players such as MyChoize and Avis is also
helping the market to grow as they were able to provide a sense of reliability
and Sustainability.
FY’2016
saw the entry of many Venture capitalist firms and Private Equity funds, which
were able to assess the capability of Self Drive Market of India and started
Investing heavily in the players of the market. The fresh rounds of capitals
have helped the existing players develop new competencies in the areas of
operations and customer services, which is helping in building customer value
and retaining them.
What Is the
Competition Scenario In the India
Self Drive Car Rental Market?
The
Self Drive Car Rental market in India is in its Growth stage. The market is
currently less than 6 years old as first operations which were established by
companies such as Myles in FY’2014, did not provided the market with the much
needed growth. Entry of players such as Zoomcar, JustRideIt, Avis and Revv
helped the market to grow and helped to shape the industry up. These companies
were followed by other players such as Jiffy Cars, Zip Caars, Eco Rent a car
and an international expansion of a Japanese firm ORIX called MyChoize.
The
major problem that the market faced was of Investment opportunities’ which was
solved by groups of Venture capitals and Private Equity fund Owners, who were
keen on Investing monies in Startups as there was a lot of growth
opportunities’ in India.
The
overall market is very competitive as of now and there is a lack of any
particular USP or special services and products, provided by any players in the
market. These market players compete on the basis of Fleet size, Number of Pick
up Points, Car Portfolio, Custom services provided, after sale services,
Complementary services, Area of Operations.
Indian Self Drive Car Rental Market
Future Outlook and Projections
In
future, it is anticipated that India
Self Drive Car Rental Market in terms of GTV and Fleet size will increase
at a positive CAGR during the forecast period FY’2019–FY’2024 due to increased
number of organized players and high value of fresh investments acquired by the
companies. In addition, the increase in the personal disposable income and the
development of Tourism sector of India provides positive outlook for the future
of the market. The implementation of the government actions such as making
India a Zero emission zone by 2030 will also help the market to grow and the
government will also be looking forward to make amendments in already existing
laws to provide a separate legal status to the Industry. All this coupled with
the rising demand for self drive car from the corporate offices and service
professionals will maintain the growing trend of the self Drive cars in 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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