Increasing Usage Of Internet Of Things (Iot) Technology In The Europe Car Rental Market Outlook : Ken Research

The current scenario and development in the technology represent the effective growth in the near future of the car rental industry. The key players of this industry are doing implicit job for developing the applications of the existing technology and are introducing new applications with the establishment of advanced technology. According to the report analysis, ‘Car Rental Industry Research Report’ states that the Europe is dominating the market of car rental industry as the European companies are doing effective job with the IoT technology such as Hertz and will further lead to market growth more positively. Moreover, in Europe, Vans are parked at the parking areas of the stores and can be rented by the hour for customers to safely take their purchases to home. Additionally, the efficient working of European key players in this market, make the Europe market more competitive and attractive, which can attract so many investors and advancement IoT technology paves the way for new innovation services in the future.  

With the IoT technology the objects are being connected to the internet which allows react autonomously to the collected data, perform computations on this data, connect to other devices or systems to send and receive data, measure their environment to collect data and others. Moreover, the advanced development in the technology of IoT in this industry, eliminate the traditional way of booking car and mostly waiting line for hours. According to the report analysis, ‘Car Rental Market Research Reports’ states that the Western European companies are promising for providing better consumer services and offer good opportunities to both consumer and businessmen. The advanced development in the technology, drivers can use their connected smart phones for unlocking the car and with this effective feature means no losing of car keys and getting locked out. Not only has this, the IoT technology in the rented cars enables the workers can monitor the car’s fuel efficiency and odometer and this technology can help in locating any vehicle in real time, which is benefitted for both the service provider and service receiver. On a vast area, the IoT technology will help the European car rental companies in understanding that how the customer use their cars. With all the above applications of IoT technology in the car rental companies lead the market growth across the globe but more efficiently in the Europe region.

Europe is having most prominent share in the IoT technology of the car rental industry and in the near future it is expected that with the more advancement in this technology will generate the highest revenue. The Hertz’s 24/7 service is accessible in a number of European countries, including the UK and serves employees of corporate sector with access to a pool of connected devices. Moreover, the Orange Business Services will provide the IoT connectivity across seven European countries which includes France, Germany, Italy, Spain, Netherlands, Belgium, the UK and others. Hertz 24/7 also handle though retail collaboration with IKEA, B&Q, and Costco and with several other retailers such as Leroy Merlin and IKEA in other European countries. Therefore, it is expected that in the forecasted period the market of car rental industry will grow more significantly over the decades with the more development in the technology of IoT and key players are doing effective job for providing better experience. 

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Introduction Of Tehnological Apps In The Car Rental Market Outlook : Ken Research

In the recent trend, the car rental companies are improving and providing best customer experience. With the development in the technology and increase in the concern related to traffic the travelers and vacationers rent cars frequently for a short span of time whereas, car sharing facility is also providing to the travelers which generally rent a car for going from one place to another and having concern related to traffic and environment pollution. Besides this, car sharing facility also result less expense rather than taking personal car rental service. Moreover, for providing more facilities car rental companies are introducing several apps through which user of smart phone can easily book a car for and trip and other functions. According to the report analysis, ‘Market Research Reports For Car Rental’  states that usage of car rental apps eliminate the traditional way of booking car such as role of car rental desk. Car rental apps are becoming popular by the time and increase the services which lead the growth to the car rental industry.  

With the increase in the digitalization and urban population the companies are performing well in this market as the booking of car now can be done through the usage of smart phones. Enterprise is one of the biggest names in car rental apps which is very much decent app as well as and any one can check which car is near them. Moreover, with the app, any one can schedule reservation, manage rentals, manage accounts and other functions. Car rental companies have done an amazing job improving response, becoming completely transparent and improving the booking process with this new technology of apps. Majorly, the car rental apps eliminate the prior booking system of car which include waiting for hours in line to get the car they already booked, additional payments and lead to excess expense. For customer, capering the car rental desk would mean a seamless experience, but the car rental companies have a long way to go and accelerated the market growth with the travel technology.  With the introduction of car rental apps the customer is completely getting rid of the car rental desk. However, this service was started for VIP, allowing them to pick up the car with a security code and then expanding it to the whole customer base. Therefore, with the expansion of service from VIP only to whole customer base the market is growing rapidly and doing more development and innovations for providing better experience to the customers as well as VIPs. 

The car rental apps is only functioning in the developed countries and in the urban areas and metropolitan cities of the developing countries. Besides this the companies of developing countries are working efficiently for providing better customer experience. North America and South Africa is dominating the huge market share in the market of app in car rental industry. Whereas Europe and Asia Pacific region is functioning actively in this market and expected to cater a huge amount of market share in the coming years.

Enterprise car rental app is prevailing very much in this industry but there are numerous apps such as Kayak, Uber, Ola, Lyft, Priceline and others which are providing several facilities and results the market highly competitive and welcoming the new investors and existing companies are expanding their business of car rental across the globe after blending up with the IT companies. Therefore, the market apps in car rental industry will grow rapidly in the coming years over the decades with the more development in the applications of apps.

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Noteworthy Usage Of Internet Of Things (Iot) In The Car Rental Market Outlook : Ken Research

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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Emergence of Pooling In Car Rental Market Outlook: Ken Research

Companies operating in car rental industry have realized that they are now not only operating to provide access to care but rather have to focus on mobility solutions. Users are currently looking for fulfilling variety of needs rather than just fulfilling one function.  The market for car rental is witnessing a dynamic shift and hire companies now offer variety of features to address their corporate clients need. To improve their own utility, companies have come up with car pooling or sharing mechanism. Global Car rental industry is expected to grow at a CAGR of 13.7% and reach an approximate market value of USD 127 Billion by the year 2022. This growth potential has been coupled with unorthodox services by the hire companies which include car pool servicing.

Car-sharing, or carpooling, started life as a motor vehicle version of hiring a DVD. Renting is no longer just a financial alternative to owning – user paid for a period of use, not for access at any time. The new service of carpooling, the user only pays by use. The person hires the vehicle when he or she confirms the booking via a device and stops when the user ends the booking.  Car sharing companies fulfill an important function. Both public sector companies and private companies have number of employees residing in different areas nearby and far-off. These companies look for mobility solutions for their employees to and from their workplace. These companies look for vehicular rental services to be provided to their employees. This is where car rental cash in with their pooling service by providing easy and efficient services. Since car booking is allowed at intervals of hour and half hour, it allows multiple employees to use the car pooling service. For the corporate client, there are also three ‘hidden’ benefits that accrue. First, duty-of-care is taken care of i.e. the users do not have to worry about the maintenance associated with the companies; second, these cars will be much lower-emitting than the typical privately-owned car; and third, one of the unexpected benefits is that it eliminates the need to drive to work. If the employee uses his car he shall have to drive it in the first place however, once an employer provides a car-sharing service, number of people use car sharing service which works as a positive externality to the employees motivation as they do not have to worry about traffic or driving to their workplace.

Currently UBER and Lyft dominate the market in the car pooling segment of car rental industry of US. UBER is a huge corporation with deep pocket which not only functions in this segment but also has other number of services. There have been many companies that have entered the market in the past year. These include Juno, Gett, BlaBla Car who although have a small market base but still have entered the market to explore untapped potential.

With rise in revenue of corporate clients and the need to motivate employees with non monetary incentives, companies have increased their demand of such services which opens up the pooling segment of car sharing. Thus, this industry will expand further in the coming years to serve both corporate and private customers efficiently and effectively.

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Developments In Car Rental Industry Market Outlook : Ken Research

The dynamic and complex business of car rental started with simplified renting car on per day basis at fixed base charges  plus over and above per mile charge. Soon hertz stepped into the market to change the face and fate of car rental industry. Now car rental is a fully fledged package consisting of combination of pickup and drop location, car type, rental period and even refueling option. Car rental industry is segmented on the basis of location, types of vehicle, market size, regions and many more. Car rental Market Research Reports that Emerging trends, technical advancements and industrialization has helped to expand the dynamism of car rental industry therefore influencing them to lower their carbon print, to go eco- friendly, introducing digitization, green and autonomous vehicle splendid techniques to protect from theft and most importantly has introduced with self driving ideology instead of hiring the driver which ultimately made end consumer more satisfied.

NEW TECHNOLOGIES THAT CAME INTO MARKET ARE:

Ø  Green technologies: Universal concern over pollution and global warming became the driving force for introducing hybrid rental cars that were highly fuel efficient and cost effective. Being easy on wallet and reducing global emission Hertz Toyota prius hybrid rental car became the prominent leader in hybrid category.

Ø  Electric Vehicle:  Fully electric vehicle is relatively more reliable and greener alternative to ordinary cars working on combustion engine. Therefore millions of dollars is spent by Orlando, Florida which is the most popular tourist destination and UK government to improve electric vehicles infrastructure

Ø  Black Box: They capture rudimentary information prior to accident. They record vehicle speeds and successfully helps automakers and government to design safer vehicles.

Ø  Biometrics: biometric is used across rental car collection points to protect the cars against theft. This technique is most used in Europe due to its high theft rate which collects the traceable records to track down criminals.

Ø  Electronic fuel Metering: this technology is primarily used by market leaders such as hertz to measure the amount of fuel customer has while leaving and when they return. If there would be any discrepancy it would easily be detected.

Ø  Smart phone technology: Automated rental technology that is use of mobile apps to hire rental cars are available 24/7 for the service of customer just a click away. Moreover inbuilt GPS system track rental car nearest to their current location. This function is available to more than 2000 location worldwide. Thus leaving no stone unturned to add value to customers.

Car rental Industry Analysis reports with increase in consumption and technology of car rental, the industry is anticipated to continue to grow through 2021. Car rental industries contribute significantly to reduce pollution level in the environment. Rise in the disposable income of developed countries such as North America, Europe, Asia- Pacific made them the major leader is continuously striving to equip themselves with all new technologies to acquire each and every customer in the market. The onset of technical gadgets is predicted to increase competition among the market players such as Hertz Corporation, Uber Technologies Inc, Alamo and many more. At the end of the day consumers are satisfied with the change in technologies in car rental industries marking the success of car rental industry.

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Launch Of Automative Vehicles In Car Rental Market Outlook : Ken Research

The concept of driverless vehicles seems to be new and it certainly feels novel, it was first thought of in the 1920s with Mercedes Benz actually taking up the project in 1980s. The recent developments have achieved greater recognitions and it entering various industry segments like logistics, aviation and even car rental. With the introduction of the driverless vehicles, it is shall not be about removing the need for people behind the wheel but rather people who shall keep the vehicle up and running in top notch conditions. Witnessing car rental companies entering this new segment, one thing that cannot be shadowed is the need for partnerships and acquisitions to create the best automotive system with billions of dollars on the line. Market Research Reports for Car rental reveals that this industry could grow at an approximate CAGR of 47.8% till 2030, globally.

Car rental industry is just another segment that is on the verge of disruption with the introduction of autonomous or driverless vehicles and hence car rental, rather being turned into dust is willing to adapt to this new phenomenon. Most of the recent developments in this market are focused on developing the technology but car rental companies could have significant role to play as driverless cars move forward. There are endless benefits to this technology. The one very prominent being improvements in prevention of accidents and mishaps associated with car rentals. Foreign tourists, business travelers hire a vehicle straight from the airport. Many who do so are unaware of the travelling conditions like roads, weather or even the driving norms. This makes them susceptible to make mistakes. From driving on the wrong side of highway to crashing vehicles in bad conditions, various cases have been reported and Car rental Industry Research Report suggests that 90% of the car accidents are caused by human error. Driverless vehicles do not require a human behind the wheel and hence mitigates this risk involved with car rental market. Another benefit that the user reaps is he or she shall have the liberty to focus their attention on more important matters rather than worrying about controlling the wheel. From enjoying the scenic beauty that travelers wish to witness or prepare for a meeting that business travelers have come for. Transportation of children, elderly, or the disabled could become easy without having to worry about the person behind the wheel. We could witness a decrease in the green house gas emissions due to regular upkeep and proper driving technique.

US car rental giants have already started to blend with this new technology. Many have started to partner with technology giants and are ready to roll out the driverless car concept in the car rental industry. Two high profile partnerships came into picture. Google’s Waymo entered into partnership with US car rental giant Avis for storing and maintaining autonomous vehicles while Apple’s self driving Lexuses have been linked to Hertz (US). Enterprise holdings, one of the market leaders in car rental market have partnered with a small startup Voyage involving a deal of just 12 cars. 

Rental car companies are not known for their innovation but they are certainly poised to deploy this technology and bring a dramatic shift in the car rental market. With each major company partnering with technology giants, they wish to improve efficiency and effectiveness in order to appeal their customers. Driverless cars will happen to car rental without any special investment from companies. It will just be an option when the vehicle is purchased, the same way that GPS is now and ultimately prove to be an inevitable change in the future.

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