The Indian Car Rental Industry has proven to be one of the leading industry, to be able to work independently. The root cause is that the modes of transportation are more practical, cost-effective and sustainable among its growing urban population. There are a number of factors responsible for the growing success of the car rental market in the country.
Before proceeding, let's have a look at the major players in the car rental industry.
Major Players in the Car Rental Industry
Arrival of Technology-based Car Rental Services
Advantages of Car Rental
‘Retailification’ of the Car Rental Industry
Conclusion
FAQs
Major Players in the Car Rental Industry
Myles
Myles was founded in 2013 by Sakshi Vij. It is a leading self-drive car rental service provider in India. The cars offered by Myles range from economical hatchbacks to SUVs.
ZoomCar
ZoomCar is a car rental company that also started its journey in the year 2013. It allows the user to rent cars on an hour, day, week, and monthly basis. ZoomCar is headquartered in Bangalore and has spread its services in Pune, Delhi NCR, Mumbai, Chennai, and Hyderabad.
Dev Gupta
Arrival of Technology-based Car Rental Services
Quite commonly at this present time, it has been way too convenient for people to book or rent a car from anywhere via the technology-enabled online car rental services. With just the tap of a button, rental car services are a proven technology for a pleasant ride.
As most people own smartphones nowadays, accessing such services seem as easy as pie. There are just three steps: Pick, check availability, book the car, and it's done. Amidst the use of technology tools in one’s car rental business, the rental service option is holding rich potential for expanding services and improving access for many users all-round.
However, such online platforms have managed to speed up the growth of the Indian car rental industry and have also enabled several offline service providers to upgrade their business model and more importantly by following the digital route.
Advantages of Car Rental
Easy Access
With being the most eminent in the travel industry, Car Rentals offers the best automobile options based on customer’s requirements. From travelling to another city to being a part of a business meeting, car rental services surpass all expectations.
Liberty from repair and maintenance
The biggest advantage that rental cars have attained over personal cars is perhaps the relaxing guidelines for repair and maintenance. It means the customers have no need to hit the head.
As most car rental companies have a basic protocol in case of any accidental damages caused to their vehicles by the customer, the company will be responsible for the repair as per the guidelines, except the advance security deposit or minimal charges before lending the car.
Cost-effective
Relatively speaking, the rental car industry is the economic hub, because of its dominance over personally owned cars, especially when it comes to being pocket-friendly. The travelling option is cost-effective allowing the customers to save more, at the same time offering a hassle-free experience.
Elasticity in vehicle hire option
While a typical fastback car fits just 5 people, car rentals can be the best choice when it comes to travelling in a larger group. The car rental service providers operate at full capacity to deliver a safe and comfortable ride/drive to its users.
With most providers, the users can effortlessly pick personalized cars that best suit their travelling needs. They also have an in-house team of dedicated experts who can assist the customers with a better selection of a vehicle based on their individual requirements.
Lakshya Singh
‘Retailification’ of the Car Rental Industry
The retail industry is one of the top-ranked providers that streamline exceptional productivity and is likely to win over their peers in the market. With many car rental companies piling up, retail companies have optimized the use of digitalization to improve their customer experience, saving time and effort.
In a way, digital technology is transforming the car rental industry that allows car rental branches to connect with customers anywhere, everywhere and anytime, which indirectly is a saviour to customer needs.
Souvik Dey
Conclusion
Hence the general idea is to build an Omni-channel market base content, modernize with social media, implement real-time technologies for market growth, and contribute to customer requirements with new strategies more often to survive in this vehicle rental industry.
FAQs
How much does it cost to rent a car in India?
On average, a rental car in India costs ₹2000 per day.
Is the car rental business profitable in India?
The car rental business in India can be quite lucrative and profitable if you learn what steps should be taken in order to maximize your odds of success.
Can I give my private car for rent?
Yes, you can give your car on a rent basis to the companies.
How big is the car rental industry?
The global car rental market size was valued at $86 billion in 2020 and is projected to reach $131 billion by 2026, registering a CAGR of 7%.
Who are the major players in the car rental industry?
The major players in the car rental industry are as follows:
- ZoomCar
- Myles
- AVIS
- S.s. Travels
- Ola Rentals
- Uber Hire
- Eco Rent A Car
- Sixt
Author: Kimi Dutta
Source : https://startuptalky.com/car-rental-industry-india/
Date : 2021-09-08T05:30:00.000Z