Car rental is an agency that rent automobiles for short period of time at a certain cost. This agency is often organized with many local branches, which are generally located busy areas in the city, near airports. All the process for instance matching rider with drivers, ride payment, fare estimation & calculation, and reputation management are done by using mobile or smart phones with mandatory internet connectivity.
Customers pay a monthly fee to choose from different vehicle classes of car including small & mid-sized SUVs, full-size & premium sedans, and small & medium-sized trucks. Customers can pay for that vehicle up to four times per month. There are many subscription services for car rental reports including insurance, regular inspection & maintenance, doorstep vehicle delivery, vehicle tax, tire replacements and more. Moreover, on-demand services include passenger vehicles, taxis, and charter vehicles with flexibility & other features such as tracking of vehicles, real time feedback, and rating to end customers. Cars availability and comparison of fare with the correspondent car rental companies are facilitated by various mobile applications. Such car rental services allow customers to make use of various functions. Thus, increase in trend of on-demand transportation services is driving the growth of global car rental market.
Key factors such as growth in trend of on-demand transportation services and low rate of car ownership among millennials drive growth of the car rental market. However, low rate of internet penetration in developing regions may impact the market growth. Moreover, rise in adoption of car rental management software is projected to provide lucrative growth opportunities for the key players operating in the car rental market.
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