What is the future of car rental industry in India?

IMARC Group, a leading market research company, has recently releases report titled “India Car Rental Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The India car rental market size is projected to exhibit a growth rate (CAGR) of 16.80% during 2023-2028.

What is Car rental?

Car rental, often referred to as vehicle hire or car hire, is a service provided by rental companies wherein customers can rent automobiles for a specific duration. It provides access to cars, trucks, vans, and even specialty vehicles like luxury cars or recreational vehicles (RVs). It enhances personal and business mobility by providing access to vehicles without the commitment of ownership. It stimulates local economies by generating revenue for rental companies, fuel providers, and local businesses. It also contributes to the growth of tourism by enabling tourists to explore destinations independently. Furthermore, as it serves as a reliable backup when personal vehicles are unavailable due to accidents or mechanical issues, the demand for cart rental is rising in India.

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What are the growth prospects and trends in the industry?

At present, the increasing demand for cart rental services as they provide on-demand access to vehicles, eliminating the need for vehicle maintenance, insurance, and long-term commitments represents one of the crucial factors propelling the market growth in India. Besides this, the rising adoption of car rentals as a convenient and cost-efficient mode of travelling is supporting the growth of the market in the country. In addition, the growing integration of internet of things (IoT) and telematics for real-time tracking of vehicles, enhancing safety, and improving the overall customer experience is offering a favorable market outlook. Apart from this, the increasing corporate partnerships and tie-ups with car rental companies for employee mobility solutions are facilitating the growth of the market in the country.

What is included in market segmentation?

The report has segmented the market into the following categories:

Booking Type Insights:

• Offline Booking

• Online Booking

Rental Length Insights:

• Short Term

• Long Term

Vehicle Type:

• Luxury

• Executive

• Economy

• SUVs

• Others

Application Insights:

• Leisure/Tourism

• Business

End-User Insights:

• Self-Driven

• Chauffeur-Driven

Regional Insights:

• South India

• North India

• West & Central India

• East India

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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