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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Ankur Gupta, Head Marketing & Communications