PERSONAL CAR RENTING BUSINESS

Description

People are adapting to the rental services in all sort of goods. Either it is online or offline, the basic intent of renting to make tasks easier and affordable. The renting business has improvised only because of the internet, and the evolution in technology has greatly helped the business processes, communications.

This change is supporting the car rental business to gear up in the market, and it is growing with huge market potential. These businesses are expected to experience remarkable growth due to changing trends and habits of the travellers, which have made it more convenient for the companies to provide services by which a customer could rent a car easily. This business is progressing rapidly at a CAGR of around 12% in a market that is currently dominated by the unorganized sector. The growth of the global car rental market is majorly driven by the development of the tours and travels sector. The market segmentation is based on the type of car, rental category, and geography.

The market for car rental has been dominated by unorganized players. Several local and small travel agencies already run their car rental business at low cost, with minimum fleet size. According to some market data available, this segment is still the caters the vast majority as compared to the well-organized car rental industry. The other challenge is people from the rural and urban area aren’t aware of the organized car rental platforms. Few payers from India have already started working on this challenge by merging unorganized player with the business, (That Players are Carzonrent, Avis India, Zoom Car, Car Club, and Mi Car.)

The above facts are showing us the immense opportunities one should surely work on.

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