Online car rental platform Market: How the Market has witnessed Substantial Growth in recent years?

Online car rental platform Market Snapshot:

An online car rental platform can be termed as an online portal, website, or mobile application used by service providers to rent their vehicles and customers to procure a rental vehicle from a remote location using the online gateway. The platform provides client communication and client support using an online module and also caters tothe business management needs of online car rental operators. The platform is focused to provide essential features, such as an online booking engine, fleet management services, vehicle availability information management, driver information management, order booking and tracking the order, billing and invoicing for the customer, and an online payment module.

The travel and tourism industry is one of the largest and fastest-growing industries in the world, with the industry surpassing the global rate of economic growth. For Instance, in 2018, according to the World Travel and Tourism Council, the travel and tourism sector grew at 3.9% to contribute a record USD 8.8 trillion and 319 million jobs to the world economy. International tourism continues to perform strongly around the world due to the growing air travel, constructive economy, and increasing visa facilitation. For instance, more than 50 countries, including Thailand, Maldives, Kenya, Jordan, and Fiji, among others, offer ‘Visa on Arrival’ for Indian citizens. According to the UNWTO World Tourism Barometer, in 2018, international tourist arrivals grew 6%, reaching 1.4 billion tourists.

Millennials are altering life-choices, which is affecting vehicle ownership. According to Genser Energy, the net effect of the endogenous choices of millennials is less than a 1% decline in vehicle ownership. The generation is more open to collaborative consumption programs, such as sharing a home, vacation sharing, media sharing, and car-sharing. The high cost of gas and maintenance makes car ownership an expensive affair and millennials prefer intelligent mobility solutions over owning a private car to evade the associated costs.

Additionally, North America’s travel industry is witnessing growth in leisure as well as business travel; according to the U.S. Travel Association, in 2018, direct spending on leisure travel in the U.S. by domestic and international travelers totaled USD 761.7 billion. Online car rental companies are adopting new technologies to offer online booking services for tourists looking to explore new regions as online bookings provide convenience with e-signed contracts, pick up and drop, cashless transactions, and many other features.

The self-drive online car rental car is categorized as one of the most sought-after modes of commute preferred by many online car rental customers. Self-drive online car rental services provide the customer with full control over the rental vehicle for the stipulated time period. The services enable the customer to leverage benefits, such as freedom to change the time of departure and route for travel as per the convenience and also the requirement of the situation.

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The Major Prominent Players Covered in this Report:
Carcloud, TURO
Expedia
Getaround
Renteon
Economy Online Car Rentals
Nuvven
Rent Centric
Limo Anywhere
Fleet X
Workadu
Travelport
EasyJet
HiyaCar and Avis/Budget

By Component, Solutions, Services,
By Deployment Model, Public Cloud, Private Cloud, Hybrid Cloud,
By Organization size, Small and Medium-sized Enterprises (SMEs), Large Enterprises,
By Industries, BFSI, Telecommunications, IT and ITeS, Government and Public Sector, Healthcare and Life Sciences, Others

Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Online car rental platform in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Online car rental platform market during the forecast period 2021-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Online car rental platform and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Online car rental platform. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

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Key Questions Answered in The Report:
What will the Online car rental platform market growth rate?
What are the key factors driving the global Online car rental platform market?
Who are the key manufacturers in the Online car rental platform market space?
What are the market opportunities, market risk, and market overview of the Online car rental platform market?
What are sales, revenue, and price analysis of top manufacturers of the Online car rental platform market?
Who are the distributors, traders, and dealers of the Online car rental platform market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Online car rental platform Industry?
What are sales, revenue, and price analysis by regions of Online car rental platform industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

Tourism and Leisure  to Bolster the Short Term Segment Growth - The prominence of the self-drive rental platform across the markets can be termed as the most impactful factor in the growth of the short terms online car rental service providers. Many platforms offer hourly, daily, or even monthly online car rental services to their customer. This service proves extremely useful for tourists looking to procure vehicles in tourist destinations for a limited time period.

Additionally, increasing the participation of companies to establish themselves in the online car rental market is a factor strengthening the opportunities for growth of the segment. For instance, in Argentina and Latin America, many regional online car rental agencies are working for the digitization of their operations by venturing into partnerships with such developers. These companies are aiming at operations within the most visited tourist destination cities to develop their sales in short term.

Key Online car rental platform Market Trends:
- The report identifies, determines, and forecasts the Global Online car rental platform Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Online car rental platform Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Online car rental platform Market.

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