India Car Rental Market is Booming and Predicted to Hit CAGR of 16.80% by 2028

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 car rental market size in India is projected to exhibit a growth rate (CAGR) of 16.80% during 2023-2028.

What is Car rental?

Car rental, commonly known as vehicle hire, is a service offered by rental companies that allows customers to lease automobiles for a specified period. This service covers a wide range of vehicles, including cars, trucks, vans, and specialized vehicles like luxury cars or recreational vehicles (RVs). Car rental facilitates both personal and business mobility, granting access to vehicles without the responsibilities of ownership. It contributes to the local economy by generating income for rental companies, fuel suppliers, and local businesses. Additionally, it plays a crucial role in promoting tourism, allowing travelers to explore destinations independently. Moreover, car rental serves as a dependable backup option when personal vehicles are unavailable due to accidents or mechanical issues, leading to a growing demand for car rental services in India.

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What are the growth prospects and trends in the industry?

Currently, the surging demand for car rental services in India is driven by their ability to provide convenient, on-demand access to vehicles, eliminating the hassles of vehicle maintenance, insurance, and long-term commitments. Additionally, the adoption of car rentals as a cost-effective and convenient mode of transportation is contributing to market growth. Furthermore, the integration of Internet of Things (IoT) and telematics for real-time vehicle tracking, enhanced safety features, and improved overall customer experiences is creating a positive market outlook. Moreover, the increasing collaborations and partnerships between corporations and car rental companies to provide employee mobility solutions are further facilitating the market's expansion 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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This release was published on openPR.