India Car Rental Market Size, Revenue, Industry Growth, Future Forecast 2023-2028

What is the future of car rental industry in India?

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

The growing traffic congestion and the challenges associated with vehicle ownership, the emergence of mobile applications and online platforms, and the rapid expansion of services to tier-2 and tier-3 cities represent some of the key factors driving the market.

About India Car rental?

Car rental is a service that allows individuals and companies to temporarily lease vehicles for various purposes and provide an efficient transportation solution. It has a wide range of options, ranging from compact cars for daily commuting to luxury vehicles for special occasions and business trips. It allows individuals to rent vehicles on a short-term or long-term basis, depending on their specific needs, making it a convenient alternative to vehicle ownership. It enables people to explore destinations, visit multiple locations, and avoid the limitations of public transportation. It also provides access to a well-maintained and reliable vehicle that reduces the risk of breakdowns or unexpected maintenance issues during your rental period. It offers cost-effective and flexible transportation solutions for individuals attending meetings, conferences, or conducting sales visits in different locations. It plays a valuable role for people who require temporary transportation solutions. It assists in providing enhanced convenience and flexibility as it allows individuals to pick up and drop off the vehicle at their preferred location and time. As it is beneficial in offering high safety and reliability to with industry standards, the demand for car rental is increasing in India.

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What are the growth prospects and trends in the industry?

Presently, the rising demand for car rentals during holiday travel and peak vacation periods represents one of the crucial factors propelling the growth of the market in India. Besides this, the increasing utilization of car rentals at airport locations for travelers is contributing to the market growth in the country. Additionally, there is a rise in the need for flexible transportation solutions among business professionals attending meetings and conferences. This, coupled with the increasing adoption of rental cars among tourists and travelers seeking convenient and flexible transportation options to explore destinations, is offering lucrative growth opportunities to industry investors operating in India. In line with this, the growing demand for car rentals equipped with advanced technology, like a global positioning system (GPS) navigation on account of rising safety concerns among people is positively influencing the market in the country. Moreover, the wide availability of online booking platforms and mobile apps is making it easier for people to rent cars and enhance their convenience, which is supporting the growth of the market. Apart from this, the increasing adoption of car rentals with entertainment systems to improve the traveling experience is bolstering the market growth in the country. In addition, the introduction of eco-friendly electric vehicles (EVs) in rental fleets that align with sustainability goals and benefit in reducing greenhouse gas (GHG) emissions is strengthening the growth of the market. The escalating demand for car rentals, as they offer extended rental periods, along with rising preferences for urban living without vehicle ownership among individuals, is also offering a positive market outlook in India.

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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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