Services and Utilities
research analysts at Future Market Insights give insights on the significant
factors contributing to increased profitability for car rental services providers
Car rental services that offer a car on rent for a certain
time period in accordance with the customer requirements are gaining major
traction recently as customers opt for convenient traveling alternatives. The
providers of car rental services are further gaining profitability owing to the
ease of booking car rental services even through online platforms. Moreover, customers
that are frequently moving around cities offer more beneficial scenarios for
the car rental services providers.
How are technological
advancements shaping the car rental services landscape?
The emergence of technology has influenced several
industries around the world, car rental services ecosystem also being one of
them. Owing to this, the providers of car rental services are leveraging the
capabilities of technology to not only offer state-of-the-art solutions but
also multiply profits. The car rental services companies are working towards
differentiating with respect to the way they address their customer requirements
to stand out amongst the rest.
For instance, ShareRing, a company developed for making
sharing services and goods more accessible, introduced a block-chain powered
car-sharing platform that enabled users to book and unlock rental cars in a
span of 30 seconds. Similarly, a biometric car rental checkout that streamlines
car rental transactions at airports is underway, developed using technology
provided by CLEAR, an expedited travel provider.
How is the
proliferation of electric cars influencing the car rental businesses?
The automotive sector has reflected a substantial shift
towards electric vehicles owing to the increasing environmental concerns and
the growing awareness of fuel depletion. This has majorly influenced the car
rental services business, where providers are incorporating electric car fleet
for car rental services offerings. Incorporation of electric cars in public car
rental services would further prove environmentally beneficial. For instance, a
subsidiary of Diamler, Car2go has introduced its electric
car rental services in Paris, where the company intends to add an increased
number of vehicles to the fleet over the year.
How are car rental
service providers leveraging opportunities in the market?
The car rental services providers are constantly aimed at
reaping new opportunities to serve the market, owing to which, they offer new
services. For instance, the Singapore based car sharing firm, Tribecar initiated
that it will provide its S$2 per hour car rental service for the new drivers
that are under the age of 23 and those with less than two years of driving
experience, amongst whom the company witnessed an increasing demand
for car rental services.
There has been a considerable transformation in the way customers
travel in recent times. The aspect of car sharing has been adopted on a large-scale,
thereby creating significant opportunities for car rental services providers. According
to the car rental services majors in Brazil, there is an evidential shift
towards automobile sharing in Brazil, which is benefitting the car rental
services providers and further strengthening the economy of Brazil.
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