Car rental companies offer vehicles or automobiles on rent for a certain duration that can range from hours to months for a suitable fee. There are various types of cars available on rent, including economy cars, executive cars, luxury cars, SUV’s and MUV’s. These cars are rented for different purposes, including airport transport, local usage, outstation, event transportation, self drive, and employee transportation. Beside the basic vehicle on rent, car rental firms often offer additional services such as entertainment systems, GPS navigation systems, and insurance.
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The car rental companies facilitate people who do not own a vehicle, whose vehicle is out of maintenance, or having no access or limited access to personal vehicles. Owners of broken vehicles, tourists and travellers also avail services of the car rental companies. This service is generally structured across various local branches that facilitates customer for easy returning of the vehicles at their preferred location. Car rental offices are mostly situated near airport or busy city areas. The car rental market is often managed through websites, allowing customers for online reservations.
Growing GDP, increasing income levels and rising number of domestic and foreign tourists are some of the drivers of car rental market. In addition, increasing travelling expenditure, growing frequency of air travel, improving road infrastructure, demand for leisure and recreation, growing urban population, increasing internet usage and rising population of high net worth individual (HNI) are some of the other factors propelling the growth of car rental market.
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Some of the major competitors in the global car rental market are EuropCar, Avis Budget Group Inc., Enterprise Holding Inc, Sixt and The Hertz Global Holdings, Inc.
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