India Self Drive Car Rental market is expected to reach INR 14 billion by 2020: Ken Research
Future Growth of India Self Drive Car Rental Market is expected to be led by easy and quick availability of renting options, followed by demand for travel among the Indian families at reasonable costs
· Future Growth of India Self Drive Car Rental Market is expected to be led by easy and quick availability of renting options, followed by demand for travel among the Indian families at reasonable costs.
· The Self drive car rental market player, Zoom Car and Myles are expected to be a market leader in terms of car fleet size and revenues respectively.
Ken Research announced its latest publication on “India Self Drive Car Rental Market Outlook to 2020-Rising Aspirations of Indian Consumers and Easy Availability of Renting Options to Shape Future Growth” which provides a comprehensive analysis of the Self Drive Car Rental Market in India. The report covers various aspects such as market size of self drive car rental market players, fleet size of self market. It also includes segmentation by organized and unorganized market players in self drive car rental segment, penetration of organized self drive car rental market players in metropolitans, segmentation by different booking channels, different segments of fleet models, and different pricing packages on the basis of duration of the travel, Intracity and Intercity usage.
The report also provides the segmentation by different consumer profiles on the basis of gender, age group and occupation. The report also provides competitive landscape and profile of major players operating in Self Drive Car Rental market of India. The future analysis of overall India Self Drive Car Rental market and by segments has also been discussed in each of the sub segment. The report is useful for existing self drive car rental market players, new startups emerging in this rental segment and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
The India Self Drive Car Rental market has witnessed a growth in recent years on account of rising demand for long distant and weekend trips fueled by introduction of new technologies, increasing fleet size, rising geographical penetration and entry of new players. The surge in growth is majorly originated from growth in weekend trips. The growth in Self drive car rental has been largely led by the various factors such as security mechanisms adopted, affordable pricing packages, increasing demand and entry of new player in market. The Self Drive Car Rental market is comprised of large companies, with Zoom Car and Myles being dominant Players in organized self drive segment generating revenues by possessing a large portfolio of fleet. The India Self Drive Car Rental market revenues have grown at a CAGR of ~% from FY’2010-FY’2015.
According to the Ken Research report, the India Self Drive Car Rental market will grow at a considerable CAGR thus reaching INR ~ million by FY’2020. Increasing competition and rising advertisement expenditure on research and development, mounting tours and travels expenditure and increased transparency relative to brick and mortar stores and emergence of a large number of new market players will act as catalysts for the segment.
“Favourable consumer dynamics such as rising number of digitally active users along with increase in personal disposable income would rise in the market in upcoming future. Increasing penetration by self drive car rental players in different geographies of the country is anticipated to give a boost to India Self Drive Car Rental Market. Lack of effective government regulations and industrial standards along with enhancing competition are few of the major challenges which will affect the growth of this industry in the future”, according to the Research Analyst, Ken Research.