COVID-19 made us live life in a new way. Wear masks, maintain social distancing, and whatnot.
There is much uncertainty around when things will get back to normal as we are still grappling with the harsh reality of the virus.
Our mode of transportation has also taken a twist due to the pandemic, as people are afraid to take public transport systems and prefer private transportation instead. Even though this is the reality many people opt out of buying a brand new car as they don’t prefer to put their finances under jeopardy especially under such trying times.
Therefore there has been a surge in the car rental market as it assures maximum safety, flexibility, hygiene, privacy, and the growth is already visible with a projected boom in the market of 15 to 20% CAGR (Compound Annual Growth Rate)
Car rental brands are also ensuring maximum safety and security to their customers by implementing strict hygiene measures using innovative technologies. They have come up with the right mode of transportation by which customers can have an easy, convenient, and affordable way of movement.
In the current scenario of recession, car rentals can help customers to acquire a private transportation medium in a quicker and affordable way.
The consumer behavior in the automobile industry has undergone a paramount shift with more people putting off their car-buying decisions due to the current recession and instead opting for car rentals for personal use.
The factors like ease of booking through online platforms and the influx of smartphones have made the car rental experience more convenient for customers.
Already the growth is evident with car rental companies showing a spike in their business operations with relaxations in lockdown guidelines.
The tables have now turned from owning to experiencing and the car rental model provides customers with the option to experience different cars.
Find out: Latest Rental industry trends: Get innovative in 2020
The Indian automobile industry is definitely witnessing changes and rapid ones in the car rental section. We have to wait and watch if car rentals will take the front seat as opposed to car sales, but with the rate at which car rentals are moving, it definitely poses interesting questions as to the ideas by which Indian customers perceive shared mobility and having their own vehicle. One thing is for sure, the future of the car rental industry seems well on its track to humongous success and there will be a paramount shift in the existing normal with regards to the car owner.
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