Latest Rental industry trends: Get innovative in 2020

rental industry trends

In terms of the rental business, the start of the year is an opportunity to analyze back the past year#34sigs performances and to implement strategies to boom over the next 12 months.

Here we have summed up practical strategies that will aid your online rental business work pretty easy.

Let’s jump right in:

Rental management software and rental industry

The global rental industry seems good and growing at a breakneck speed every day. With an increase in national and international tourists in different countries, the industry is expecting more growth and wider rental business opportunities. For most of the travelers, renting is the easiest and cost-effective solution to travel. These days most people prefer rentals and as a result, businesses are making it more available among customers. Rental management software should help you iron out all the kinks in your operations.

Scope of the online rental business

Because of the scope and cost-effectiveness, the rental businesses are getting popular and always rising. The recent trends have indeed shaped the face of the rental industry and probably in rentals too. Rental companies commenced adopting rental management software rather than developing one. This will automatically help in increasing sales and revenue.

Rental business ideas and opportunities

As we know the rental industry has been growing steadily because of its wide opportunities. Hence business entrepreneurs who are all expecting to stand out from the crowd.

Let’s enlist some of the top rentals of this booming industry.

Car rentals

The car rental business is one of the most prevalent services in this competitive world. The number of travelers who are in need of rental cars for travel purposes is increasing day by day. Renting a car with an efficient car rental software is so convenient and economical these days.

At present, the revenue is generating up to $59, 518 million in 2019, and expected to grow $67, 463 million. User engagement is 3.4% in 2019 and expected to grow to 3.8% in 2023.

Thereby, running an online car rental business is the best strategy that can be put into practice which yields a good result. 

Boat rentals

Boat rentals are always in demand for people who travel to various coastal or island destinations. It is one of the most profitable businesses nowadays and expected to grow with a valuation of $35 billion to $51 this 2021. By offering good services to customers you can gratify customers and earn more revenue. Boat rental management software can effectively reduce the effort and make the rental process a piece of cake.

Bike rentals

Bike rentals business is beneficial with a bike rental software that allows seamless inventory management and is another ingredient for success.

Mostly people prefer bikes as a mode of travel but as it is impossible to take their bikes while traveling to other countries they go with rentals. This makes the industry grow at an annual rate of 14.3% within 2025.

Equipment rentals

It is considered a rapidly growing business as it satisfies the needs of reducing the cost of maintenance of the equipment.

The revenue-generating is $48.9 billion and an average annual growth rate of 4.6 % is to reach $56 billion by this year. If you have been tossing the idea of adopting an equipment rental software in 2020 for your online business; It’s time to go for it.

Bicycle rentals

Running a bicycle rental business is such a lucrative business these days, as people depend mostly on rentals rather than buying one. They have steadily grown from a niche market into a booming global industry. However, the bicycle rental market is estimated to reach more than $24 billion in sales by 2025.

Find out: How rental management software has changed the game for rental business

The bottom line

With the increasing need for rentals, countless rental business ideas are emerging and it seems to be influential among customers. Various rental business ideas have seemed to be rising in recent years and gaining attention. Make sure you address this with solutions as soon as possible in order to reap the benefits of this year!

We love hearing back from you. Your feedback helps us shape our rental software. For the latest info stay in the know with our blog.

Car rentals Boat rentals Equipment rentals Bicycle rentals
Aswathy Blogger


Aswathy is a content writer and blogger at Pofi technologies. In her free time, you will find Aswathy obsessed over books, news media, and music.

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