Car rental is a popular service that helps in day today transport and commute. Car rental services provide cars on rent to customers for a payment. The car rental agencies offer a large selection of cars to customers at affordable rates.
Growth Drivers of the Industry
The car rental industry is witnessing a massive growth in recent years mostly because of the increase in the disposable income of consumers. These consumers who maintain a higher standard of living are most likely to spend more on luxury vehicles than the public transport. Moreover, the ventures involved in the car rental businesses are providing cars according to the demand of customers with enhanced advanced safety features at a relatively lesser expensive rate. Also, to maintain and fulfill all the requirements of high-performance cars, car rental companies such as Avis Budget Group, Sixt SE, and Hertz Corporation have integrated their cars with smart digital solutions. These are the main influencing factors behind the growth of the market.
Major market players are focused on developing unique strategies to fuel industry growth. For example, is the Avis Budget Group Travel Assistant—the product collaboration with Edison Interactive and Verizon Wireless (read the press release).