Global Car Rental Industry has across effectively flourished in the present duration due to the positive growth in the tourism. In the many regions, the cars were rented both for the business and leisure determination and for short and long term demands. The poor transportation facilities in the underdeveloped regions and lower investment by the government for road and railway construction have moved the interests of the consumers towards the rental cars. The robust augment in the Smartphone users coupled with the predisposing internet penetration concluded in the great acceptance of the car rental services. Easy of booking, real-time location observing, on-site pick-up, economical tariffs and overall protection boomed up the customer confidence in the cab aggregator corporations which in the coming years became very prevalent amongst the masses.
Whereas, in Romania, the major growth drivers of Car Rental Market include sturdy penetration of internet, augmented requirement from domestic and foreign tourists and tie-ups with airline corporations. However, based on the trips, in the terms of transaction value, the business consumers registered the Global Car Rental Market during the recent past years which dominated for the handsome value of the transaction value during the review period. Business clients are frequently frequent travelers hence; the car rental corporates suggest them relevant discounts. Also, the distance voyaged by the business clients are reasonably lesser and incomplete within the city. The corporates majorly tie-up with car rental corporates or hire cars for long term to offer pick up and drop services to their employees.
Additionally, the South Africa Car Rental and leasing market was largely registered by foreign corporates operating in the country involving Avis, Hertz, Budget and Europcar. Car rental and leasing market in South Africa was influenced by the business car rental owing to the consistent bookings from corporate customers to appear events such as exhibitions, conferences, workshops and meetings. Industry players also generate the strategic conglomerates with each other to boost sales.
Not only has this, the South Africa Cab Aggregator market is exceedingly concentrated with the existence of two big players constituting mainstream of the market. Uber was the market frontrunner followed by Taxify. The foremost players are challenging in the market based on the price, commission charged, comfort of availability, waiting time for consumers, training of drivers, value added services obtainable, app design and user interface and promotional activities and suggests.
The enormous drop in the growth rate is projected as even though the online cabs have been enlarging at a marvelous rate till now, they are predicted to reach a saturation point in the coming years. Their growth will also be limited by the lower paying volume of most of the people in the region. In the long run, it is predicted that market will be principally registered by two or three players only. The number of rides is predicted to account constant growth as corporates enlarge their existence to more cities. The online cab aggregator corporates may also produce the perception of share rides in the region, which is previously functional in more developed markets across the world. Therefore, in the coming years, it is anticipated that the market of car rental will increase around the globe more significantly over the coming years.
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Ankur Gupta, Head Marketing & Communications