What is the Current Potential of The India Self Drive Car Rental Market?
The market of India Self Drive Market stands at a GTV of INR ~ Crore in FY’2019 in comparison to INR ~ Crore in FY’2014, showcasing a CAGR of ~. Similarly, On the basis of Fleet Size, the India Self Drive Car Rental Market is reported at ~ cars as of March 31st 2019 in comparison to only ~ cars as of March 31st 2014, witnessing a CAGR of ~. The market dynamics in self drive car rental industry has drastically changed over the years and this shift can be primarily subjected to the fact that organized players have penetrated the market and acquired a significant proportion of market share. Lured by the favorable opportunities in this market, new players have also emerged into this segment which has driven the market revenues in terms of gross transaction value during FY’2019. The car fleet is further supposed to increase in the future as a lot of EV is entering the Indian market, and government is also looking forward to minimizing these emissions.
Metropolitan cities in India are witnessing a major surge in young, urban population, looking for swift and reliable modes of transport to complement their fast-paced lifestyles. This is the main reason for growth in the self drive segment of Indian car rental industry, as people are trying to sustain their future by not spending lavishly on themselves, but without compromising on the need of their present. Entry of international players such as MyChoize and Avis is also helping the market to grow as they were able to provide a sense of reliability and Sustainability.
FY’2016 saw the entry of many Venture capitalist firms and Private Equity funds, which were able to assess the capability of Self Drive Market of India and started Investing heavily in the players of the market. The fresh rounds of capitals have helped the existing players develop new competencies in the areas of operations and customer services, which is helping in building customer value and retaining them.
What Is the Competition Scenario In the India Self Drive Car Rental Market?
The Self Drive Car Rental market in India is in its Growth stage. The market is currently less than 6 years old as first operations which were established by companies such as Myles in FY’2014, did not provided the market with the much needed growth. Entry of players such as Zoomcar, JustRideIt, Avis and Revv helped the market to grow and helped to shape the industry up. These companies were followed by other players such as Jiffy Cars, Zip Caars, Eco Rent a car and an international expansion of a Japanese firm ORIX called MyChoize.
The major problem that the market faced was of Investment opportunities’ which was solved by groups of Venture capitals and Private Equity fund Owners, who were keen on Investing monies in Startups as there was a lot of growth opportunities’ in India.
The overall market is very competitive as of now and there is a lack of any particular USP or special services and products, provided by any players in the market. These market players compete on the basis of Fleet size, Number of Pick up Points, Car Portfolio, Custom services provided, after sale services, Complementary services, Area of Operations.
Indian Self Drive Car Rental Market Future Outlook and Projections
In future, it is anticipated that India Self Drive Car Rental Market in terms of GTV and Fleet size will increase at a positive CAGR during the forecast period FY’2019–FY’2024 due to increased number of organized players and high value of fresh investments acquired by the companies. In addition, the increase in the personal disposable income and the development of Tourism sector of India provides positive outlook for the future of the market. The implementation of the government actions such as making India a Zero emission zone by 2030 will also help the market to grow and the government will also be looking forward to make amendments in already existing laws to provide a separate legal status to the Industry. All this coupled with the rising demand for self drive car from the corporate offices and service professionals will maintain the growing trend of the self Drive cars in India.
Key Segments Covered:-
By Cities of India (Bangalore, Delhi Mumbai and Others)
Number of Bookings
By Booking Channel (Mobile, Online and Physical)
By Booking Package (Hourly, Daily, Weekly and Monthly)
By Usage (Intercity and Intracity)
By Booking Period (Weekends and Weekdays)
By Types of Cars (Hatchback, Sedan, SUV+MUV)
By Segment of Cars (Standard and Luxury)
By Status of Ownership (Owned and Leased)
Key Target Audience:-
Startups and Private car Owners
Online Self Driving Car Rental Portals
Organized Multi Brands Dealers
OEM Certified Dealerships
Private Equity and Venture Capitalist Firms
EV Service Provides
Car Auction Companies
Time Period Captured in the Report:-
Historical Period – FY’2014-FY’2019
Forecast Period - FY’2019-FY’2024
Major Companies Covered:-
Eco Rent a Car
For information click on the below mentioned link:-
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Ankur Gupta, Head Marketing & Communications