Global Car Rental Market
A Rental Business is such that shall never go out of need or style. The Concept of a car rental is well known all over the globe. According to an agreement, a car is rented to a customer on an hourly, daily or monthly basis. The Rental Industry has encountered a substantial transformation over the past few years. According to Zion analysis (shown in the below image), the global car rental was evaluated at around USD 58.26 Billion in 2016 and expected to reach around USD 124.56 Billion by 2022. The operators have undergone a significant change in their business models to remain competitive and intensify profitability. In the above-mentioned report(Zion Analysis), it says the United States and Europe are two of the leading geographies in car rental market. The impact of Information technology in the industry has driven the variation of the car rental services. The Administration of technology in these services built the whole process safe, quick, reliable, and easy for consumers.
Image Source – Zion Research Center
Challenges faced by the Car Rental companies.
There is a growing trend among the retailers of the US car rental industry to maintain tactical alliances with hotels and airlines. There is a challenge in transparency and improving customer service across different models and in different countries. One of the most important features of any successful business is customer gratification. For a car rental industry, it’s a challenge to give the right information and complete clarity to their customers. There are many car renters available across the US. Tremendous opportunity for retailers in the US car rental industry is encountered especially in densely populated areas such as New York, Washington DC and other key cities. Most challenges of car rental companies are due to efficient and organisational activities. Most of the car rental companies are over fleeted in USA and Mexico.
How can they sustain the ranking even in the Future?
According to TMR analysis, the car rental has changed gears over the past five years of time. Several new independent car rental companies are entering the market. In the TMR Analysis report, it says the Car Rental market in the North America Was Valued USD 26.4 million in 2015. The Industry’s Growth over the last few years can allocate to the extension and progression of the worldwide travel and tourism industry. The US car rental industry is very dynamic because of numerous small and big renters operating their car rental business in the industry.
Will Navotar Endure in the US?
Strategizing your fleet management is the core to be successful, productive and will also do your business at the cutting edge in the industry. According to the capterra analysis, Navotar has high possibilities since the US is the huge market for Car Rental Industry and Navotar is already taken tremendous place in us car rental market and still one of the leading Car Rental Software over the Globe. Navotar is one of the highly recommended product with the latest version where people find it easy to use. Navotar has a Huge customer base in the USA which advocates the other Americans. Navotar is highly recommended because they have Huge Customer base over the Globe and Navotar is fully cloud based and requires no software installation. Contact Navotar! Experience the Money!