Self-Drive Car Market Report

Self-Drive Car Market Report

(Source:https://www.redsharknews.com/technology/item/6749-driverless-cars-don-t-make-the-mistake-of-thinking-they-re-ready-yet

Along with the advent of IoT, the self-driving car has also entered the market – not a thing of the future anymore. The global self-driving market was valued at 54.23 billion USD in 2019 and is predicted to garner 556.67 billion USD by the year 2026. The industry also registers a CAGR of 39.47% from 2019 to 2026 according to reports from Kenneth Research and Allied Market research.

Self-driving cars are also known autonomous cars or driverless cars, use a range of sensors, cameras, radars, as well as artificial intelligence (AI) to achieve this once impossible feat. These combined, further go on to monitor a 60-meter range around the car and form an active 3D map of its current surroundings. To be a fully functional self-driving car, it should be able to travel between destinations without any human intervention.

The autonomous car market is organized according to the level of automation, components, application, and region. Based on the level of automation the market is segregated into Level 1, Level 2, Level 3, Level 4, and Level 5. Component is segregated to Hardware, software, and service.

Overview 

Important growth factors

  • Acceptance by various governments worldwide expected to increase growth of industrial uses of autonomous cars by 2023
  • Development of smart cities
  • Increasing number of road accidents – self-driving cars may reduce accidents
  • Advancements in technology
  • Increased demand for automation
  • Rise in mobility as a service (MaaS) sector (switching from ownership to MaaS)
  • Rise of automation in the automotive industry
  • Connected cars using IoT – can solve traffic congestion
  • Demand for luxury cars

Improvement of road and pedestrian safety along with governments that are supportive of self-driving cars will have a major positive impact on the market by the year 2026. Technological advancements are also a main contributor to market growth as of now, and will only see further improvements.

Negative impact

However, other factors like high cost (assembly, technology updates, and maintenance), threat from hackers, may hinder the growth of the self-driving car market. If proper precautions and regulations are undergone these should not have a major negative impact on the market.

If you want a more in-depth look at the market, both reports are available for download from the following links:

Kenneth Research: https://www.kennethresearch.com/sample-request-10009639?utm_source=Market-Watch&utm_medium=Avi

Allied Market Research: https://www.alliedmarketresearch.com/request-sample/4649

With the car rental industry getting more tech-savvy each day, any business owner should consider online business strategies. Little things like automated reservations, online customer service, and real-time car status are extremely important to run your business conveniently.

If you are looking for state-of-the-art IT business solutions, Navotar is your best bet!

Head over to our website for more information and to get a free demo of our fleet management software.

Rental Industry Market Report

Rental Industry Market Report

(Source:https://www.abnewswire.com/pressreleases/car-rental-market-to-witness-79-cagr-in-near-future_449263.html

As shown by market reports from Grand View Research and Allied Market Research the global car rental market was valued at 78.7 billion USD in 2018 and 122.6 billion USD in 2024 respectively. Grand View Research estimated a CAGR of 7.9% over the forecast period of years 2019 – 2024. Many factors have been found to affect the growth of the industry – booming travel and tourism industry, technological trends, sustainable business strategies and many more.

Keep reading for an overview of the forecasts for the industry in the upcoming years.

Overview of the forecasts

Travel and tourism

There is an upward trend in travel and tourism globally, with people spending more money on trips abroad and also traveling for business more, this is directly affecting the car rental industry and driving it. This is especially prevalent in growing economies, along with a growth in road infrastructure; the car rental market will grow exponentially.

Smartphones

The ever increasing global market for smartphones is propelling the rental industry. Smartphones allow access to activities once done on a PC from the palm of your hand; this has helped in creating a positive shift in car rental experience for customers. Apps have allowed easy access to the services of rental businesses, companies such as Uber, Sixt SE, and Avis have incorporated this facility to their businesses.

Value-for-money car rental services

Many small businesses are now implementing this scheme as it helps strengthen their online presence, helping to widen their customer base. Low-cost services are a great way to market your fleet and gain more reservations; this is best aimed at the leisure market as tourists are always looking for a bargain.

Electric vehicles

The trend of including electric cars into the fleet is fast picking up, and a lot of key market players like Hertz and Enterprise Rent-A-Car are implementing this. With the growing concerns over the environment and the effects of global warming, introducing electric cars to fleets show potential customers that the business supports sustainability and is conscious of environmental causes.

Technology

With technology trending on a daily, it is expected to boost the car rental industry over the period forecasted. With car manufacturers and car rental companies utilizing the many benefits of IT, customers are privileged to access improved services. Online booking facilities, automated online reservation, and car information, app integrated websites, etc., will open up more opportunities for rental businesses.

Innovative tech solutions such as IoT and telematics are key players in helping the car rental industry boom. Incorporating these into rental businesses have shown a rapid growth within the market.

Vehicle Type

Economy level cars were shown to dominate the market in 2018 at a 30.0% revenue share and will remain so over the forecasted period. Due to their compact build and cost-effectiveness, economy cars are constantly preferred for airport and intra-city traveling. It was said that airport travel revenue exceeded 35.5 million in 2018 and is expected to keep growing. Therefore many car-rental businesses have offices in and around airports.

Executive-level cars are the preferred medium of transport for corporate customers as they offer the perfect mix of sophistication and cost-effectiveness. Executive cars are expected to show the fastest growth within the forecasted timeline, due to the rise in business travelers across the globe. This is a rising trend in developing countries and is the main reason behind the market growth.

Due to an increase in leisure tourism SUVs and MUVs are also expected to experience growth in the coming years. SUVs are a common pick amongst travelers due to their ample space, as well as passenger and luggage capacity.

Luxury cars are popular in the Chinese and Indian markets, however, they have already reached maturity in developed countries – U.S. and U.K.

Regional Insights

North America is heading the market with a revenue share of 50% in 2018 and predicted to dominate the market for the rest of the forecast period. The region is seeing an increased number of business trips, both local and international. Due to consumers’ rising preference towards rental cars and the presence of prominent service providers within North America such as Avis Budget Group, there will be an expected acceleration of revenue generation.

The Asia Pacific will be the fastest-growing regional market, expected to show a CAGR of 8% from 2019 to 2025. Over the past few years, the region has experienced economic growth and enhanced road structure. There is also a rising availability in luxury vehicles, which is currently providing a major boost to the rental market within the region. Much of the market revenue is generated from low-budget vehicles due to their cost-sensitive economies. It is also predicted that the self-driving trend will gain more traction within the coming years.

 

Tech is the main contributor to market growth as of now, and will only see further improvements. Innovation plays a key role in any business and it can only benefit the rental industry even more. If you are looking for state-of-the-art IT business solutions, Navotar will be your best bet!

Head over to our website for more information: www.navotar.com

Benefits of using car rental software

Benefits of using car rental software

Almost every business is turning towards innovation to improve their services. Gone are the days of using word documents and excel sheets to keep track of reservations and payments – car rental software is the way to go!

 

Innovation means efficiency, which in turn means your clientele receives quality service. It also means you can manage your business with ease – so what are the benefits of using car rental software? Keep reading to find out.

 

Hassle-free reservations

Using car rental software usually means your customers will be corresponding with you through your website. They can easily make bookings via the Reservation Plugin and everything will be handled by the software. Customers can easily get to know the vehicle details – such as make, model number, mileage, renting fee, etc.

 

No double bookings, no payment mishaps, and no fussy phone calls and excel sheets to organize bookings and details. All reservation information and data will be backtracked so you can easily access these later.

 

Access information from anywhere at any time

Since car rental software is cloud-based you and your employees can access information from anywhere on any device at any time! This allows you to monitor your business and make sure everything runs smoothly, assuring your clients a top-notch service!

 

Efficient billing and invoices 

Time is of the essence when running a business, therefore being able to send quotations to your clients as quickly as possible is imperative – you can do just that with car rental software.

 

Since all the data is available on your company website, with the integrated car rental software you can easily create invoices and send it directly to your customer within the same platform. Car rental software may also send automated SMS and email invoices to clients.

 

Cost-effective

Though it may seem expensive, using car rental software is cost-effective in the long run. It requires no implementation cost and allows immediate accessibility – that greatly reduces operational costs from day one!

 

The fleet manager tool allows you to track your vehicles by ensuring fewer breakdowns and reducing maintenance costs whilst increasing fleet utilization.

 

Since car rental software is designed to be easy to use – employees don’t require much training the can quickly learn the ins and outs and begin operations almost immediately!

 

Managing damages and lost items

This is a complicated issue that most car rental business owners face. However, with car rental software you can easily detect if something is damaged or misplaced after being used by a client. The software will automatically charge the client for the damages caused.

 

Security 

Car rental software comes equipped with cloud-based security systems. It supports two-factor authentications and can be accessed via any device smartphones, tabs, and computers.

 

 

Maximum efficiency is vital when running a car rental business, and with car rental software you can achieve just that. 

 

If reading this has convinced you to start using car rental software, take some time to check the state-of-the-art innovative Car Rental Software provided by Navotar. You can also try a free demo of the product at www.navotar.com/

 

 

 

Creating a website for your car rental business

Creating a website for your car rental business

Since the car rental industry is on a roll, investing on a good website would be a great business solution. All businesses are rapidly digitizing, and competition is increasing, having your website can help your company stand out from the rest and bring in more customers your way.

There are a set of criteria you will need to consider before creating your website as you must make sure it is engaging and easy to use for your future customers. The website can be used by customers to make reservations and also present media content – such as blogs.

This article will show you all the features you need to create a website for your car rental business.

  1. Reservations plugin

Having a reservations plugin on your website will help customers make direct bookings online. Make sure the design is user-friendly and efficient so that customers can make a quick booking with less hassle.

  1. Fleet management

This will feature the number of cars available in your fleet along with information on their make, model, car details, maintenance, inspection dates, insurance expiration date, damages, etc.

  1. Availability of vehicles

You will have to update the ‘Availability Status’ feature on every vehicle in your fleet. This will help you manage the fleet with ease as you will know which ones are under repair, available or currently-rented.

  1. Managing Orders

You will need a feature that will manage all the reservations made through the site as well as via calls and front desk – these can be added by the operators manually into the system.

  1. Managing Finances

From online transactions, re-funds, it is important to manage them from one place. There are many business models available for car rentals; you can collaborate with hotels, and other businesses while managing your finances within your system.

  1. E-billing and invoices

Via your website, you can manage all your bills and invoices as everything is digitized and backed up on the system. No more messy paperwork and missing invoices.

  1. Fines management

When running a car rental business, mishandling of vehicles is something you will have to face, and managing that can be quite difficult. You have to cater to the customer but also communicate to then=m that they have caused certain damages to your vehicle and therefore must pay a fine.

Having an automated system to handle all that will allow you to run your business with ease!

  1. SEO

SEO is a very important marketing tool that will help with your business and make it stand out from the rest. Therefore when creating your website, you must prioritize SEO.

  1. Mobile friendly

When designing your website make sure the interface looks good on any platform – smartphone, laptops, etc. The idea is to have a website that is engaging and easily accessible to anyone.

  1. Social media and apps

Last but not least, it is important to link your website to all your social media platforms i.e. Instagram, Twitter, Facebook, etc. It would also be a smart move to create an app to go with your website as it makes your business more accessible and easier to use for customers.

 

If you are looking for a versatile website, with an integrated fleet management software, follow this NAVOTAR Website Development

Navotar specializes in developing user-friendly websites that are up to date on the newest technological trends. We also offer a Reservations Plugin that can be easily integrated with your website, allowing customers to make online bookings.

Navotar offers a lot more, to learn more on our products and services, click this NAVOTAR Products & Services

Now that you know what you need to build your website, go ahead and create the perfect website for your business! Good luck from all of us at Navotar!

Benefits of GPS tracking for commercial fleets

Benefits of GPS tracking for commercial fleets


source:https://interestingengineering.com/build-your-own-gps-tracking-system-with-this-raspberry-pi-bundle

First used as a tracking system for the U.S. Department of Defense, the GPS was made publically accessible in the 1980s. Since then, it has been used by multiple industries and businesses to improve their services.
GPS tracking can be significantly beneficial for fleet management as it can not only provide location but also help in preventing car theft and much more. This article lists out the benefits of involving a GPS tracking system in your business.

1. Route optimization

GPS tracking provides you with real-time updates of your fleet vehicle’s location and performance. This allows you to make specific optimizations that will benefit your business.
You can get information such as fuel usage, engine idling, and many more.

2. Save time!

Prompt, responsive service is very important to a car rental business and GPS can help you with that. GPS tracking allows you to improve on response time by showing vehicles that are close by to the customer’s location, which means you can send them a car as soon as possible.

3. Reduced fuel costs!

Using a GPS can allow you to get the exact location of your customer and even let you know if the car stuck in traffic. Using a GPS tracking system will allow you to redirect your rented fleet vehicle to a better route; this, in turn, helps reduce the fuel cost as less fuel is wasted on waiting in traffic.
Quick response time means good service and this will help with your brand reputation and put you above your competitors as customers like a quick, quality service!

4. Helps with insurance costs

Most insurance companies require you to have an operational GPS tracking system integrated with your fleet. The GPS tracking system can detect and indicate to the supervising team if a car is heading off the route, which helps greatly in the case of car theft.
Having a GPS tracking system will also encourage the driver to drive carefully, that way ensuring your vehicle will not undergo any damages.

5. Emergency alerts

In the event of an accident or any other emergency, the GPS can send an alert via SMS or email, even if no one is actively monitoring the system. This allows you, as a business owner, to take quick action to resolve the issue.

6. Maintenance alerts

The versatility and efficiency of the GPS allows it to send alerts on routine maintenance like oil changes and tire rotations that can be time saving and cost-effective.

7. Reduces paperwork

GPS systems digitally record all information and analytics, saving you time on unnecessary paperwork. This allows you to handle dispatchers, drivers, fleet managers, etc. efficiently.

GPS tracking can greatly improve customer service and ensure your fleet vehicles are safe. With its multiple functions, GPS tracking is a versatile and efficient technology that will help your business grow and rise above the competition.

Are you thinking of incorporating GPS tracking into your business? Then check out the new GPS-tracking feature by Navotar! Follow this link to gain more insight into our new GPS-tracking system