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

Do fuel additives really work ?

Do fuel additives really work?

(Source:https://blog.audicary.com/discover-the-truth-do-fuel-injector-cleaners-work/thinkstockphotos-173355213/)

Worried about your car’s performance, emissions, and fuel charges burning a hole in your wallet? Enter – fuel additives, a magic formula designed to improve your car’s performance, economy and reduce harmful emissions. Available for both petrol and diesel vehicles it is simple to use – buy the bottle and pour it directly into your fuel tank. But is it all that it’s made out to be in advertisements?

When something claiming to be as versatile and practical as fuel additives hit the market, people are quick to jump on the bandwagon; however, do they work? How important is it to use fuel additives? Let’s find out!

How does it work?

Fuel additives claim to be able to do many things from keeping carburetors, injector and intake valves clean, as well as removing water from the fuel system. There are other supplements available that are formulated to work on the catalytic converter and exhaust parts. This simply means you will be left with a smooth running engine.

It is readily available and easy to use, just follow the instructions on the bottle. However, the common instruction is to pour the additive into the fuel tank once full. This allows the additive to dilute into the fuel, which flows along the fuel lines, through the fuel pump, enters the injectors or carburetor, and into the combustion chamber, cleaning it along the way.

Is it necessary to use additives?

No. If your vehicle has been maintained well, then using fuel additives will not make much difference to car performance. Fuel additives have almost no effect on brand new vehicles; however, if the vehicle is quite old and has not had proper maintenance then fuel additives would be helpful.

If you want your engine to perform well then it is best to opt for premium petrol or diesel which has the same effect as that which fuel additives claim to have. Premium fuel is a bit expensive and using an additive will seem like a cheaper option, however, the amount would add up to be the same or more – so it is more economical to use premium fuel.

Types of additives

There are many types of additives available; however, you have to be very careful when choosing one for your vehicle. Most cheap additives can do more harm than good to your vehicle; therefore it is best to stick to more premium brands –meaning it will be less economical.

Some additives use very harsh chemicals to make sure the engine works to the desired effect – this means that your engine would be working even harder to expel these extra chemicals, worsening emissions and making you spend more on fuel and maintenance.

In conclusion

Additives may not be necessary for making sure your engine is running smoothly if you look after your car well and service it regularly you can easily avoid any engine mishaps. So don’t forget that next maintenance appointment!

So, what are your thoughts on car fuel additives? Are they useful or not? Will you be using them for your vehicle?

Why dashcams are important for young drivers

Why dashcams are important for young drivers

(Source:https://www.dashcamgurus.com/where-to-mount-dash-cam/)

You’ve got a first-time teen driver in your home, and the first thing that comes to your mind is if they will be safe, will they speed, get into an accident? As parents, it’s normal to worry, which is why dashcams can be very crucial in ensuring your teen driver is safe.
Young drivers are prone to getting into accidents – they tend to speed, text or call while driving, run red lights, etc. In cases where the fault was not theirs, young drivers may find it difficult to be coherent when explaining the situation. If a dashcam has been installed into their vehicle any problems can easily be resolved as there is video proof of who caused the accident.
It is also shown that having a dashcam in the car can also bring about good driving etiquette amongst first time drivers. Since the dashcam is present, your teen may not decide to speed, or text while driving and it can also teach them to take responsibility for their actions. This positive effect of dashcams means your child drives safe.
Young drivers have become reliant on dashcams as they feel more secure driving with one. The dashcam records everything, some may even give voice alerts which are a great addition for teen drivers, as they are alerted about other vehicles on the road.
Since the dashcam is recording at all times, it can even be helpful in cases of theft as there will be a recording of the incident. Having a dashcam is not only safe for the driver but others as well, as the footage can help in the case of other road accidents or thefts, etc.

Dashcams are a necessity in today’s world and can ensure the safety of the driver as well as others. So, will you be installing a dashcam for your vehicle?

Drive safe, from us at Navotar.

How to find a bargain car

How to find a bargain car

Looking to buy yourself a car? Opting for a used car over a brand new one is the best way to go especially if you are buying a car for the first time. Since used cars are less expensive than new cars – you can get the perfect car AND save money!

However, there are some things that you should take into account before purchasing a used car. Keep reading to find out!

  1. Research

This point cannot be stressed enough! When buying a used car, it is always best not to rush into it. This is a slow job and requires you to weigh all your options before settling for the right one.

When looking for a used car, take things like fuel usage, mileage, major car accidents, and safety grade into consideration. You should also make a note to check the car’s service schedule, i.e. if its cam belt needs to be changed then try and negotiate the price off with the seller as you will have to make the replacement.

The type and model of the car matter too, for instance, if you are looking for a family-friendly car then an SUV is your best bet. However, if you want to get a good bargain then going for something a little less fashionable like an estate/station wagon would be a better option. Marques like Mercedes and BMW never lose their value within the market however, they are more expensive. On the other hand, mainstream car brands like Ford, Vauxhall or Peugeot may lose their value sooner, however, they are valued for money as they are just as good as the higher-end marques.

If you don’t want to be ripped off make sure you have done enough research to back you up. Not all car salesmen are your best friends, and they won’t be doing business in your best interest, therefore it is important to be wary of underhand sales tactics.

  1. Off-season bargains

As with most high-value items, the used car market goes through trends as well. Certain types of cars are in high demand in specific periods, for example during winter, SUVs are in high demand as people are looking for larger, safer vehicles to drive during the season. Therefore, sellers tend to increase prices during this time.

If you are looking to get the best deal on your choice of used car, opt to shop during off-season as prices tend to be lower as sellers are looking to make any deal!

Bonus tip: Holiday seasons are the best as everyone is busy shopping for other things, used car prices will be quite low and you are bound to find the car that best fits your specifications and budget.

  1. Car listing websites

Looking up your choice of used car on listing sites is the best way to get an idea of the current market and obtain information like condition, features, and history from the comfort of your own home or on the go!

  1. Local car dealership deals

Remember to look at the options presented at your local car dealerships as they may surprise you with a good deal! Keep a lookout for deals on new display and ex-demonstration cars as these dealerships will be looking to sell for a bargain price.

  1. Compare prices

Don’t just settle for one dealer off the bat, especially if you are going for a private seller. Do some research and get prices of more sellers, compare and cross-reference before settling down on your used car. This way you can eliminate any options which are over-priced and get the best bargain prices.

  1. An electric car?

Electric cars may seem like a hassle but they are the best value for your money. The used car market is quite good and you can easily find a good option for insanely low prices. So, consider buying a used electric car if all else fails.

  1. Car auctions

Another place to get the best deals on used cars is at a car auction; however, the way of buying is completely different. You will have to register with the auctioneer as a buyer and you will not be allowed to test drive the car, you can only inspect the car being driven into the auction hall. Once you purchase the car and leave the hall, the deal is final.

The best part about buying a car at an auction is that it eliminates the middle man therefore the price may be lower than even buying from a car dealership.

Are you ready to buy a used car? Navotar would like to wish you happy car hunting!