In addition, management software includes favorable payment management, fleet optimization, and customized reports, which help these companies grow their business. For example, Hertz and Fox Rent-a-Car, two car rental apps, are often the main competitors for this information. Therefore, the application of car rental management software poses a significant growth opportunity for market players.
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The growing number of air travelers, owing to falling fares, rising disposable income, and the expansion of the leisure and tourism sector in emerging and developed economies, is likely to drive the demand for airport car rental services. For example, according to the International Air Transport Association’s (IATA) October 2018 forecast, the number of air travelers worldwide could double to 8.2 billion by 2037.
In addition, companies are expanding globally, further influencing the growth in the number of corporate travelers. Consequently, the growing demographic of corporate travelers is increasing the demand from the vehicle rental industry for luxury executive cars.
High deposit amounts and rental costs may limit market growth – The market involves securing a high deposit, ranging from $2,500 to $50,000, financial information, and checks, as well as installing GPS devices in the cars to track them in case of any issues during the rental. This also means checking if the renter has personal insurance coverage, which will guarantee the liability and value of the car, or at least part of it. For example, fleet insurance for a $200,000 car can cost between $400 and $1,300 per month, but many insurance policies have high premiums and do not cover customer theft. Moreover, the limited share of opting for these services also hampers the growth of the market in certain regions. Therefore, these cost factors are expected to slow down the growth rate of the market during the forecasted period.