Role of Rental Car Market in India: An Empirical Analysis

Abstract

India's rental-car industry has grown to be an essential part of the nation's transportation infrastructure. The demand for rental automobiles has significantly increased in recent years as a result of growing urbanization, shifting consumer preferences, and rising disposable incomes. The function of the Indian rental-car market and its effects on various stakeholders are examined in this abstract. First off, the market for rental cars offers a practical and adaptable form of transportation, meeting the demands of both domestic and foreign tourists. It provides a large selection of vehicles, from affordable cars to high-end automobiles, guaranteeing solutions for any need and price range. Second, renting a car has emerged as a practical substitute for owning one, especially in crowded cities where parking is scarce and traffic is heavy. The growth of ride-hailing services and the shared economy have further exacerbated this trend, making rental automobiles a desirable choice for transient mobility needs. Thirdly, the rental automobile sector has given many people work opportunities, including drivers, customer service representatives, and maintenance employees. It has also aided in the expansion of related sectors including auto service and repair, petrol stations and insurance companies. But there are still issues to be solved, like the need for better infrastructure, legal frameworks, and assuring client happiness and safety. Overall, the Indian rental automobile industry is essential for offering practical and adaptable modes of transportation, boosting the nation's economy, and improving both business and leisure travellers' overall travel experiences.