Incorporation of New Technologies in Car Rental Market Expand Transportation Options for …

ALBANY, New York, June 28, 2019 /PRNewswire/ — The global car rental market is highly consolidated and features an increasingly competitive …

ALBANY, New York, June 28, 2019 /PRNewswire/ — The global car rental market is highly consolidated and features an increasingly competitive dynamic. The leading five players held a sizable combined share of more than 75.0% in 2015. Transparency Market Research (TMR) notes that these companies are Sixt SE, The Hertz Corporation, Europcar, Enterprise Rent-A-Car, and Avis Budget Group, Inc. Car rental companies are increasingly focused on expanding their fleet sizes to meet a wide diversity of customer needs.

Over the years, several players in the global car rental market have made a wide range of models available to customers depending their changing needs. Moreover, TMR notes that in recent years several players are adopting strategies to consolidate their geographic presence by focusing on emerging markets such as in Asia Pacific. Furthermore, key players have laid emphasis on customization for inbound and domestic travelers, with the aim to garner competitive gains in the car rental market.

The global car rental market is anticipated to clock a robust CAGR of 14.40% during 2014 – 2024. The revenues are expected to climb to US$290.07 Bn by 2024-end.

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  • Top Car Rental Showing Marked Presence in Developed Regions

Among the various regional markets, North America held the sway in 2015, vis-à-vis its global share, and is likely to maintain its status quo in the coming years as well. Presence of top car rental service providers in the region, notably in the U.S. and Canada, makes the region increasingly lucrative. These vehicle rental service providers are always in pursuit of new revenue streams.

  • Rising Air Passenger Traffic Spurs Demand for Car Rental for Airport Transport

Of the various categories, airport transport serves the leading demand in the global car rental market. The growth is fueled by burgeoning air passenger traffic, especially in various developing nations. Further, constant pursuit of players to consolidate their fleet sizes and offer new vehicle technologies, increasingly to business and luxury travelers, in industrialized nations is likely to bolster prospects in the segment.

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Car Rental Companies aimed at boosting Leasing Penetration in Emerging Markets

One of the key trends driving the rapid evolution of the car rental market is efforts by car companies to increase the leasing penetration in developing economies across the world. Demands for convenient as well as affordable car rental services is one of the factors propelling growth in the global car rental market. A part of the impetus for car manufacturers is to bolster car sales and capitalize on their inventory in showrooms.

Changing mobility needs of inbound and domestic travelers is helping expand the scope of the car rental market. In developing countries, car rental service providers have garnered sizable revenue gains from meeting needs of convenient outstation tours. Most of them are undertaking intense promotional activities to attract new customers, thereby bolstering the prospects in the car rental market. A case in point is heavy discounts offered by car rental companies.

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Launch of New Subscription Services adopting Transportation Options for Consumers

  1. Industrialized Nations Offer New Revenue Streams

    Over the past few years, the car rental market has witnessed new revenue streams in emerging economies. Car rental service providers are focused on expanding their offering across various cities in industrialized nations such as India and China.

    Emerging car manufacturers as well as startups looking for stronghold developed markets for car rental are pinning their hopes on turnkey solutions, such as encompassing tiered membership and innovative subscription services. This has considerably expanded the options for young consumers especially millennials in the global car rental market. Availability of new transportation options is expected to create new demand potential for players in the car rental market.
  2. Launch of Electric Vehicles Boost Prospects

    The advent of new technologies such as incorporation of advanced gadgets by car rental providers has catalyzed recent growth. Moreover, the foray of car rental API providers has opened new doors to new opportunities to the car rental market. Inclusion of all-electric vehicles by some for consumers in developed markets has started a wave of disruption. Plants to launch of all-electric care sharing in the coming years have raised the ante for new entrants in the car rental market.

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The study presented here is based on a report by Transparency Market Research (TMR) titled “Car Rental Market (Car Type – Luxury Cars, Executive Cars, Economy Cars, SUVs, and MUVS; Category – Local Usage, Airport Transport, and Outstation) – Global Industry Analysis, Trend, Size, Share and Forecast, 2016–2024.”

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Car Rental Market is segmented based on:

Car Type

  • Luxury Cars
  • Executive Cars
  • Economy Cars
  • SUVs
  • MUVS

Category

  • Local Usage
  • Airport Transport
  • Outstation
  • Others

Geography

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The U.K.
    • Germany
    • France
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • Middle East and Africa (MEA)
    • U.A.E
    • South Africa
    • Rest of Middle-East and Africa
  • Latin America
    • Brazil
    • Rest of Latin America
    • Rest of Latin America

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Zoomcar in talks to merge with car and bike rental firm Drivezy

Drivezy had raised $5 million via an initial coin offering (ICO) in 2018. It later turned to debt funding to grow its fleet of vehicles and set up a special …

BENGALURU: Self-drive car rental company Zoomcar and car and bike rental startup Drivezy are in preliminary talks for an equal merger, three people aware of the matter said.

Zoomcar, which was started by American duo Greg Moran and David Back in 2013 in Bengaluru, is now backed by Mahindra and Mahindra Ltd (M&M). Drivezy, launched as JustRide in August 2015, assumed its current brand in July 2017.

Talks are still exploratory and may not culminate in a deal unless lenders to both companies approve the terms of the deal, said two of the three people cited above, all of whom spoke on the condition of anonymity.

Top investors in both startups are likely to hold stakes in the merged entity, they added.

Financial details of the transaction could not be ascertained. However, one of the three people cited above said, “Zoomcar might look at a share-swap deal, which will allow the company to pay existing shareholders using equity shares, rather than paying the sum entirely in cash”.

Questions emailed to Zoomcar on Friday remained unanswered till press time.

A Drivezy spokesperson said, “We refrain from commenting on this information”.

Mint reported in April that M&M was looking to invest as much as $400 million in Zoomcar. Drivezy is also looking to raise around $400 million and an additional $100 million in debt funding to fuel its expansion across India and a planned US launch, according to a TechCrunch report in April.

Zoomcar is seeking a valuation of $350-500 million while Drivezy is seeking a valuation of $400 million, two people close the development who were briefed on the details of the deal said on condition of anonymity.

Both Zoomcar and Drivezy have raised debt funding in the past and have fixed repayment schedules.

So, any merger deal will need to be vetted by all lenders.

“If both companies are going to merge, the new ownership structure should be comfortable to each and every debt lender… All the assets and liabilities will be put on the table. And they (lenders) will approve any merger only when there is enough money to cover debt and its repayments,” said the third person cited above.

Zoomcar has raised more than $100 million in debt and equity funding till date.

It currently operates over 7,000 four-wheelers and 300 electric vehicles on its platform. Users can locate Zoomcar vehicles within their vicinity and pick them up.

Drivezy had raised $5 million via an initial coin offering (ICO) in 2018. It later turned to debt funding to grow its fleet of vehicles and set up a special purpose entity to raise and manage debt money.

It has so far raised around $40 million from investors such as Das Capital, Y Combinator and White Unicorn Ventures. It claims to have more than 15,000 bikes and around 3,000 cars on its self-drive rental platform.

The development comes at a time when urban mobility startups in India are shifting focus to last-mile travel, over self-drive rental products to grow their user base.

Last-mile mobility startups are also currently a lucrative investment proposition for several debt and strategic investors in the country when compared to self-drive platforms, since last-mile users exhibit high retention rates, and the market is largely unexplored in India.

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Turkey’s Anadolu Insurance Using IBM Watson AI to Process Auto Claim Photos

IBM Watson Visual Recognition Service, accessible on the IBM Cloud, will help Anadolu Insurance to quickly review and analyze photos that show …

IBM (NYSE:IBM) and Anadolu Insurance announced that they are working together using artificial intelligence (AI) to accelerate the damage assessment process. IBM Watson Visual Recognition Service, accessible on the IBM Cloud, will help Anadolu Insurance to quickly review and analyze photos that show vehicle damage. In fact, Anadolu Insurance can now upload and assess the photos 70 percent faster, enabling them to more quickly complete damage assessments and quotes, and therefore, improve the customer experience.

In the first phase, contracted auto repair shops will take an image of the vehicle damage and share it with insurance company experts through a

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Filed Under: NewsTagged With: Agreements Signed, Anadolu Insurance, Artificial Intelligence, IBM, Photo Estimating, Turkey

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Car-sharing apps face a roadblock in state legislatures

… an emerging industry without destroying it — a repeat of recent fights between the taxi industry and Uber and Lyft, and between hotels and Airbnb.
  • Users of car-sharing apps like Turo can rent their cars, but the renters pay no taxes.
  • That has rental-car companies, airport authorities and local governments saying the apps’ users should pay the same taxes and fees that come with traditional rentals.
  • Bills governing the practice have been introduced in more than 30 states.
  • Lobbyists from both sides are now fighting to influence lawmakers to craft legislation favorable to their respective interests.

Phoenix – When Chris Williamson was in the market for a new family car, a timely ad and conversations with a co-worker convinced him to try something out of the ordinary. He bought a BMW 3 Series convertible and covers the payments by renting it to strangers on a peer-to-peer car sharing app called Turo.

It allows his family of seven to have a nicer car, essentially for free. “It’s great to have that little bit of extra income and not have to worry about the car payments,” said Williamson, a teacher from the Phoenix area.

But his customers and others using car-sharing apps around the U.S. get their rentals tax-free. That’s making them a target for rental-car companies, airport authorities and local governments, which say users of the upstart apps should pay the same taxes and fees that come with traditional rental cars.

At stake is hundreds of millions of dollars in revenue that cities and airports count on to pay for stadiums and convention centers or to fund police, fire and other general operations. “These companies are very sophisticated, technology-savvy companies that have hundreds of millions of dollars invested in each of them,” said Ray Wagner, senior vice president for government relations at Enterprise Holdings, parent of the nation’s largest car-rental firm. “They should be expected to comply with the same rules as a small, mom-and-pop rental-car company located in rural Arizona.” Turo says Enterprise is trying to stifle competition.

New app aims to be “Airbnb of parking”

Car-sharing companies including Turo and GetAround function like Airbnb for vehicles, allowing people to rent out their cars when they’re not using them. Founded about a decade ago, they’ve taken off recently with the help of millions of dollars from venture capital firms and other investors. That’s putting them in conflict with the $42 billion-per-year rental-car industry and the tourism and government agencies that tax it and regulate safety and consumer protections.

The battle is heating up in some three dozen state legislatures as well as the courts and offices of local tax authorities. Barraged with lobbying from both sides, lawmakers are grappling with how to regulate an emerging industry without destroying it — a repeat of recent fights between the taxi industry and Uber and Lyft, and between hotels and Airbnb.

“The tragedy would be if we snuffed out something like this in its infancy that has a lot of great potential,” said Arizona Rep. Travis Grantham, a Republican who has introduced legislation backed by Turo. It would exempt car-sharing from all rental-car taxes except the standard sales taxes. Tourism taxes have long been popular with politicians who can use surcharges on hotel rooms and rental cars — paid largely by visitors who vote elsewhere — to raise money for local priorities.

Forty-four states levy excise taxes on rental cars — on top of the standard sales tax, if one applies — and most allow local governments to levy their own as well, according to a March study by the Tax Foundation, a conservative think tank. Airports often add surcharges to pay for sprawling rental-car facilities. Taxes, fees and surcharges can add as much as 30 percent to the cost of renting a car while generating millions of dollars.

Behind GM’s peer-to-peer car sharing service

In metropolitan Phoenix, the baseball league that draws fans to 10 stadiums for spring training every March could see a sharp decrease in revenue as the new platform for car renting grows, said its president, Jeff Meyer. Rental-car taxes help cover debt payments for some of the Cactus League’s facilities and for the Arizona Cardinals football stadium.

California, Oregon and Washington passed legislation on car-sharing years before the industry took off, and Maryland did so last year. Bills governing the practice have been introduced in more than 30 other states, with the fight especially contentious in Alaska, Arizona, Colorado, Florida, Illinois, New Mexico and Ohio.

Turo also is battling in court with Los Angeles and San Francisco airport authorities, which contend the company should pay fees. Meanwhile, Chicago tax authorities wrote that car-sharing is subject to rental-car taxes in response to questions from an Enterprise lawyer, according to a letter the company provided.

In Arizona, Enterprise is backing legislation that would tax car-sharing the same as rental cars and require them to enter agreements with airports to use their facilities, while Turo supports a proposal that would exempt car-sharing companies from most taxes. In Ohio, a detailed package of new regulations on car-sharing companies was tucked into the House version of the state transportation budget. It came as the Columbus Regional Airport Authority broke ground on a new $140 million car-rental facility that relies on a steady stream of car-rental user fees.

“Needs some more regulation”

The peer-to-peer companies won a temporary reprieve last month, when the provision was dropped from the bill. But Ohio Sen. Bob Peterson, the No. 2 Republican, said he anticipates a stand-alone regulatory bill will be introduced soon. “I think everybody was agreed this is a new industry that needs some more regulation,” Peterson said.

Both sides portray their position as a matter of fairness. Those advocating stricter regulations say people who rent out their cars for profit should not only pay the taxes but meet the safety and transparency requirements that go with renting a car.

“The goal is leveling the playing field,” said Arizona Rep. David Livingston, a Republican who is sponsoring legislation to treat car-sharing firms like rental car companies. “You want all these companies operating with the same type of rules and regulations so they can compete and the best one wins, whoever that is.”

Turo’s lobbyists point to the billions of dollars car-rental firms save on taxes. Most states charge no sales tax for vehicles sold exclusively for rental and allow those companies to pass along vehicle licensing fees to customers.

“$24 billion Goliath”

Turo asks why its users should pay rental taxes if they’re not exempt from other vehicle taxes that benefit rental car companies. “Our host community is individuals that are just trying to offset the cost of a car,” said Steve Webb, Turo’s vice president of communications. “And Enterprise is this $24 billion Goliath that’s using their political connections to stifle innovation.”

Turo says more than 95 percent of Turo’s 197,000 “hosts” share three or fewer cars on the platform. But some of the company’s 350,000 listed vehicles are owned by people who rent out small fleets. Enterprise’s Wagner calls it a “politically motivated fiction” for Turo to focus on taxes paid by people who occasionally list their car.

For Williamson, the Phoenix teacher who rents his BMW through Turo, the prospect of his customers having to take on those taxes and surcharges is concerning. The people who rent his BMW are looking to splurge. He also sometimes rents his family’s Honda Pilot SUV.

Said Williamson: “Any time you start to creep the price up for anything, you’re going to get people who say, ‘Oh, I guess we won’t take the convertible this weekend. We’ll just take whatever Hertz has on special.'”

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App Targets Personal Assistants, Travel Planners and SME’s for Rental Car Insurance Quotes!

Des Moines, Iowa – April, 2019 – Pablow, Inc. (Pablow), an innovative Insurtech startup focused on improving access to and utilization of car rental …

Des Moines, IA, April 17, 2019 (GLOBE NEWSWIRE) — Bonzah.com (owned by Pablow, Inc.) offers affordable third-party

Car Rental Damage Insurance to renters on iPhone’s and iPads (English & Spanish)

Des Moines, Iowa – April, 2019 – Pablow, Inc. (Pablow), an innovative Insurtech startup focused on improving access to and utilization of car rental insurance globally, is pleased to announce the immediate availability of Rental Car Damage Insurance app via the App Store.

Car ownership is declining! It’s estimated that new car purchases will decrease by 28% by 2030, in major US cities. Whereas car rentals and other on-demand transport options are estimated to account for 50% of all passenger miles by 2025 as opposed to owned vehicles, according to Bloomberg. Bonzah.com is gearing up to enable travel planners to take advantage when staff are taking a trip 100 miles or more from home and up to a maximum of 31 days.

“Personal assistants and travel planners alike can now add an unlimited number of travelers, addresses and payment methods to the account”, said Steve Sherlock, Co-Founder of Pablow Inc. d.b.a. Bonzah.com. “At the travel arrangers finger tips is the ability to simply select a team members name from the list and click buy! By purchasing the insurance sold on Bonzah, renters may not have to claim on their personal or corporate car insurance policy, pay an expensive deductible, nor risk potential premium hikes from their insurer.”

For travelers who are interested in purchasing car rental damage insurance and want to avoid the high cost at the rental counter, they should visit Bonzah App Store “That Covered Feeling!”

For more information about this release, Pablow or Bonzah please visit the company website at www.Bonzah.com or contact Steve Sherlock, Co-Founder and CEO for Pablow, at admin@bonzah.com

About Pablow, Inc. (Pablow)

Pablow Inc. (Pablow) is an innovative insurtech startup and a 2015 Global Insurance Accelerator graduate focused on improving access to and utilization of short-duration insurance product in the vacation rental, car rental and travel insurance categories globally. As a licensed agent in all 50 US states and DC, Pablow works with leading travel insurance companies, including Allianz Global Assistance, IMG, AIG Travel Guard, and Arch Insurance. For more details please visit www.pablow.com

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Contact Steve Sherlock, Co-Founder and CEO Company website at www.Bonzah.com Email admin@bonzah.com

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