Car Rental Industry is one of the fast-growing markets in the present world. Many key players have already started their own rental businesses and making history in the car rental industry. Whereas other many are making move to start their own car rental empire.
This enlarged community surrounding the car rental industry is created in recent five (2019 to 2023) years after the need for on-demand transportation services increased. This need in turn increased the demand for car rental software ( web apps or mobile apps), the only efficient way or a medium to bring the business to the users.
How has the demand for car rental software increased?
For various reasons like commuting, tourism, and festivities, people are in need of a convenient mode of transportation to travel. And this need is driven by the following factors
Preferred mode of transportation
The demand for car rental software is increasing because the car is preferred by a major group of people. It is a convenient mode of transport and an efficient vehicle to rent it than owning.
Efficient for Daily commute
Renting cars for daily commutes is more worthwhile than using two-wheelers. It will be more productive when it is used in the form of ride-share that too in busy cities.
Hiring and renting a car is easy and highly accessible through proficiently designed car rental apps. It will be available at any specified location and time. Also, a fair price is estimated with a high-end price-determining tool.
Price and Maintenance challenges
With the increased price of vehicles, it is tough to buy them. Maintaining them after buying costs a hell lot of money. Due to this, people always prefer car rental over buying.
Covid-19 is another reason for the increasing demand for car rentals. As public transport was shut down during the pandemic, people moved from place to place using this car rental service safely.
These reasons opened the door for market growth of the car rental industry and car rental software.
Rapid Market growth of car rental software
The usage of car rental software and the requirement for car rental software has raised a lot in the last five years. Their market growth was explained here in categories like price, car usage, type, countries, and companies that played a main role.
Pace and Price of Market Growth
The car rental software market is expected to grow from USD 101,730 Million in 2023 to USD 188,933 Million by 2027. Averagely, more than 90% of growth will be attained and the estimated CAGR is 9.25% from 2023 to 2027
Usage of cars
This car is rented for different purposes like office commute, outstation, travel, entertainment, etc. So cars are rented in different ranges from Executive cars and Luxury cars to Economy cars like SUVs and MUVs. This played a big part in the economic growth of car rental software.
The market has rapid growth due to the structure of car rental systems like ERP, Car rental Management, and E-commerce system.
The countries that played a vital role in market growth include Europe, North America, Latin America, Asia Pacific, the Middle East, and Africa.
The best car rental software development service providers are also partly responsible for the market growth. That includes Fleet Master, Easy rent Pro, Rent Centric, CarPro system, Caag Technologies, Provab, Auto Europe, Crunchbase, and Bluebird auto rental system.
According to the forecast, car rental companies going to rule a part of the world’s economy for a few more years. That is why it is important to
Reimagine the Car rental Software to meet future demand
And to be ahead of this ever-increasing competition pool. The innovations that can be integrated into the rental app are
Smart Parking System
These days finding an optimal parking space is not an easy task and is toughest in the main location like airports, railway stations, and bus stops. So the future car rental system is better to have the smart parking system integrated with the App. Through this Drivers can find a suitable space for their car parking and customer get their cars hired at the chief locations instantly.
AI automated vehicle testing
Since the company is giving their asset for rental, it is better for them to add AI-based vehicle testing. So that the fault, broken parts, and damages can be easily identified when returned or even in a remote location.
Self-driving cars may not be practical now. But they too will become reality soon. So adding self-driving cars will work wonders in further development.
Rental of Luxury cars
Luxury cars can be added to the rental list. People who go crazy for cars will love to rent those cars and experience travel in them. This addition will serve as a lucrative feature that brings large income.
Structured Rental System
An organized car rental system includes adding features like listing cars in different categories from luxury cars to economy cars, a Dynamic pricing system that quotes fair prices according to usage, cars displayed with information regarding their capacity, color, and technical specification, and also the review system. This structural rental system will help customers to choose cars of their choice and will pull many customers in the future.
Thus far, the market growth of online car rental software in 2023 is seen. From this content, it is inferred that the market growth of rental software will hype for a few more years irrespective of any change in the world. So, if you are a startup aspiring to start a car rental industry, it is important for you to build the foremost car rental booking software.
So connect with the right technical partner like AiOC to build productive and quality rental software. That is inexpensive and enriched with features. AiOC is one of the leading software development companies in the industry which has good fame and a worthwhile portfolio. So connecting with them gives you the productive software you expected and the optimal start for your dream business.