India’s Self-Drive Car Rental Industry Surges, Revealing Changing Travel Preferences

India's Self-Drive Car Rental Industry Surges, Revealing Changing Travel Preferences

VoM News Desk | December 29, 2023 | 10:42 AM IST | India | Follow on Google News

India’s Self-Drive Car Rental Industry Surges, Revealing Changing Travel Preferences

India’s Self-Drive Car Rental Industry Surges, Revealing Changing Travel Preferences

In an era marked by digitization, India has witnessed an exceptional surge in the self-drive car rental industry, highlighted by a recent report from Zoomcar, a leading car-sharing platform in emerging markets.

Despite the challenges posed by the COVID-19 outbreak from 2019 to 2021, India has experienced a remarkable threefold growth in this sector over the past five years.

The report underscores a significant shift in consumer attitudes towards travel preferences.

Today, individuals seek greater control, convenience, freedom, and privacy in their travel experiences, leading to a rising inclination towards self-drive car rentals over other transport options.

Remarkably, in 2023, 4 out of every 100 individuals capable of driving a car opted to rent one, showcasing a substantial shift in travel choices.

Moreover, an impressive 84% of users reported a stellar 4+ star experience while renting from Zoomcar.

Cities like Bengaluru, Delhi, and Mumbai have emerged as frontrunners, where the concept of self-driving rental cars has gained remarkable traction, surpassing traditional taxi services or even personal car ownership.

The report also highlights the diversity in car preferences, with a mix of Hatchbacks, SUVs, and Sedans—such as Swift, Triber, Ertiga, i10, and Tiago—making it to the top 5 most booked cars in 2023.

Furthermore, specific cities exhibit their preferences, such as Mumbai’s fondness for Baleno, Delhi’s preference for Fortuner, and Goa’s inclination towards Thar.

The data also unveils intriguing statistics, including India collectively covering a distance equivalent to 145 round trips to Mars in kilometers traveled. Bengaluru leads in self-driving frequencies, while a user from Hyderabad managed to drive 17 different cars, spending only 2.4L in 2023. Astonishingly, a Bengaluru resident earned over 41 lakhs by sharing his car on Zoomcar within a year, while another user booked a car a staggering 944 times in the past decade.

The report indicates a significant rise in earnings, crossing Rs 150 crores in just one year for local hosts who share their cars on the platform. Zoomcar’s transition to an asset-light, peer-to-peer marketplace model in 2021 triggered this growth, with an anticipated continuation in 2024, adding approximately 5 new cars to the platform every hour.

Greg Moran, CEO and Co-Founder of Zoomcar, expressed excitement about India’s growth in this industry, emphasizing the company’s commitment to offering a trusted and quality self-drive car rental experience. Zoomcar recently revealed plans for a NASDAQ listing through a merger with Innovative International Acquisition Corp, signaling a promising future ahead as they prepare for their IPO.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.