Car rental remains an emerging category in India, and a strong rebound from the Coronavirus (COVID-19)-induced steep decline in 2020 is anticipated in 2021. However, the extent of the slump in 2020 means that the number of cars and current value sales are expected to remain well below their 2019 levels.
While offline bookings are set to continue to account for the highest current value sales in 2021, there is a shift to the more dynamic online channel. Both online and offline bookings have continued to take a hit in 2021, although the pre-pandemic period of share gains for the online channel is expected to continue.
In 2022, car rental is set to continue its rebound from the steep decline in business in 2020. However, a return to 2019 levels in terms of number of cars and operators, transactions and value (constant 2021 prices) sales is not expected until 2023-2024.
The demand for leisure travel is expected to recover faster than business car rental. Remote working and digital/virtual platforms and forms of meetings, conferences, etc, are likely to remain common globally as well as in India, thereby dampening corporate travel and business car rental demand.
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Car rental covers the short-term rental of passenger vehicles for self-drive including small vans by both business and leisure users, whether from the airport or downtown locations. Small vans up to one tonne are included. For longer than average rental periods, eg rental of one month, provided the rental is sourced from the short-term rental fleet, this transaction is included. Car rental value covers the price of car hire to the consumer. Ancillary revenues are included, such as the hire of baby car seats, GPS navigation systems, optional roadside assistance services and collision and damage waivers. Volume is provided by the number of car hire transactions, fleet size and number of car rental operators. In underdeveloped markets, car rental companies offer chauffeur-driven cars. Most people prefer these options, due to unfamiliarity with the roads. Euromonitor International includes chauffeur-driven cars in car rental, when they concern car rental companies such as Hertz or Avis, which offer a chauffeur-driven service as an additional option. Car rental covers sales to inbound tourists and domestic tourists. i.e. from a destination point of view (also known as point of supply). For example, if a US citizen books a car rental service in France via the US offices of Hertz, the sales are attributed to Hertz France. The same applies for online sales. Car rental excludes long-term leasing, commercial vehicles, trucks and motorbikes and local car sharing schemes.
See All of Our DefinitionsThis report originates from Passport, our Car Rental research and analysis database.
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