Car rental in India registered further strong retail current value sales growth in 2017. This was primarily driven by the increasing number of millennials in the country. The average age of the population is below 30-year-old, and most young adults do not want to invest in a car, preferring to rent a car to drive intercity for weekend getaways. This consumer base stimulated demand for car rental services in India. However, this represented primarily leisure non-airport car rental demand, mostly for short duration trips or weddings.
Car rental is projected to see a 2% retail value CAGR at constant 2017 prices over the forecast period. Growth is expected to be driven by the increasing number of travellers. Travelling was not a part of the everyday life of most Indians even at the start of the review period. However, with growing disposable incomes, more consumers have started to travel, especially on short weekend trips, for which car rental is a highly suitable travel mode.
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This industry report originates from Passport, our Travel And Tourism market research database.