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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
India Car Rental Market Size
The India car rental market is projected to grow at a CAGR of 12.6% between 2024 and 2032.
India Car Rental Market Outlook
- As per the Ministry of Tourism in India, in 2022, foreign tourist arrivals (FTAs) in India increased to 6.44 million.
- In 2022, foreign exchange earnings from tourism were estimated to be US $ 17.611 billion by the Ministry of Tourism.
- As of 2022, India received 1,731.1 million domestic tourist visits, an increase of 155.45 % from 677.63 million in 2021.
India Car Rental Market Growth
The boost in the India car rental market comes from SUVs as a leading choice among customers seeking versatility and spaciousness.
Economy/budget car rentals are tailored for budget-conscious individuals seeking practical transportation solutions for everyday or short-distance travel. These options offer fuel-efficient vehicles with essential amenities, providing reliable and economical choices for students, families, or those on a tight budget. They prioritize affordability and easy access. They have modest features but provide essential convenience for everyday travel needs.
In February 2024, Savaari Car Rentals Private Limited and MakeMyTrip, an Indian online travel company, forged a partnership to expand the road travel network. MakeMyTrip had acquired a majority stake in Savaari Car Rentals, initiating the company's transformative venture into the unorganized and fragmented inter-city cab rental market. This strategic move was anticipated to facilitate the company's penetration into previously untouched regions of the country, particularly tier 2 and tier 3 cities.
SUV rentals appeal to customers seeking outdoor adventures, versatility, and spaciousness in their rental cars. These rentals offer cargo space, comfortable seating, and diverse models that are suited for numerous travel scenarios and terrains. Ideal for various travel scenarios, SUVs provide reliability, performance, and flexibility in rental experiences.
India Car Rental Market Segmentation
India Car Rental Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Booking Type
- Offline
- Online
Market Breakup by Rental Length Type
- Short-Term
- Long-Term
Market Breakup by Application Type
- Leisure/Tourism
- Business
Market Breakup by Vehicle Type
- Luxury/Premium Cars
- Economy/Budget Cars
- SUVs
- MUVs
Market Breakup by Region
- North India
- East and Central India
- West India
- South India
India Car Rental Market Share
Leisure and tourism lead the India car rental market since travellers rent cars to explore tourist destinations, go on road trips and visit historical sites. Car rental companies let tourists pace out their travel plans with flexibility, convenience, and autonomy. In the domestic region car rental companies offer leisure travellers many options like SUVs, MUVs, and budget cars to choose from.
Leading Players in the India Car Rental Market
The car rental industry in India adopts online platforms, self-drive choices, electric vehicle integration, AI technology, customer-focused services, corporate rentals, regional expansion, partnerships, safety protocols, and regulatory adjustments, highlighting its evolving dynamics and robust growth.
- Avia Budget Group Inc.
- ORIX Corporation (MyChoize)
- Eco Mobility
- Myles Automotive Technologies Private Limited
- ANI Technologies Private Limited (Ola)
- Carzonrent India Private Limited
- Zoom Cars Ltd.
- Pluto Travels India Pvt. Ltd.
- DriveEazy India Private Limited
- Girnar Software Private Limited
- Others
Mergers, acquisitions, and rising investment in technological innovation and digital infrastructure help major market players expand their outreach.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Booking Type |
|
| Breakup by Rental Length Type |
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| Breakup by Application Type |
|
| Breakup by Vehicle Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is projected to grow at a CAGR of 12.6% between 2024 and 2032.
The car rental market is categorised according to booking type, which includes online modes of booking and offline modes of booking.
The car rental market key players are Avia Budget Group Inc., ORIX Corporation (MyChoize), Eco Mobility, Myles Automotive Technologies Private Limited, ANI Technologies Private Limited (Ola), Carzonrent India Private Limited, Zoom Cars Ltd., Pluto Travels India Pvt. Ltd., DriveEazy India Private Limited, and Girnar Software Private Limited, among others.
Based on the end use, the market is divided into leisure/tourism and business.
The market is broken down into luxury/premium cars, economy/budget cars, SUVs and MUVs.
The market is broken down into North India, East and Central India, West India, and South India.
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