Here’s why India’s luxury car rental space is about to grow
Perceptions are everything in the world we live in and from time immemorial the role dream wheels play in driving perceptions has been amply clear. Luxury cars and their looks are not a subject that requires further validation. From popular culture to the pages of history, our psyches abound with examples of luxury wheels subtly defining cultural nuances such as prestige, social status, and financial well-being. In India, we have books dedicated to Indian princes and their obsession with their Rolls-Royces, demonstrating the country’s long-standing love affair with expensive and exclusive vehicles.
Cut to 2018 and things haven’t really changed. For decades, top CEOs, celebrities and royalty have made a statement with their luxury cars and continue to do so. The only difference is that now a large number of non-VIPs also have access to a suite of high-end drives, from Jaguars, Range Rovers to Mercs, Porsches and even Teslas. And the force democratizing access to premium vehicles in India is the country’s luxury car rental market.
The top players in the rental car space offer a full range of Dream Wheels to executives, luxury vacationers, tourists, honeymooners and anyone else who wants to drive or be driven in ultimate style. without having to make heavy investments. Technological innovations by luxury car rental companies that make using their services absolutely seamless are further popularizing the concept. It has become incredibly easy to rent a vehicle for yourself, a special guest, a senior member of your organization, visiting investors, etc. in his own country or abroad. One can opt for luxury self-drive vehicles for a special date or luxury vacation or one can opt to be driven by a well-spoken, uniformed, highly trained and verified driver that car rental companies provide.
India’s leading luxury car rental companies also offer other amenities and services that make renting these vehicles much more attractive. They offer GPS and Wi-Fi services for continuous connectivity, convenience and a sense of security. Many also promise that the luxury cars rented are less than 5 years old and are regularly and very meticulously maintained so that the customer experience is nothing short of pure indulgence.
Additionally, some of the leaders in this space, like Avis, have made the entire luxury vehicle rental process absolutely automated, digital and paperless to appease the new-age customer who is always busy, on the go and looking for flawless technology-driven services. With technology improvements, more and more players are able to focus on mobile-first solutions with a strong focus on personalization and high levels of customer satisfaction. This further encourages people to opt for luxury car rentals rather than hiring regular taxis or other forms of transportation for themselves or their network.
It is therefore no wonder that experts estimate that the car rental market in India is expected to grow at a rapid pace and exceed USD 30 billion in value by the end of 2022. Several surveys and research reports also suggest that the Indian luxury car rental field is on an unstoppable growth path and map the reasons for such an accelerated trajectory. Apart from the many technological and customer-oriented solutions that car rental companies are implementing to drive this growth, there are other market factors driving increased adoption. The rise of international tourism, a business ecosystem where national borders are rapidly blurring, internet and smartphone penetration, increased exposure to global luxury trends in developing countries, rising disposable incomes as well that the development of superior road infrastructure and the emergence of megacities are some of them. other key factors of this growth, according to most market studies.
With a wide selection of vehicles to suit the occasion and need, near instant deliveries, vehicles equipped with technology for added convenience and safety, there is no reason for new age consumers who are looking for comfort and convenience are sought elsewhere than the Indian luxury car. rental space to meet their mobility needs. The industry allows businesses and individuals to drive the expensive cars they want/need at a fraction of the cost of buying them, while enjoying a superb in-market experience. Corporate customers and end consumers have the choice of renting anything from a sporty two-door vehicle for a fun night out with friends to a head-turning convertible that makes their vacation extra special or luxury SUVs to provide an exclusive experience to customers. Such choice, splendor and luxury push the Indian luxury car rental space to new heights and there’s certainly no turning back when you’re barreling down those dream wheels.
By Sunil Gupta, MD and CEO, Avis India
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