Luxury car rental company Hype aims for 300% growth by 2024 and targets Tier II cities
Over the past few years, the car rental industry in India has multiplied. One of the players in the Hype segment that offers luxury car rental services is targeting 300% growth by 2024. The company has expanded its service to 19 cities across India in the past few months, as she claims so.
Currently, the company serves cities like Ahmedabad, Bangalore, Chandigarh, Chennai, Cochin, Coimbatore, Delhi NCR, Goa, Hyderabad, Indore, Jaipur, Jodhpur, Kolkata, Mangalore, Mumbai, Madurai and Pondicherry. In 2017, it launched services in seven cities across the country.
Currently, the company has a presence in Tier I cities, but as part of its growth strategy, the mobility company is targeting Tier II cities and plans to launch services in cities such as Lucknow, Kanpur, Ranchi and Baroda by the end of 2021.
The company claims to have witnessed an increase in demand since August 2020, as revealed by Raghav Belavadi, Founder and CEO of Hype. “With the unlock, we have seen a significant increase in rental demand for our luxury cars for weekend getaways with family and friends, and we expect the trend to continue,” said he also added.
The company says that in luxury car rental services, people generally prefer to drive alone rather than chauffeur-driven models. Moreover, according to the trend, in cities like Mumbai, Bangalore, Mercedes-Benz is the most preferred choice while BMW is the second preferred brand for rental. In northern and eastern India, demand for Audi is high.
With the cost of owning personal vehicles increasing several times over the past two years, shared mobility has gained popularity in India. The high cost of vehicles, the increase in fuel prices are some of the reasons that have played a key role in the growth of shared mobility. Booming international tourism, exposure to luxury services, increasing smartphone penetration, increasing disposable incomes and improved road infrastructure are also some of the growth drivers for the car rental market. luxury mobility.
The car rental service is part of the shared mobility ecosystem that provides customers with a sense of place without shelling out money for an expensive purchase like a luxury car. Moreover, in many cases, customers prefer to rent luxury cars before buying one.
Date of first publication: April 29, 2021, 11:35 a.m. IST