Luxury car rental company Hype targets 300% growth by 2024, targets Tier II cities
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In recent years, the car rental industry in India has mushroomed. One of the players in the Hype segment that deals in luxury car rental services is targeting 300% growth by 2024. The company has expanded its service to 19 cities across India in recent months. , as she claims.
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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 targets 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 seen an increase in demand since August 2020, as revealed by Raghav Belavadi, founder and CEO of Hype. “With unlocking, we have seen a significant increase in demand for renting our luxury cars for weekend getaways with families and friends, and we expect the trend to continue,†a- he also added.
The company claims that in luxury car rental services, people generally prefer to drive alone rather than chauffeured 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 having multiplied by several over the past two years, shared mobility has grown in 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. The boom in international tourism, exposure to luxury services, increasing smartphone penetration, higher disposable income and better road infrastructure are also some of the growth drivers in the mobility rental market. luxury.
The rental car service is part of the shared mobility ecosystem that gives customers a sense of ownership without paying money for an expensive purchase like a luxury car. Additionally, in many cases, customers prefer to rent luxury cars before buying one.
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