The current scenario and development in the technology represent the effective growth in the near future of the car rental industry. The key players of this industry are doing implicit job for developing the applications of the existing technology and are introducing new applications with the establishment of advanced technology. According to the report analysis, ‘Car Rental Industry Research Report’ states that the Europe is dominating the market of car rental industry as the European companies are doing effective job with the IoT technology such as Hertz and will further lead to market growth more positively. Moreover, in Europe, Vans are parked at the parking areas of the stores and can be rented by the hour for customers to safely take their purchases to home. Additionally, the efficient working of European key players in this market, make the Europe market more competitive and attractive, which can attract so many investors and advancement IoT technology paves the way for new innovation services in the future.
With the IoT technology the objects are being connected to the internet which allows react autonomously to the collected data, perform computations on this data, connect to other devices or systems to send and receive data, measure their environment to collect data and others. Moreover, the advanced development in the technology of IoT in this industry, eliminate the traditional way of booking car and mostly waiting line for hours. According to the report analysis, ‘Car Rental Market Research Reports’ states that the Western European companies are promising for providing better consumer services and offer good opportunities to both consumer and businessmen. The advanced development in the technology, drivers can use their connected smart phones for unlocking the car and with this effective feature means no losing of car keys and getting locked out. Not only has this, the IoT technology in the rented cars enables the workers can monitor the car’s fuel efficiency and odometer and this technology can help in locating any vehicle in real time, which is benefitted for both the service provider and service receiver. On a vast area, the IoT technology will help the European car rental companies in understanding that how the customer use their cars. With all the above applications of IoT technology in the car rental companies lead the market growth across the globe but more efficiently in the Europe region.
Europe is having most prominent share in the IoT technology of the car rental industry and in the near future it is expected that with the more advancement in this technology will generate the highest revenue. The Hertz’s 24/7 service is accessible in a number of European countries, including the UK and serves employees of corporate sector with access to a pool of connected devices. Moreover, the Orange Business Services will provide the IoT connectivity across seven European countries which includes France, Germany, Italy, Spain, Netherlands, Belgium, the UK and others. Hertz 24/7 also handle though retail collaboration with IKEA, B&Q, and Costco and with several other retailers such as Leroy Merlin and IKEA in other European countries. Therefore, it is expected that in the forecasted period the market of car rental industry will grow more significantly over the decades with the more development in the technology of IoT and key players are doing effective job for providing better experience.