PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1397404
PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1397404
The automobile industry that rents and leases cars to consumers for varying lengths of time is known as car rental and leasing. While the duration of a rental might range from one day to many months, a lease usually lasts two to four years. Those that want a car for a brief time, including those travelling for work or pleasure, frequently rent cars. In contrast, those who wish to drive a new car but cannot afford to pay a large upfront fee often choose for car leasing.
The demand for rental automobiles and leasing series fell precipitously as a result of the extensive travel restrictions and lockdown measures. A large portion of rental companies' fleets were sold, which hurt the market. Many people cancelled or postponed their trip plans as a result of the epidemic, which had a significant negative influence on the leisure travel market. Because of this, the demand for long-term leasing services has significantly decreased for many car rental companies, and a move towards short-term rental options has resulted.