Because of the high expense of employee car upkeep, millennials have a lower rate of automobile ownership. Furthermore, millennials are attracted to automobile rental due to benefits such as cost savings and fuel economy. In industrialised nations, the rise in demand for ride hailing services and amenities such as automobile rental, car sharing, and station-based mobility has reduced Rental car ownership by 80 percent.
For example, the number of passenger automobiles on American highways is predicted to fall from $247 million to $44 million by 2030 as the usage of electric ride-sharing services grows. Furthermore, purchasing a new automobile and maintaining it is more expensive than renting a vehicle on an annual basis. Thus, gradual penetration of such car ownership (4% in developing countries) per year is estimated to fuel its demand across the globe in the coming years. Hence, lower rate of car ownership among millennials drives the growth of Car Rental market.
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