Application Of Big Data, IoT, Blockchain, And Artificial Intelligence In The Automobile Rental And Leasing Market

The Automobile Rental And Leasing Market

The Global Automobile Rental And Leasing Market

The Business Research Company’s Automobile Rental And Leasing Global Market Opportunities And Strategies To 2030

LONDON, GREATER LONDON, UK, May 29, 2020 / — Automotive equipment leasing companies are using technologies such as big data and Internet of Things (IoT) to improve customer service and increase vehicle life. Big data is large amounts of data that can be analyzed to gain insights and drive decision making. Big data would allow the leasing company to remind the driver to book a car for its service or replace engine oil. This technology could also help leasing companies in minimizing driver risk and prevent the number of accidents, by giving the companies insights about the driving habits and whereabouts of its fleet. Companies such as Lex Autolease have been increasingly using big data to drive cost reduction and risk mitigation.

The Internet of Things technology is widely being used by car rental and leasing companies in the maintenance and management of fleets. Using IoT technology, car leasing companies are able to access odometer and diagnostic trouble codes (DTCs) in real time that facilitates fleet maintenance. For example, car rental firm Hertz is implementing IoT technology to provide keyless car rental services and manage its fleet to reduce costs.

The global automobile rental and leasing market grew from around $367 billion in 2019 to $421.3 billion in 2023 at a compound annual growth rate (CAGR) of 3.5%. Companies across automobile rental and leasing market are increasingly investing in blockchain technology due to its high efficiency in data management. Automotive equipment rental and leasing companies use blockchain technology to create smart contracts, which helps to speed up the payment processes as well as provides a safe and reliable platform for the automotive rentals and leasing sector. The process is fully digitalized and therefore eliminates intermediaries, thus reducing costs. For instance, HireGo, a UK based blockchain car rental company, offers 35% lower transaction fees when compared to a traditional model, since the use of blockchain reduces its operational costs. Other startup-based car rental companies such as Darenta ICO and Drivezy have also invested in blockchain.

Automotive equipment rental and leasing companies are increasingly turning to artificial intelligence (AI) to help them make quicker and better decisions, particularly when it comes to dynamic pricing. AI technologies are used to provide more value to car rental companies, as advancement of the technology and use in the rental business could provide lower operating costs, greater efficiency, and superior customer satisfaction. AI helps to manage revenues, as it could analyze car depreciation and report ideal times to de-fleet and sell assets. Rent prices can also be set to accurately reflect the demand for services. Companies such as are developing AI to inspect vehicles for damage and would be initially used for car rental companies.

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Source: EIN Presswire