Russia Car Rental Market Research Report, 2028

Car rental is the business of renting cars for a fee from rental service providers. Due to the increased use of smartphones and the growing number of users preferring the online channel, online tourist vehicle bookings are increasing in the country. With the advancement of technology, renting a vehicle through online booking has become the most popular option for customers in recent years. Furthermore, it offers additional features for real-time monitoring of a rental vehicle's operation, performance, and maintenance. Such features are invaluable assets for drivers and fleet managers, allowing them to identify risks and make timely improvements to their rental services. The most popular car rental location in Russia are Moscow, Novosibirsk, Rostov on Don, Saint Petersburg, Kazan, Yekaterinburg, Krasnodar, Kaliningrad, Ufa, and Sochi According to the research report "Russia Car Rental Market Research Report, 2028," published by Actual Market Research, the market is expected to add USD 1.01 billion by 2028. The Russia-Ukraine war has halted OEM production and caused a surge in vehicle prices across the country, which in turn is likely to enhance the demand for car rental services. The rise in the number of visitors across the country is likely to increase the demand for car rental services across the country. Growing digitization across the country is witnessing major growth for online car rental services. The Russia Car Rental Service is segmented by booking type, application, rental length, and car type. Based on the booking type, the market is segmented into online booking and offline booking; online booking dominates the Russian car rental market in terms of revenue and is projected to grow during the forecast period. The rise in the number of smartphone users across the country carrying out a variety of activities such as online booking and vehicle tracking is witnessing major growth in the car rental market. Based on the rental length, the market is segmented into short-term and long-term rentals. The short-term duration of car rental is used for short trips, tours, and journeys. This type of rental duration is also applicable for local usage and short-distance outstation trips. With the car rental industry offering several vehicle subscription models to meet the expectations of customers, it is noticed that higher demand for in-city travels vs. outstation visits, as well as a significant emphasis on shorter-term travel, are increasing and will help the market grow significantly over the forecast period. Hyundai Accent is the most popular and frequently booked car rental in Russia. The most popular car hire cities in Russia are Saint Petersburg, Sochi, and Moscow. If anyone plans to rent a car in Russia, the minimum age for drivers is 21 years old; however, this can vary depending on the car category. One must have held a valid driver’s license for a year, and you must also hold an international driving permit. Drivers younger than 25 years old need to pay an additional "young driver surcharge," and the maximum age for renting a car is 70 years old. Some of the major players in car renting in Russia include Auto pole Rent, Avis, Hertz, Sixt, Europcar, and Car Rent Point. The most popular car rental location in Russia are Moscow, Novosibirsk, Rostov on Don, Saint Petersburg, Kazan, Yekaterinburg, Krasnodar, Kaliningrad, Ufa, and Sochi RECENT DEVELOPMENTS • In September 2020, KIA in Russia suggested a rental subscription for cars at a price of 33,000 rubles per month (USD 546). • In March 2021, Audi Russia launched a new premium subscription service, Audi Drive, through which the user can easily and quickly subscribe to the brand's car with four rings for a period of 12 months. The programme is being implemented in Moscow and the Moscow region together with BelkaCar on their technological platform. • In June 2021, the Russian Deli Mobil car-sharing company expanded its business across the country and offered long-term rental services. • In June 2021, SberAuto, a Russia-based auto vertical selling new cars, and SberLeasing launched Sber Auto Subscription, a new-car rental service that allows users to rent a car for a period of six months to three years. In October 2020, Porsche launched a car rental service in Moscow at a price of 22 thousand rubles per day (USD 364). • In June 2021, Yandex Drive launched a platform for customers that can be used to operate their own vehicle fleets. The new platform has been tested on a Yandex. Drive fleet of about 16,000 vehicles. The platform monitors vehicle movements, providing driving profiles and identifying dangerous driving. It also helps predict emergency situations and forecast fuel consumption. • In October 2021, MINI Russia launched a fully digital service called EASY2DRIVE, providing customers in Russia with the ability to choose and rent cars via a mobile app. • In May 2022, Mercedes-Benz and BMW AG jointly introduced a car rental service in Russia. The service allows the user to rent a car by the minute. The vehicles were booked through a smartphone application and can be returned anywhere in the business area. Considered in this report • Geography: Russia • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Russia Car Rental market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By car Type • Luxury car • Executive car • Economy car • Sports utility vehicle (SUV) car • Multi utility vehicle (MUV) car By application Type • Leisure/Tourism • Business The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to car rental industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.