As we move further along in 2022, the rental car industry is finally gaining momentum following a downturn brought on by a combination of the pandemic and the ongoing vehicle shortage. While those challenges continue, demand is growing as travel picks up and markets for rentals expand in Asia and the Middle East. There has also been an uptick in newer companies getting into the game, harnessing technological innovation to meet the needs of a growing client base that demands more from the rental car experience.
Current industry leaders, including the big players like Hertz, Avis and Budget, must make major transformations to keep up with the increasingly digital world driven by the customer experience if they want to remain on top. For the established incumbents, this requires a full transformation of their business as they face more competition from digital-first newcomers. These companies need to accelerate innovation by incorporating more electric vehicles, creating seamless customer experiences and leveraging new types of technology.