In the last year, there has been significant growth of interest in the metaverse, especially in the context of its influence on various industries. One industry that can feel the influence of these changes is the rental car market. In this article, we review how virtual travels and the development of the metaverse can change the experience of rental cars and what steps should be taken to adapt to these changes. Learn more about the market of rental on Speedy Drive Car Rental.

Evolution of Market of Rental Cars: New Technologies and Changing Needs

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Today, the rental car market is an indispensable part of the global transport system, providing millions of people all over the world the opportunity to use cars without needing to purchase them. Already in 2025, it is expected that the volume of the market will reach 150 billion dollars. In recent years, this market has undergone significant changes caused by technological innovations and changes in consumer preferences. Among key trends can be highlighted:

  1. Rapid growth of carsharing and short-term rental. With the increase in the density of living in cities and the development of mobile technologies, carsharing gains popularity every year. In 2023, the number of carsharing cars exceeded 400 thousand units on a global scale.
  2. Digital integration in action. Modern companies that rent cars actively implement digital solutions, such as mobile applications for booking and payment, as well as systems of contactless access to cars.
  3. Ecologically clean trends. With the growth of ecological awareness of consumers, by the 2030 year forecasted, 40% of fleets of rental companies will consist of electric cars and hybrid models.

Metaverse: New Horizons of Virtual Travels, Which Will Change Everything

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Metaverse — this innovative concept of virtual space in which users can interact with each other and with digital objects in real time. This technology already attracted billions of dollars of investments and opens unprecedented opportunities for the creation of fully immersive and interactive experiences. Learn more about the potential of metaverses in an article on Wikipedia.

With development of virtual reality (VR) and augmented reality (AR), users can explore various places, not leaving their homes. For example, in 2023 year quantity of users of VR in world reached 171 million people.

Transformation of Experience of Rental Cars in Era of Metaverse

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Metaverse promises to radically change the experience of rental cars both in virtual and in real environments. These changes can include:

Virtual Perspective

  • Revolutionary virtual test-drives. In the metaverse, users will be able to make virtual test drives of cars.
  • Requests for virtual travels grow. With every year increasing, the number of people preferring virtual travel. By 2025, the number of users of AR applications for travel will exceed 250 million.

Real Changes

  • Breakthrough AR-navigation. In the real world, augmented reality can radically improve the experience of driving, providing drivers with information about routes and sights directly on the windshield of the car.
  • Advanced smart cars. Thanks to the integration of technologies of the metaverse, on-roads can appear smart cars, fully integrated into digital infrastructure.

Analysis of Advantages and Disadvantages of Virtual Travels in Context of Rental Cars

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As with any innovative technology, virtual travel and metaverse have their advantages and potential disadvantages for the market of rental cars:

Advantages

  • Maximum convenience and excellent accessibility. Virtual travels provide users the opportunity to explore new places and get unforgettable impressions, not leaving their homes.
  • Significant reduction of costs. Use of metaverse for virtual test drives and travels will allow significantly reduced costs on rental cars.

Disadvantages

  • Potential decrease of demand for traditional services. As virtual travel becomes more popular, demand for traditional services of rental cars can decrease.
  • Technical limitations as barrier. Availability of technologies of the metaverse and virtual travels can be limited due to the necessity of the presence of modern technical devices.

Pioneers of Metaverse in Rental Cars: Who Already on the Way to New Future?

Some leading companies have begun actively exploring the potential of the metaverse in the sphere of rental cars. For example:

  • Hertz actively invests significant means in technologies of virtual and augmented reality.
  • Avis explores the possibility of implementation of virtual test drives for improvement of acquaintance of clients with car characteristics.

Strategic Perspectives and Recommendations for Companies: How to Meet Future Fully Armed

Metaverse and virtual travel can fundamentally change the future of the rental car market. To successfully adapt, companies should undertake the following steps:

  1. Innovations and investments in new technologies. Large players need to actively invest in the development of technologies of virtual and augmented reality.
  2. Digital transformation as priority. The Creation of advanced digital infrastructure will help improve interaction with clients.
  3. Ecological awareness and orientation on sustainability. Implementation of ecologically clean cars and methods of sustainable development will become an integral part of modern business.

Companies that are ready to quickly adapt to changes and actively invest in the latest technologies, waiting for interesting times, will be able not only to survive but also to thrive in the new digital era. Learn more about digital transformation in an article on ResearchGate.