GURGAON, India, July 29, 2016 /PRNewswire/ --
- Renting a car has become one of the most preferred decisions of the inhabitants and expatriate population in the Middle East region. Majority of the population in the region prefers to switch their cars alternatively in order to suit their social needs. Since a major part of the population in the Middle East region comprises of the expatriate population therefore the demand for car rental market has always posed tremendous opportunities.
- The market for car rental in the country has been driven by the rise in demand for local players in Middle East although the market has been dominated by players such as Hertz Corporation, Sixt, Avis Corporation and Europcar. Local players predominant in the Middle East Car Rental Industry are Regency, Strong Car Rental, Auto Rent, Market Rent- A- Car, Al- Mulla, Al Sayer and others.
The market research report by Ken Research titled "Middle East Car Rental and Leasing Market Outlook to 2020 - Augmentation in Qatar and Oman Coupled with Demand for Car Leasing to Shape Future" provides a comprehensive analysis of the Car Rental and Vehicle Leasing market in Middle East along with information on toll applications. The report covers various aspects such as market size of Middle East Car Rental market on basis of revenues and fleet size with in-depth analysis of UAE, Saudi Arabia, Kuwait, Oman, Egypt, Qatar, Bahrain and Jordan car rental markets. The report provides segmentation on the basis of Car Leasing, short term car rental and chauffeur driven car rental, by on-airport and off-airport, by regions, by mode of booking, by purpose of booking, and by organizational structure for car rental market. The report offers insights on car leasing market size and segmentation by industry verticals, term of contracts and vehicle type for car leasing market in UAE, Saudi Arabia, Kuwait, Oman, Egypt, Qatar, Bahrain and Jordan and segmentation of overall Middle east car rental market by geography and business segments. The report is useful for industry consultants and analysts, car rental companies and new players venturing in the market.
(Logo: http://photos.prnewswire.com/prnh/20130909/638322 )
The Car Rental Market in Middle East will continue to grow at a considerable rate in the coming years. The market for car rental in Middle East has been driven by countries such as Oman, Qatar, Bahrain and Kuwait. Countries such as Saudi Arabia and UAE constitute for a major portion of car rental revenues across the Middle East region. The market for car rental in the country has been driven by the rise in demand for local players in Middle East although the market has been dominated by players such as Hertz Corporation, Sixt, Avis Corporation and Europcar. Local players predominant in the Middle East Car Rental Industry are Regency, Strong car rental, Auto rent, Market Rent- A- Car, Al- Mulla, Al Sayer and others.
Improving economic conditions, high proportion of expatriate population, stability, growth of tourism and investment in travel infrastructure has led to a growth in Middle East car rental industry. Over the past five years from 2010-2015, the car rental industry in Middle East has posted an average annual growth rate of 2.8% in revenues.
According to the research report, the revenues for the car rental market are expected to incline at a CAGR of around 7% during the period 2016-2020, with the revenues expected to be mounted to USD 1.7 billion by 2020. The fleet size of car rental market in the region is expected to reach around 400K by 2020.
The decline in expatriate population in various countries (majorly Kuwait) due to the enunciation of government regulation is likely to defy the long term car rental market in the region. FIFA world cup hosting by Qatar in 2022 and expansion of petroleum projects by Kuwait National Petroleum Corporation is likely to be one of the major drivers in the car rental market in the Middle East region.
"Larger and diversified fleet size with flexible renting options would help the competitors in the market to grow and incline their share in the market pie. This along with the presence of offices of various car rental firms across various airport terminals and other important locations in the region will help the augmentation of the revenues of car rental companies", according to the Research Analyst, Ken Research.
Key Topics Covered in the Report:
Middle East Car Rental Market
Saudi Arabia Car Rental Market
UAE Car Rental Market
Kuwait Car Rental Market
Egypt Car Rental Market
Oman Car Rental Market
Key Products Mentioned in the Report
Companies Covered in the Report
For more information on the report, refer to below link:
Related Reports:
India Self Drive Car Rental Market Outlook to 2020 - Rising Customer Aspirations and Easy Availability of Renting Options to Boost Future Growth
India Car Rental Market Outlook to 2019 - Rising Online Booking to Drive the Future Growth
Contact Us:
Ankur Gupta
Head Marketing & Communications
Ankur@kenresearch.com
+91-0124-4230204
Ken Research
Share this article