South Africa Car Rental and Leasing Market is Expected to Grow at a Faster Pace With Surging Tourist Arrivals: Ken Research
07 Feb, 2019, 14:00 GMT
GURUGRAM, India, Feb. 7, 2019 /PRNewswire/ --
- The roll-out programme for eVisas in South Africa along with the low exchange rate for rand is expected to make South Africa a thriving tourist destination for foreign travelers in the future, thus expanding the car rental industry.
- The country's population, number of smart phone users and internet usage penetration are on a constant rise. All these factors are expected to improve demand for app based taxi.
- The need to integrate Bus Rapid Transit (BRT) systems better with other public transport systems, including municipal buses, minibus-taxis, metered taxis and e-hail services presents a huge growth opportunity for the car rental and taxi industry in the country as it would help to greatly expand the number of people benefiting from investment in public transport.
Utilization of rental and leased vehicles for executing jobs in app based taxi market, increase in tourism in the country due to the roll-out programme for eVisas in South Africa and the low valuation of Rand, rising number of middle income families and the improving economic scenario are some key factors that are expected to drive South Africa car rental and leasing market. The percentage share of offline bookings in the car rental and leasing market will constantly decline and by 2023, online bookings are expected to have the major share in the market. In the long run, logistics and courier companies are expected to continue to be the major end user, followed by the mining company executives.
A huge drop in the growth rate is expected as even though the online cabs have been expanding at a tremendous rate till now, they are expected to reach a saturation point in the near future. Their growth will also be restricted by the low paying capacity of most of the people in the country. The number of rides is expected to register constant growth as companies expand their presence to more cities. The online cab aggregator companies may also introduce the concept of share rides in the country, which is already functional in more developed markets around the globe.
Analysts at Ken Research in their latest publication "South Africa Car Rental and Leasing Market Projections to 2023 - By Business Model (Self Drive, Cab Aggregator, Car Leasing, Minibus Taxi, Metered Taxi and Airport Transfers) and By End User (Mining, Logistic & Courier and Others)" believe that greater flexibility in car hiring system by corporate booking and long term leasing services companies, strict implementation of rules for governing taxi market, better access to internet services at reasonable rate, promotion of ride sharing, provision of more value added services, improvement in driver and rider safety and tie- ups and collaborations between different companies will aid the car rental and leasing companies and cab aggregators to grow and achieve higher profits.
Key Segments Covered
South Africa Car Rental and Leasing Market
By Business Model
- Self Drive/ Short Term rental
- Long Term Rental/ Leasing
- Cab Aggregator/ Ride Hailing
- Metered Taxi
- MiniBus Taxi
By Region
- Northern South Africa
- Southern South Africa
- Eastern South Africa
- Western South Africa
By Type of Booking
- Online Booking
- Offline Booking
By Type of End Users
- Mining Company Executives
- Logistic and Courier Companies
- Financial Institutions, Consultancy, Hospitality Industry and Others
South Africa Cab Aggregator Market
By Region
- Northern South Africa
- Southern South Africa
- Eastern South Africa
- Western South Africa
Companies Covered:
Car Rental and Leasing Companies:
- Avis Budget Group Inc
- Europcar Groupe SA
- Hertz Corp
- First Car Rental SA
- Imperial Holdings Ltd
- Uber
- Taxify
For more information on the market research report please refer to the link below:
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SOURCE Ken Research