Middle East Car Rental Market Trends 2023- Industry Share, Revenue, Growth Drivers, Key Players, Business Challenges and Future Competition till 2033: SPER Market Research
Getting a car for a set amount of time, usually a few hours to several days, is referred to as car rental. By eliminating the long-term commitment and financial strain of ownership, it gives people and businesses the freedom to choose among a variety of cars. Airport transfers, vacation, business, and special event travel are just a few of the demands that the Middle East’s automobile rental businesses cater to.
According to SPER market research, ‘Middle East Car Rental Market Size – By Booking Type, By Application Type, By Vehicle Type, By End-User Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the GCC Car Rental Market is predicted to reach USD 5.62 billion by 2033 with CAGR of 10.71%.
The Middle East is a popular tourist area, drawing millions of visitors each year. Since renting a car is flexible and handy, more individuals are choosing to explore the area at their own pace, which is driving up demand for automotive rental services. Ownership is becoming less popular among consumers, and access-based alternatives are more popular. Renting an automobile allows customers to choose from a wide range of vehicles without worrying about insurance, maintenance, or depreciation costs. The need for travel, leisure time, and discretionary spending has increased due to the area’s expanding middle class. Rental car firms provide affordable and useful forms of transportation to cater to this growing market. Market players should enhance customer satisfaction, operational efficiency, and fleet management using contemporary technology, such as online booking systems, GPS, and mobile applications, to enhance user experience.
The laws and license requirements for automobile rental providers vary throughout Middle Eastern nations. For market participants, complying with these regulations can be difficult and time-consuming. For rental cars in the area, insurance coverage is comparatively expensive. The total operating costs incurred by automobile rental companies, including insurance premiums, have an effect on their profitability. Maintaining hygienic standards, putting sanitization procedures in place, and adjusting to new safety measures were among the operational issues that car rental companies encountered. These challenges increased operational costs. Geopolitical tensions and oil price variations can have an effect on the Middle East area and the economy as a whole. Economic uncertainty may cause changes in consumer purchasing and travel habits, which will have an impact on the market for automobile rentals.
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Impact of COVID-19 on MEA Car Rental Market:
The COVID-19 epidemic had a significant negative effect on the rental automobile business. The abrupt, total cessation of mobility brought on by the COVID-19 outbreak has caused the region’s automobile rental business to entirely slow down. It’s possible that the pandemic’s economic collapse decreased people’s disposable income, which had an impact on their inclination to rent cars for travel or business. Because shared mobility is becoming less popular in the Middle East, demand for rental cars in the region has continued to fall. On the other hand, the Middle East’s demand for automobile rentals has surged dramatically in the wake of the epidemic due to a huge increase in tourists, and this trend is expected to continue throughout the prediction period.
MENA Car Rental Market Key Players:
Saudi Arabia is a well-liked location for religious tourism because of its rich cultural legacy and religious significance, which increases demand for automobile rental services. Emerging Middle Eastern markets like Bahrain, Oman, and Qatar are seeing tremendous expansion in the travel and tourist industry. Additionally, some of the market key players are Avis Budget Group Inc., Hertz Corp., Enterprise Holdings Inc., Fast Rent a Car, Sixt SE, Europcar, Hanco, Theeb Rent a Car, National Rent a Car and various others.
GCC Car Rental Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Booking Type: Based on the Booking Type, Middle East Car Rental Market is segmented as; Online Booking and Offline Booking.
By Application Type: Based on the Application Type, Middle East Car Rental Market is segmented as; Hard FM and Soft FM.
By Vehicle Type: Based on the Vehicle Type, Middle East Car Rental Market is segmented as; Leisure/Tourism and Daily Utility.
By End-User Type: Based on the End-User Type, Middle East Car Rental Market is segmented as; self-driven and chauffeur.
By Region: This research also includes data for Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Middle East Luxury Car Rental Market Revenue
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