Qatar Car Rental and Leasing Market Trends 2023, Share, Growth Drivers, Revenue, Business Challenges and Future Outlook till 2033: SPER Market Research
The automobile industry that rents and leases cars to consumers for varying lengths of time is known as car rental and leasing. While the duration of a rental might range from one day to many months, a lease usually lasts two to four years. Those that want a car for a brief time, including those travelling for work or pleasure, frequently rent cars. In contrast, those who wish to drive a new car but cannot afford to pay a large upfront fee often choose for car leasing.
According to SPER market research, ‘Qatar Car Rental and Leasing Market Size- By Rental Type, By Services Type, By Mode of Booking, By Vehicle Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Qatar Car Rental and Leasing Market is predicted to reach USD XX billion by 2033 with a CAGR of XX%.
The market is witnessing substantial growth, primarily fuelled by a thriving travel and tourism sector in the country. Car rental services are increasingly popular among tourists, adding to their travel convenience. The upswing in foreign tourist arrivals is a key factor driving the regional car rental market. With more than half of the population aged 15-64, a tech-savvy demographic inclined toward new technologies and social media is reshaping automotive preferences, favouring car rentals over ownership. Urbanization is a key catalyst for the online rental market, and ongoing technological advancements in vehicle rental management systems are set to propel further growth. Smartphone-based car rental apps, coupled with the rising demand for online services and tourism, contribute significantly to market expansion. Government initiatives to boost tourism in cities like Doha are expected to further elevate the overall car rental market in the region.
Regular taxi franchises operating in Qatar are attempting to increase the number of their cab units in order to accommodate the increasing demand for more public transportation, which presents a substantial threat to the organised vehicle rental and leasing industry. As a result, the nation’s illicit taxi fleet has grown in number. As ride-sharing services have grown in popularity, the number of people who own cars has declined. As a result, consumer preferences shifted, with an increasing number of people selecting on-demand transportation over car ownership or rental. Customers may easily arrange and pay for trips with the help of ride-sharing services, which are typically supported by modern technology. Because auto leasing and rental companies now have to use similar technologies to remain competitive, the market’s growth has been hindered.
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Furthermore, widespread travel restrictions and lockdowns during the epidemic caused a severe decline in the car rental and leasing sector, forcing rental companies to sell off a large amount of their fleets. People’s decision to postpone or cancel travel for leisure caused a dramatic fall in demand for long-term leasing. In spite of these obstacles, businesses adjusted by putting strict cleaning and safety procedures in place to safeguard staff members and clients alike. There was also a movement in favour of short-term rentals. Companies prioritised digital transformation, investing in online booking systems and contactless payment alternatives to sustain market growth both during and after the COVID-19 pandemic.
Commercial Vehicle Rental And Leasing Market Key Players:
Additionally, some of the market key players are Auto rent, Avis Corporation Regency, City Car, Fast Rent A Car, Hertz Corporation, Market Rent- A- Car, Uber, Others.
Our in-depth analysis of the Qatar Car Rental Market includes the following segments:
By Rental Type:
- Business Rental
- Chauffeur Drive
- Self-Driving
- Special Events
By Services Type:
- Airport Transfers
- Interstate Services
- Intrastate Services
By Mode of Booking:
- Offline Bookings
- Online Bookings
- App-based car rental services
- Telephonic car rental services
- Web-Based Car Rental Services
By Vehicle Type:
- Luxury Cars
- Executive Cars
- Economy Cars
- Sports Utility Vehicles
- Multi Utility Vehicles
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:-
Qatar Car Rental and Leasing Market Growth
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