According to the new research report published by The Insight Partners, titled “MENA Car Rental Services Market - Analysis and Forecast to 2027”, the MENA Car Rental Services Market is expected to reach US$ 2.8 Bn in 2027, registering a CAGR of 5.5% during the forecast period 2019-2027.
From the past few years, the growing trend of the automotive and transportation industry has changed the market scenario in MENA, as the region’s automotive and transportation sector is constantly focusing on staying ahead in the changing competitive landscape. The MENA automotive and transportation sector has arisen by approximately 2% as compared to the global industry. The car rental services enable a person to book a vehicle with payment on one end while the company staff manages the transactions, on the other through the Internet. The car rental services are used in various developed countries of MENA where the electronic transaction has been fully accepted in the society, whether it is business to business (B2B) or business to consumer (B2C). The changing trends have increased the adoption of the car rental services hence, driving the growth of the MENA car rental service market. Companies in the region are highly involved in providing the services to meets customer requirement. For instance, Budget Rent a Car System, Inc., a U.S. based company which provides car rental services, has gained popularity as the business used the advanced technologies and offered more facilities to their customers.
The market for car rental services has been segmented on the basis of rental location, which is bifurcated into Non-Airport, and On-Airport & Train Station. Based on the cab category, the market has been segmented into mini & economy, compact & intermediate, standard, full size, premium, luxury, and special. By customer type, the market has been segmented into B2B and B2C. In the MENA car, the rental services market includes the top three countries such as North Africa, UAE, Saudi Arabia, dominates the market. The Rest of the MENA market includes countries such as Tunisia, Mauritania, Oman, Qatar, Palestine, Morocco, Egypt, and Libya among others. The projected stabilization of crude oil prices, mounting infrastructure construction, application of favorable government initiatives, growing tourism as well as logistics industry will drive the sales of buses, trucks, and vans in the region. The government of the country invests significantly higher amounts in developing robust infrastructure owing to which the acceptance of car rental services has soared over the years. Several countries in the region are attracting large FDIs across the various sectors, which would lead to a comprehensive investment strategy for the growth of the fleet industry. UAE is one of the dominant countries in the MEA region with a market share of 45.3% in 2018 and has many companies present in the area, related to various industry verticals. Dubai is one of the most rapidly emerging business centers across the globe, as well as the attractive infrastructure of the city, is attracting huge tourist to visit the city.
The car rental services market is characterized by strong competition with the presence of local, regional, as well as players. The success of the market players is based on price and customer service quality, which includes the ease of vehicle reservation, accessibility, and returning vehicles; reliability; the locality of rental stations; and product innovation. Additionally, competitive positioning is further influenced by marketing, advertising, as well as brand reputation. Moreover, the use of technology has improved pricing transparency among car rental services providers by empowering customers to compare the service rates of various companies via the internet, for any given vehicle.
Major players in the MENA car rental services market are ALAMO (Al Tayer Motors LLC), Avis Budget Group, Inc., Europcar Mobility Group S.A., Auto Europe, Budget Rent a Car System, Inc., Enterprise Holdings Inc., Expedia Group, The Hertz Corporation, SIXT SE, and Rhino Car Hirefor. The aggregators also play a critical role in the car rental services market; they provide discounts on car rentals and also collect the car details from major car rental suppliers. The end-users of the market include various B2B and B2C.
The report segments the MENA car rental services as follows:
MENA Car Rental Services - By Rental Location
MENA Car Rental Services - By Cab Category
MENA Car Rental Services- By Customer Type
MENA Car Rental Services- By Country
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