中東のレンタカー市場 - 成長、傾向、予測（2020年～2025年）
Middle-East Car Rental Market - Growth, Trends, and Forecasts (2020 - 2025)
|中東のレンタカー市場 - 成長、傾向、予測（2020年～2025年）|
発行: Mordor Intelligence Pvt Ltd
ページ情報: 英文 80 Pages
The Middle-East Car Rental Market is expected to register a CAGR greater than 4.0% during the forecast period, 2020 - 2025.
Car rental companies rent out cars for a suitable fee for a particular duration. Generally, hiring periods could range from a few hours to also a few days or weeks. Car rentals can have various purposes, including airport transport, local usage, outstation, event transportation, self-drive, and employee transportation. They are also offering additional services such as entertainment systems, GPS navigation systems, and insurance.
Since 2010, the Middle-East has experienced an increase in the rental fleet. Mainly, increasing competition among rental players, ranging from pricing to quality, has led to the expansion of the regions' market. A remarkable growth in inbound tourism, along with a spike in car fleet size by the major companies, augmented the market's presence significantly since 2015.
Online tourist vehicle bookings are increasing in the region due to the rising usage of smartphones and the number of users aged between 25 and 34 who prefer to book vehicle rentals through online channels.
In 2018, The Middle-East region welcomed 87 million international tourists, equivalent to 6% of the world's total arrivals. Over 2017, this figure grew by 10% in 2018. In terms of tourism, the United Arab Emirates and Qatar constitute most car rental revenues across the Middle-East region.
Online Rental Booking Continues to Witness Major Demand
In the region, most of the customers prefer renting cars online. As the car rental market experiences growth in the demand during peak holiday seasons, people tend to book cars in advance. Only a handful of cars are booked through rental stores, and that too, mostly during the offseason.
Currently, booking online also serves a variety of purposes, such as verification of the renter's documents, offering information to the renter regarding the car, determining the details of the drop, and pickup up the rented car at a certain place e-signing of contracts, and cashless transactions. These have helped the car rental companies to gain a competitive edge over their peers during the past few years.
Car rental services offer multiple options that are affordable and can be chosen to suit the customer's needs. The car rental industry in the Middle-East nations also sees digital transformation with improved online services, ease of usability, and user satisfaction. Also with the added benefit, minimal responsibility for maintenance, repair, and 24/7 availability is driving the growth Online Rental Booking
Furthermore, the trend of online renting a car through apps has improved over the period as app developers have been designing mobile rental applications with more advanced booking features that offer more vehicle availability and comparable rental costs on a single platform. For instance, OneClickDrive.com is the United Arab Emirates' largest online platform for car rentals and car leasing. It offers users the choice of more than 700 cars from 50 rent-a-car companies.
Saudi Arabia Captures a Major Market Share
Saudi Arabia is one of the most famous pilgrimage places with holy sites like Mecca and Medina that witness large pilgrims during Eid Al-Fitr and Eid Al-Adha festivals. As a result, the country has an annual visitor count of over 16 million, most of which occur in Ramadan. Thus, the majority of tourism in the country is considered religious.
This Saudi Arabia car rental market has seen a constant rise in demand for car rentals, especially amongst the local players in the Middle-East Region. Few major players are Hertz Corporation, Sixt, Avis Corporation, and Europcar. As per the WTTC, tourism contributed 9% to the Saudi Arabian GDP of USD 65 billion. Most visitors in the country are from Asia and nearby Middle-Eastern countries.
The car rental market's growth is favorable due to stringent government legislation on purchase and car driving in the country. Notably, the month of Ramadan sees tourists from Middle-Eastern countries. Bangladesh, Pakistan, Indonesia, Yemen, and Egypt who prefer to rent a car. Additionally, the country has recently lifted a ban on women from driving vehicles. This move allowed numerous women to drive and helped the demand in the car rental market grow by leaps and bounds, as many women with valid driving licenses were finally able to access rented cars on their own.
The Middle-East Car Rental Market is moderately consolidated with international and regional players such as Avis Budget Group Inc, Hertz Corpand Enterprise Holdings Inc. To have the edge over its competitors, the major rental companies are making joint-ventures, partnerships to launch newer products.
For instance, In 2019, Saudi Arabia's United International Transportation Company acquired an exclusive license regarding Payless Car Rental, a subsidiary of AVIS Budget Group (ABG). This agreement will have a positive impact on future revenues.