Market Insights Reports delivers key insights on the GCC Car Rental market in its latest report titled, “GCC Car Rental Market – Growth, Trends, COVID-19 Impact, And Forecasts (2021 – 2025)” provides an in-depth analysis of key players strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The GCC Car Rental Market is anticipated to register a CAGR of about 15.7% during the forecast period (2020 – 2025).
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Top Key Players in the GCC Car Rental Market: Thrifty, Sixt, Hertz Corporation, Fast Rent a car, KAYAK, AVIS Rent a Car, Skyscanner UAE and Others.
Key Market Trends:
Demand for Travel to Pilgrimage Sites, Growing Tourism and Regulations
The car rental market’s growth is favourable due to stringent government legislation on purchase and car driving in the country. Using public transportation can become time-consuming and unpredictable. Also, cities like Cairo and Riyadh require long distances to see places for sightseeing. Moreover, public transport doesn’t give an end to end ride, which is especially unfavourable among tourists.
During the month of Ramadan, the Middle-Eastern countries see the largest renting of cars. These also include people from Bangladesh, Pakistan, Indonesia, Yemen, and Egypt who prefer to rent a car. Upcoming FIFA world 2022 in Qatar and petroleum projects are is likely to the primary drivers in the car rental market in the GCC market.
The Car rental services are offering online systems, including mobile applications, to gain consumers. 53.3% of adults in the GCC region have access to the internet through their mobile phones, which is also one of the highest amongst all other areas of the Middle-East and Africa region. As mobile phone use has risen, the usage of smartphones for convenient Car rental booking has also increased. Also, Saudi Arabia recently lifted a ban on women from driving vehicles, expanding the demand for car rental users.
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United Arab Emirates is the Largest Market
United Arab Emirates car rental industry is primarily highly influenced by both the tourists and office corporates. With the growing popularity of a Technology-based platform and adopting new customer-oriented services, the government is providing initiatives to push the market. In the UAE, the Airports are well outside the city, proving car rental services a profitable business in Dubai and Abu Dhabi.
As of 2019, United Arab Emirates is seeing a growing number in the tourists visiting annually.
Especially Dubai is the major attraction in the GCC region. In Dubai, Burj Khalifa, Burj Al Arab, The Dubai Mall, Palm Jumeirah, and Dubai Creek are prevalent tourist gathering places throughout the year. The city offers a variety of restaurants, bars, and nightclubs. Also, Abu Dhabi is popular amongst travellers visiting the UAE due to its culture, heritage, and attractions, such as Sheikh Zayed Mosque, Khalifa Park, among others. Moreover, many corporate offices also rent cars for their corporate uses and clients, hence causing growth in demand for rental services .
With the growing economy in the United Arab Emirates and readily available car rentals on demand, car rentals have become even more accessible and sustainable. The rise in population, especially in larger cities, is leading to the unavailability of space, and the rising prices of fuel and taxes have all resulted in people drawn towards sustainability. Environmentally friendly vehicles like electric vehicles (EVs) are being adopted as the United Arab Emirates car rental industry is moving towards eco-friendly solutions.
This GCC Car Rental Market report addresses:
– The Market size from 2016-2021
– Expected market growth until 2025
– Forecast of how market drivers, restraints, and future opportunities will affect
– Segment and regions that will drive or lead the market growth and why
– Comprehensive mapping of the competitive landscape
– In-depth analysis of key sustainability strategies adopted by market place
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Post Covid-19 Analysis:
All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.
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