MENA Car Rental Services Market is expected to reach US$ 2.8 Bn in 2027

by Sameer Joshi or 24-Jan-2020

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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.

In 2018, UAE was estimated to hold the largest market share and grow with the fastest pace registering CAGR of 6.3% during the forecast period.

Mobility is a trending theme, propelled by shifting consumer attitudes, urbanization, and other societal changes. The demand for car rental services is expected to further witness high growth with more people opting for solutions alternative to owning cars. The population using car sharing rental services for their everyday needs may also be further inclined to approach traditional car rental operators, mostly for planning vacations. Thus, the emergence of car sharing services might also substantially uplift the demand for traditional car rental services. The car rental services market in MENA countries is not as homogeneous and fully integrated as the other developed countries, such as the U.S. and Europe. Consumer expectations across the region differ regarding car preferences that signify an actual challenge while operating across the continent.

In the MENA car rental services market includes the top three countries such as North Africa, UAE, Saudi Arabia, dominates the market. The car rental service market in the Middle East is tied closely to commercial interests associated with the development of various service industries in the region profited from an influx of emigrant workers. Additionally, 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.

UAE is one of the dominant countries in the MEA region and has many companies present in the area, related to various industry vertical. Dubai is one of the most rapidly emerging business centres across the globe, as well as the attractive infrastructure of the city, is attracting huge tourist to visit the city. Thus, the demand for car rental services in the country is growing at a faster pace. The car rental service provider in the city are offering various service to its customers such as super-short term, leasing, long term, pay per key, and short-term acre rentals services. Some of the prominent car rental service provider in the UAE market are Hertz, Europcar, SIXT, Thrifty, and Avis Hala.

Key findings of the study:

• In 2019, SIXT SE collaborated with Wizz Air, a Hungary-based airline company. The partnership would allow travellers to make a flight reservation through the Wizz Air website or the mobile app, and also during their flight reservation, customers can directly book the rental vehicle and access the entire SIXT fleet at their destination.

• In 2018, Europcar entered into a strategic alliance with an India-based ECO Rent a Car company. The partnership will enable the ECO customers to have direct access of Europcar’s car rental services from ECO’s website. Thus, enabling customers to purchase Europcar’s outside of India packages. Also, the Europcar’s customers can access ECO’s services via Europcar’s website to book services in India.

The MENA Car Rental Services Market is anticipated to witness impressive growth during the forecast period. As, the car rental service providers are offering multidimensional connectivity to the customers, enabling business customers to remotely control every aspect of their rental experience through a keyless operation. For instance, the Avis mobile app offers high-quality, end-to-end experience. The Avis Budget mobile app enables customers to know the arrival time of the next shuttle bus; access navigation facility; and change the drop-off location, and date and time of their hire in case of changes in travel plans.

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