GCC Car Rental Market Strategic Assessment, Growth Analysis and Research Outlook 2021-2026| Thrifty, Sixt, Hertz Corporation, Fast Rent a car

Latest research on GCC Car Rental Market report covers forecast and analysis on a worldwide, regional and country level. The study provides historical information of 2016-2021 together with a forecast from 2021 to 2026 supported by both volume and revenue (USD million). The entire study covers the key drivers and restraints for the GCC Car Rental market. This report included a special section on the Impact of COVID19. Also, GCC Car Rental Market (By major Key Players, By Types, By Applications, and Leading Regions) Segment’s outlook, Business assessment, Competition scenario and Trends. The report also gives 360-degree overview of the competitive landscape of the GCC Car Rental industry.

GCC Car Rental market is growing at a CAGR of 15.7% during the forecast period (2021-2026).

The GCC Car Rental market is highly competitive and consists of a number of major players. Top Companies like Thrifty, Sixt, Hertz Corporation, Fast Rent a car, KAYAK, AVIS Rent a Car, Skyscanner UAE

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Scope of the Report

- Car rental companies rent out cars for a suitable fee for a specific duration. Generally, hiring periods could range from a few hours to also a few days or weeks. With hassle-free, low maintenance, and cheap pricing, renting cars is also becoming popular in the GCC markets.

- The market for car rental in all the GCC nations has been driven by growing economies like the United Arab Emirates and Oman. Saudi Arabia constitutes most car rental revenues amongst the GCC nations.

- 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. Rise of electric cars providing the same utility with an added benefit of reduced ill-effects on the environment is also becoming popular amongst the developed GCC countries.

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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.

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 .

What are the market factors that are explained in the report?

–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

–Analytical Tools: GCC Car Rental Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market. 

The research includes historic data from 2015 to 2020 and forecasts until 2026 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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