LONDON, Nov. 28, 2016 /PRNewswire/ --
The report titled "Middle East Car Rental and Leasing Market Forecast to 2020 - Augmentation in Qatar and Oman along with Rise in Car Leasing to Stimulate Growth" provides a comprehensive analysis of the Car Rental and Leasing Market in Middle East. The report covers various aspects such as market size of Middle East Car Rental market on basis of revenues and fleet size with in-depth analysis of UAE, Saudi Arabia, Kuwait, Oman, Egypt, Qatar, Bahrain and Jordan car rental markets. The report provides segmentation on the basis of Car Leasing, short term car rental and chauffeur driven car rental, by on-airport and off-airport, by regions, by mode of booking, by purpose of booking, and by organizational structure for car rental market. The report offers insights on car leasing market size and segmentation by industry verticals, term of contracts and vehicle type for car leasing market in UAE, Saudi Arabia, Kuwait, Oman, Egypt, Qatar, Bahrain and Jordan and segmentation of overall Middle East car rental market by geography and by business segments. The report is useful for industry consultants and analysts, car rental companies and new players venturing in the market.
The market for car rental in Middle East has been driven by countries such as Oman, Qatar, and Kuwait. Countries such as Saudi Arabia and UAE constitute for a major portion of car rental revenues across the Middle East region. The market for car rental in the country has been driven by the rise in demand for local players in Middle East although the market has been dominated by players such as Hertz Corporation, Sixt, Avis Corporation and Europcar. Local players predominant in the Middle East Car Rental Industry are Regency, Strong car rental, Auto rent, Market Rent- A- Car, Al- Mulla, Al Sayer and others. Majority of the international car rental companies have been expanding their operations across the region strategically in order to serve various car rental customers who seek out convenience, value for money and the trust of a leading brand.
Improving economic conditions, stability, growth of tourism and investment in travel infrastructure has led to a growth in Middle East car rental industry. Over the past five years from 2010-2015, the car rental industry in Middle East has posted an average annual growth rate of ~% with revenues and fleet size growing to USD ~ million and ~ respectively in 2015.
Saudi Arabia car rental market has dominated the overall Middle East car rental and has occupied a share of ~% in terms of revenue in 2015. Saudi Arabia is one of the largest car rental market owed to the presence of holy places such as Mecca and Medina and existence of good educational institutions in the country. In 2015, UAE is the second largest car rental market with a share of ~% in terms of revenue in the Middle East region. Presence of various tourist destinations and corporate firms across the country has enhanced the car rental opportunities in the country in past five years. Kuwait is the third largest car rental company with a share of ~% in terms of revenue followed by Qatar with a share of ~% in terms of revenue. This has been majorly due to presence of numerous opportunities such as expansion of oil fields and related projects by Kuwait National Petroleum Corporation and FIFA 2022 world cup hosting by Qatar has augmented the expatriate/ work force in these countries.
Oman, Egypt and Bahrain are other popular car rental companies in the Middle East region with revenue contribution of ~%, ~% and ~% respectively apart from Jordan that has held a share of ~% in terms of revenue due to levitation in tourism industry revenues especially in the city of Tehran.
Car Leasing has been the most popular segment with ~% share in revenue in the Middle East region due to high demand from a number of work expats around the region. It has been observed that around ~% of the revenues of the car rental companies arise from the oil and gas companies followed by ~% from the construction companies.
The decline in expatriate population in various countries (majorly Kuwait) due to the enunciation of government regulation is likely to defy the long term car rental market in the region. FIFA world cup hosting by Qatar in 2022 and expansion of petroleum projects by Kuwait National Petroleum Corporation is likely to be one of the major drivers in the car rental market in the Middle East region.
The revenues for the car rental market are expected to incline at a stupendous CAGR of ~% during the period 2016-2020, with the revenues expected to be mounted at USD 1.7 billion by 2020. The fleet size of car rental market in the region is expected to grow at a CAGR of ~% to reach the levels of ~ by 2020.
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