The MENA car rental services market accounted for US$ 1.7 Bn in 2018 and is expected to grow at a CAGR of 5.5% over the forecast period 2019–2027, to account for US$ 2.8 Bn by 2027.
The car rental services market is anticipated to exhibit high growth in the near future. The MENA car rental services market is mainly driven by the growing number of car rental services in the region as various established companies are focusing on providing the services to their customers. In addition, the growing spending power of the people and changing lifestyle are also powerful factors that are driving the market in the region. Growing tourism activities and constantly rising tourism budget have supported the growth of the car rental services market.
The accessibility of sufficient accommodation, entertainment, and resorts facilities represent a noteworthy competitive advantage for the region as region’s level of tourism service infrastructure measures through the number of hotel rooms complemented by the level of access to services such as car rentals. During the past few years, North African, Turkey, Saudi Arabia and UAE government is focusing on the development to increase the tourism, also, improved road infrastructure, increased disposable incomes, especially the developing countries of MENA has resulted in growing car rental services, which is further driving the market.
Furthermore, technology is also anticipated to boost the market over the forecast period. Increased adoption of technology is transforming the transportation industry and allowing operators to provide improved services to their customers. However, the introduction of car sharing or car hailing services in the MENA region, might negatively impact the revenue generated by the car rental services market.
The overall MENA car rental services market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the MENA car rental services market. It also provides the overview and forecast for the MENA car rental services market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the MENA car rental services market.