GCC Car Rental Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The GCC Car Rental Market is Segmented by Vehicle Type (Economy/Budget and Premium/Luxury), by Vehicle Body Style (Hatchback, Sedan, and Sport Utility Vehicle), and by Booking Channel (Online and Offline) and by Country (United Arab Emirates (UAE), Saudi Arabia, Qatar, and Rest of GCC Countries). The report offers market size and forecasts for GCC Car Rental in terms of value (USD Million) for all the above segments.

GCC Car Rental Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

GCC Car Rental Market Size

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GCC Car Rental Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 15.00 %
Market Concentration Low

Major Players

GCC Car Rental Market Major Players

*Disclaimer: Major Players sorted in no particular order

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GCC Car Rental Market Analysis

The GCC Car Rental Market was valued at USD 600 Million in 2021 and is expected to reach USD 1600 Million by 2027, registering a CAGR of over 15% during the forecast period.

The COVID-19 pandemic had a severe negative impact on the car rental market. The sudden and complete transport halt due to the COVID-19 pandemic has forced the slowdown of the car rental market in the region. The reduced preference for shared mobility in the region further deteriorated the demand for rental cars in GCC countries. However, post-pandemic, as the tourist footfall has increased significantly, the demand for car rental has witnessed a significant increase across GCC and is expected to continue during the forecast period. 

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.

GCC Car Rental Industry Overview

The GCC Car Rental Market is hugely fragmented with various startups, and regional players such as Budget rent a car, Thrifty, Sixt rent a car, Hertz, and Fast rent a car. Although to have the edge over its competitors, the major rental companies are making joint ventures, partnerships to launch newer products.

In November 2021, Saudi Arabia-based car rental and mobility startup, Teglani, raised USD 2.5 million in a pre-Series A round led by Impact46 with participation from Nomw Capital. Telgani has agreements and partnerships with more than 50 local and international car rental companies and +500 branches across the country, covering more than 44 cities and 13 airports.

GCC Car Rental Market Leaders

  1. Thrifty

  2. Sixt

  3. Hertz Corporation

  4. Fast Rent a car

  5. KAYAK

  6. *Disclaimer: Major Players sorted in no particular order
GCC Car Rental Market Concentration
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GCC Car Rental Market News

In August 2021, Lumi launched state-of-the-art booking platforms to enhance the customer experience in car rental for Saudi Arabia. The new intuitive and seamless digital platforms further streamline and automate the online booking process, providing customers a quick, secure, and hassle-free experience.

In August 2021, Invygo announced that it raised USD 1.9 million in a pre-Series A round from several venture capitals and angel investors. The funding may help the company to create partnerships with dealers and car rental companies, providing its customers with a diverse catalog of cars.

GCC Car Rental Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Market Drivers
  • 4.2 Market Restraints
  • 4.3 Porters Five Forces Analysis
    • 4.3.1 Threat of New Entrants
    • 4.3.2 Bargaining Power of Buyers/Consumers
    • 4.3.3 Bargaining Power of Suppliers
    • 4.3.4 Threat of Substitute Products
    • 4.3.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION

  • 5.1 Vehicle Type
    • 5.1.1 Offline
    • 5.1.2 Online
  • 5.2 Vehicle Body Style
    • 5.2.1 Hatchback
    • 5.2.2 Sedan
    • 5.2.3 Sport Utility Vehicle
  • 5.3 Booking Channel
    • 5.3.1 Online
    • 5.3.2 Offline
  • 5.4 Country
    • 5.4.1 United Arab Emirates (UAE)
    • 5.4.2 Saudi Arabia
    • 5.4.3 Qatar
    • 5.4.4 Rest of GCC Countries

6. COMPETITIVE LANDSCAPE

  • 6.1 Vendor Market Share
  • 6.2 Company Profiles*
    • 6.2.1 Hertz Corporation
    • 6.2.2 Sixt SE
    • 6.2.3 Avis Budget Group Inc.
    • 6.2.4 Enterprise Holdings Inc.
    • 6.2.5 Auto Rent
    • 6.2.6 Key Car Rental
    • 6.2.7 Esar International Group
    • 6.2.8 National Rent A Car
    • 6.2.9 Kayak
    • 6.2.10 Skyscanner UAE

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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GCC Car Rental Industry Segmentation

The GCC Car Rental Market is segmented by Vehicle Type (Economy/Budget and Premium/Luxury), by Vehicle Body Style (Hatchback, Sedan, and Sport Utility Vehicle), and by Booking Channel (Online and Offline) and by Country (United Arab Emirates (UAE), Saudi Arabia, Qatar, and Rest of GCC Countries). The report offers market size and forecasts for GCC Car Rental in terms of value (USD Million) for all the above segments.

Vehicle Type Offline
Online
Vehicle Body Style Hatchback
Sedan
Sport Utility Vehicle
Booking Channel Online
Offline
Country United Arab Emirates (UAE)
Saudi Arabia
Qatar
Rest of GCC Countries
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GCC Car Rental Market Research FAQs

What is the current GCC Car Rental Market size?

The GCC Car Rental Market is projected to register a CAGR of greater than 15% during the forecast period (2024-2029)

Who are the key players in GCC Car Rental Market?

Thrifty, Sixt, Hertz Corporation, Fast Rent a car and KAYAK are the major companies operating in the GCC Car Rental Market.

What years does this GCC Car Rental Market cover?

The report covers the GCC Car Rental Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the GCC Car Rental Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

GCC Car Rental Industry Report

The GCC car rental market is experiencing significant growth, driven by various factors such as increasing tourism and business travel. The market share is expanding, with both economy/budget and premium/luxury vehicle types contributing to the industry statistics. The market size is also increasing, reflecting the growing demand for car rental services in the region.

Industry analysis reveals that the market is segmented by vehicle body style, including hatchback, sedan, and sport utility vehicle. The industry overview highlights the importance of both online and offline booking channels in the market dynamics. Market analysis indicates that the United Arab Emirates, Saudi Arabia, Qatar, and other GCC countries are key players in the market.

Market trends show a preference for premium/luxury vehicles, especially among business travelers. The industry report provides a comprehensive market report, including market segmentation and market statistics, which are crucial for understanding the target market. The industry growth is supported by favorable economic conditions and increased investment in tourism infrastructure.

The market forecast suggests continued growth, with market leaders focusing on enhancing customer experience through technological advancements. Market research indicates that the industry revenue will continue to rise, driven by the increasing number of tourists and business travelers. The industry outlook remains positive, with a strong market trend towards online booking channels.

The market review highlights the importance of understanding market value and market predictions to stay competitive. The market overview provides insights into the overall market dynamics, including market data and industry trends. The report example and report PDF offer detailed industry information and industry research, making it a valuable resource for research companies.

Industry sales are expected to grow, supported by favorable market growth and market outlook. The market leaders are investing in innovative solutions to enhance customer satisfaction. The industry size is projected to increase, reflecting the growing demand for car rental services in the GCC region.

In conclusion, the GCC car rental market is poised for significant growth, driven by favorable market conditions and increasing demand for car rental services. The market segmentation and industry statistics provide valuable insights for stakeholders, while the industry reports and industry research offer comprehensive market data and market predictions.