Middle East And Africa Commercial Vehicle Rental And Leasing Market: Industry Analysis and Forecast (2024-2030)

Middle East And Africa Commercial Vehicle Rental And Leasing Market Definition:

Rental trucks and equipment, as well as other services, are part of the Middle East And Africa Commercial Vehicle Rental And Leasing business. These businesses typically run a retail store or a facility that rents and leases automotive equipment. Short-term rental and long-term lease services are offered by some car companies, while others offer both.

 

Commercial vehicle rental and leasing, also known as car hire, is a business that rents out automobiles for a set price for a set period. This service is generally provided through various local offices, which are typically located near airports or large cities and are supported by a website that enables online reservations. With rising pollution and population, the automotive rental industry has shifted dramatically in recent years, becoming the most important mode of fleet transportation.

 

Further, the Middle East and Africa Commercial Vehicle Rental and Leasing market are segmented by Booking Type, By Vehicle Type, and geography. On the basis of Booking Type, the Middle East And Africa Commercial Vehicle Rental And Leasing market is segmented under Online and Offline. Based on the Vehicle Type, the market is segmented into Luxury Cars, Executive Cars, Economy, Sports Utility Vehicles, and Multi-Utility vehicles. By geography, the market covers the major countries in Middle East and Africa, i.e., South Africa, Nigeria, Saudi Arabia, UAE, Kuwait, Egypt, and the Rest of Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value in USD Billion.

 

 

To get more Insights: Request Free Sample Report

 

Middle East And Africa Commercial Vehicle Rental And Leasing Market Dynamics:

Restriction Repealed On Women:

 

The Saudi Arabian government recently repealed a restriction on women driving automobiles. Many more women were able to drive as a result of this development, which helped the vehicle rental sector grow by leaps and bounds. Many women with valid driver's licenses were now able to rent cars on their own.

 

Rising Demand For Air Travel Backed By Low Fares & Stable Fuel Prices Will Aid Growth:

 

In a report published in January 2020, the United Nations World Tourism Organization (UNWTO) stated that over 1.5 billion international tourist arrivals were registered in 2019. In the same year, the Middle East became one of the most popular tourist destinations in the world. These figures illustrate that tourism is a dependable and important economic industry. At the same time, low fares and steady fuel prices have fueled a surge in air travel demand. It has increased the number of passengers arriving by 6%. To meet the growing demand, major commercial vehicle rental and leasing businesses are investing in airport rental services.

 

Growing Government Support:

 

Growing inbound and domestic tourism flows across the Middle East And Africa region is a prominent trend in the business. Many governments are granting benefits to foreign tourists by allowing them to drive across the country with a valid driver's license and passport. Such positive actions are expected to promote the region's vehicle rental sector growth. Also, as part of the Tourist 2020 strategy, the Saudi Arabia government has adopted an aggressive tourism target, which will help the automobile rental sector in Saudi Arabia develop even faster. Every year, Saudi Arabia's car rental business serves over 400,000 international consumers and acquires up to 40,000 new vehicles.

 

Low rate of internet penetration in developing regions:  

 

Generally, car rental and ride-hailing services require three parties for their operation i.e., drivers, riders, and service providers. All the processes such as matching riders with drivers, fare estimation & calculation, ride payment, and reputation management is done by using smartphones along with mandatory internet connectivity. Most countries such as Eritrea, Chad, Burundi, and Somalia have low penetration of the internet, which threatens the growth of the ride-hailing market in such regions. A ride driver must have a GPS-equipped smartphone that has an active internet connection, which identifies the exact pickup and drops location of customers. Therefore, such low penetration of the internet in some regions hampers the car rental market.

 

 

Middle East and Africa Commercial Vehicle Rental and Leasing Market Segment Analysis:

By Booking Type, The online Booking Type segment dominated the market in 2023 with more than 51% share of the market. During the forecast period, the online sales channel for the vehicle rental industry is expected to increase rapidly and generate more revenue. An online auto rental system will assist businesses in managing multiple bookings, tracking various rental statuses, contacting specified consumers, tracking car statuses, and accurately billing various bookings. Additionally, the internet channel can undertake operations such as accepting reservations, pre-requisite car check updates, arranging a car for customer pickup, availability checks, and other operations, which will improve the segment's adoption over time.

 

 

Middle East And Africa Commercial Vehicle Rental And Leasing Market Regional Insights:

Saudi Arabia dominated the market in 2021, and has an annual tourist visitor count of over 16 million, most of which occurs in the month of Ramadan, and thus, the majority of the tourism in the country is considered religious. According to the WTTC, tourism contributed by 9% to the Saudi Arabian GDP of USD 65 billion in 2021. Most visitors in the country are from Asia and nearby Middle Eastern countries. Bangladeshi and Pakistani nationals are the biggest contributors among the tourists, followed by Indonesia, Yemen, India, and Egypt.

 

Middle East and Africa Commercial Vehicle Rental and Leasing Market Key Players Insights:

The market is characterized by the existence of several well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the global market, key players in the market, particularly in North America and Europe, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Global Middle East And Africa Commercial Vehicle Rental And Leasing market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Middle East And Africa Commercial Vehicle Rental And Leasing market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Global Middle East And Africa Commercial Vehicle Rental And Leasing Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Global Middle East And Africa Commercial Vehicle Rental And Leasing market report is to help understand which market segments and regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Middle East and Africa Commercial Vehicle Rental and Leasing market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Middle East and Africa Commercial Vehicle Rental and Leasing market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Global Middle East And Africa Commercial Vehicle Rental And Leasing market. The report also analyses if the Global Middle East And Africa Commercial Vehicle Rental And Leasing market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, and if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Middle East And Africa Commercial Vehicle Rental And Leasing market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Middle East And Africa Commercial Vehicle Rental And Leasing market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Middle East And Africa Commercial Vehicle Rental And Leasing market is aided by legal factors.

 

Middle East And Africa Commercial Vehicle Rental And Leasing Market Scope:

Middle East and Africa Commercial Vehicle Rental and Leasing Market
Market Size in 2023	USD 197.94 Mn.
Market Size in 2030	USD 361.84 Mn.
CAGR (2024-2030)	9%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Booking Type Online Offline
	by Vehicle Type Luxury Cars Executive Economy Sports Utility Vehicle (SUV) Multi Utility Vehicle (MUV)
Country Scope	South Africa GCC Egypt Nigeria Rest of the Middle East and Africa

 

Middle East And Africa Commercial Vehicle Rental And Leasing Market Key Players: 

• Hertz Car Rental (Estero, Florida, United States)
• Enterprise Rent A Car (St. Louis, Missouri, United States)
• Avis Rent a Car (Parsippany-Troy Hills, New Jersey, United States)
• AVIS Saudi Arabia (Diplomatic Quarter, Riyadh,)
• Arabian Hala Co. Ltd (Riyadh)
• Sixt for Cars rental (Pullach, Munich, Germany)
• Sixt rent a car (Pullach, Munich, Germany)
• Shift inc, Car Rental (Jeddah, Saudi Arabia)
• AI Falah Rent Car Co ((Riyadh, Saudi Arabia)