Egypt Automobile Rental’ Market to be dominated by online segment till 2027
The growing demand for car rental services is anticipated to catalyze
the growth of Egypt automobile rental’ market in the forecast period,
2023-2027.
According
to TechSci Research report, “Egypt Automobile Rental Market By Region, Competition
Forecast & Opportunities, 2027”,
the Egypt automobile rental market is expected to witness growth at a
significant rate in 2023-2027. An automobile rental is an organization that
rents automobiles for a required time period, the facility enables service
people who require a temporary vehicle. These can be hired by a website
enabling online reservations and are primarily located near airport or city
areas and offered with a wide range of vehicle sizes to suit a variety of
budgets and space requirements. Along with the vehicle, the car rental facility
also provides some extra products including navigation systems, mobile phones,
entertainment systems, portable Wi-Fi, and child safety seats. An automobile
rental gives the convenience of reaching the destination in the required time,
and it can often be cheaper than public transport alternatives, especially when
traveling as a couple or a group. The growing popularity of smartphone-based
online rental car booking apps, the automobile rental business has gotten a lot
of attention. Customers can rent cars for a short or extended period of time
from companies. The wide range of services are offered in tourist destinations
and tier 1 and 2 cities. Rising levels of pollution and car pricing, as well as
cost-effectiveness, are key elements driving the growth of an automobile rental
market.
However,
the increase in the price of crude oil and lack of awareness of rental software
are anticipated to limit the growth of the automobile rental’ market in the
forecast period.
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The
Egypt automobile rental’ market is segmented into vehicle type, length, type, channel,
regional distribution, and competitive landscape.
Based
on vehicle type, the market is divided into two-wheeler, passenger car, LCV,
M&HCV. Passenger car is the dominant segment of the automobile rental
market in the coming years, 2023-2027. Most consumers prefer passenger automobiles
as they are compact, fuel-efficient, and provide adequate comfort. Passenger
automobiles have lower acquisition and maintenance expenses than luxury and
executive cars, the majority of rental firms’ fleets are made up of these
vehicles. This in turn is expected to fuel the market growth.
Based
on length, the market is bifurcated into short term and long term. Long term
segment is expected to dominate the market in the forecast period, 2023-2027.
This is due to the growing demand for automated rental cars with advanced
features for a long drive or for long tour across Egypt is projected to
contribute to the growth of the market.
Based
on the type, the market is categorized into self-driven, and chauffeur driven.
Self-driven segment is expected to support the segmental growth. The increasing
number individuals who know the driving is demanding the self-driven rental car
which propels the market growth.
Based
on channel, the market is bifurcated into online and offline. Online segment is
projected to dominate the market in the coming years, 2023-2027. The increasing
awareness among the people regarding the e-commerce sector and the advanced
technologies which drives the segmental growth.
Several
key market players operating in the Egypt automobile rental’ market is:
·
Kayak
·
Sixt
·
Europcar
·
Avis
Rent A Car System, LLC
·
Locanfy
·
Bikebookig.com
·
TruKKer
Holding
·
Reftruck
Egypt
·
Enterprise
Holdings, Inc.
·
VIPCars.com
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“The significant growth in
the travel and tourism sector across the globe is one of the primary factors
augmenting the growth of the automobile rental industry. With this, the
expanding urban population along with the growing inclination toward adventure
and travel is also providing a boost to the market growth. In addition to this,
the elevating adoption of car rental services among individuals in the form of
taxis and carpooling for increased mobility and cost-effective traveling. This
is further fuelling the growth of the market. The stringent implementation of
favourable government policies, coupled with the growing awareness regarding
environment conservation, is acting as another significant growth-inducing
factor. Government authorities of both the developed and emerging economies are
emphasizing on reducing their vehicular emissions and promoting car rental
services as one of the most economical modes of transportation. Additionally,
the introduction of car rental services through websites and smartphone-based
applications, along with the high expenditure capacities of the masses, are
projected to accelerate the automobile rental market’s growth till 2027” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm”.
“EgyptAutomobile Rental Market By Vehicle Type
(Two-Wheeler, Passenger Car, LCV, M&HCV), By Length (Short Term, Long
Term), By Type (Self Driven, Chauffeur Driven), By Channel (Online, Offline), By
Region, Competition Forecast & Opportunities, 2027 has analyzed the future
growth potential of Egypt automobile rental market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and assist decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with significant drivers, challenges, and
opportunities in Egypt automobile rental market.
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