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, 2027has 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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