What Is The Size Of Egypt Car Rental Industry?
Egypt Car Rental market is growing at a CAGR of ~% in 2017-2022 and is expected to reach USD ~ Bn by 2027F.
The Egypt Car Rental Market is largely driven by boost in tourism sector in Egypt, increasing trend for On- Demand services, rising internet penetration along with government initiatives on infrastructure and electric vehicles.
In recent years, the impact of technological advancements has revolutionized the industry. The increasing use of smartphone-based online rental car booking apps is significantly contributing to market growth. With the help of online booking mobile applications for the convenience of customers, companies in the market have been able to capture a large customer base.
The Egypt car rental market is currently expanding. The pandemic has caused a precipitous drop, which has had a negative impact, but with the reopening of the travel industry, the tourism sector is expected to grow with the inflow of tourists.
The pandemic had a negative impact on market growth due to a halt in activities as a result of the lockdowns and travel and transportation restrictions imposed by the Egypt government to combat the spread of the coronavirus. Furthermore, as the tourism industry, both international and domestic, suffered a significant blow as a result of the pandemic, demand for car rentals decreased, as car rental services are widely used by tourists.
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Egypt Car Rental Market By Market Structure
The Egypt Car Rental market is segmented by market structure into organized and unorganized market. There is a preference towards the organized sector as most of the tourists look for legal documents and certifications of the vehicle to avoid security patrolling for safety measures.
Egypt Car Rental Market By Type Of Vehicles
The Egypt Car Rental market is segmented by type of vehicles into small cars/ hatchbacks, sedans, SUVs and others. The SUVs has the highest market share among other types of vehicles in the country as most of the region is desert and major tourist spot in the country is also located in the desert area.
Egypt Car Rental Market By Ice/Ev
The Egypt Car Rental market is segmented by ICE/EV into ICE (internal combustion engine) and electric vehicles. There is a preference towards the ICE vehicles as they have been very common and EVs are new concept and they are expensive also.
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Egypt Car Rental Market By Cities
The Egypt Car Rental market is segmented by cities into Cairo, Alexandria, Giza, Qalyubia, Port Said and Suez. Cairo has the most market share in car rental in Egypt as compare to other cities.
Egypt Car Rental Market By Mode Of Booking
The Egypt Car Rental market is segmented by mode of booking into online and offline. People preferred online mode more as compared to offline as it is efficient, fast and offers more options.
Egypt Car Rental Market By Duration
The Egypt Car Rental market is segmented by Duration into Long and Short. Long hold most of the market share as travel agencies rent cars for longer period for their businesses.
Egypt Car Rental Market By Pick-Up
The Egypt Car Rental market is segmented by pick-up into on-airport and off-airport. On-airport holds the market share in Egypt Car Rental Market as people wants to get picked from the airport.
Competition Scenario In Egypt Car Rental Market
Egypt’s Car Rental Market is a moderately consolidated market which is still in the growing phase. With increasing tourism in the country and more internet penetration in rural areas are the major reason for the entrance of the new players. Sone of the major players in the Egypt car rental market are Kayak, Sixt, Europcar, Avis Rent a Car System, LLC, Locanfy, Bikebookig.com.
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What Is The Expected Future Outlook For The Overall Egypt Car Rental Market Across The Globe?
The Egypt Car Rental market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2027F, witnessing a CAGR of ~% during the forecast period 2022-2027F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Egypt Car Rental market is driven by boost in tourism sector in Egypt, increasing trend for On- Demand services, rising internet penetration along with government initiatives on infrastructure and electric vehicles. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
The Egypt Car Rental Market will expand in the coming years as a result of the increased focus of car rental companies on corporate clients, an increase in foreign travelers. With this trend, the inflow of investments will increase in the future. For Instance, Zoomcar, the world’s largest emerging market focused car sharing marketplace, is looking to double its investments in Egypt in the coming three years.
The government’s initiative will attract tourism in the country and is expected to contribute to the overall market growth. With the announcement of the Red Sea Bridge which will join Saudi Arabia and Egypt will a become a major growth booster for the car rental market in the Egypt as the majority of the business in car rental market is derived by the trading companies. The bridge connecting Saudi Arabia with Egypt will boost trade between the two countries. Both the countries have signed 17 agreements to enhance bilateral ties.
Furthermore, the share of EVs is expected to increase many folds, as Egypt plans to shift to electric mobility and plans to begin subsidizing electric vehicle. On the infrastructure side, the government is working on plans to establish a nationwide charging network. In other efforts to advance the industry, Egypt’s House of Representatives just gave its final approval to a bill that will establish a new regulatory body to set policy for auto assembly in the country, including EVs, and provide financial incentives for manufacturers which is expected to boost the Car Rental market in Egypt.
For More Insights On Market Intelligence, Refer To The Link Below: –
Egypt Car Rental Market Outlook to 2027F
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