Oman Car Rental and Leasing Market Forecast to 2020 – Developing Tourism Industry and High Per Capita Income to Drive Growth
The report titled “Oman Car Rental and Leasing Market Forecast to 2020 – Developing Tourism Industry and High Per Capita Income to Drive Growth” provides a comprehensive analysis of the Car Rental and Leasing Market in Oman. The report covers various aspects such as market size of Oman car rental and leasing market on basis of revenues and fleet size, segmentation on the basis of Car Leasing, short term car rental and chauffeur driven car rental, on airport and off airport, regions, mode of booking, purpose of booking, and organizational structure. The report provides insights on vehicle leasing Market in Oman, car leasing market size and segmentation by industry verticals, term of contracts and vehicle type for car leasing market in Oman. The report also entails the market share and strategies of the major players in the Oman car rental and leasing market along with the Government rules and regulations governing the market. An analysis of the future Car Rental Market of Oman is provided on the basis of revenue and fleet size over next five years.
Oman Car rental market has majorly been in its period of development with operators being challenged to enhance their fleet portfolio in order to meet demands of the discerning customers in terms of variety of cars and delivery standards. The car rental industry in Oman has majorly been dominated by various car rental players such as Hertz, Auto rent, Budget, Sixt and others.
Car rental market in Oman has surged in recent times. The market has witnessed a rise in the number of car rental firms in the country along with the rise in international tourist arrivals especially in city of Muscat. Oman car rental market has witnessed a rise in the number of long term car rentals and it is expected that in future, long term car rental would bypass spot rentals in Oman car rental market. The overall car rental business in the country has been growing at a compound annual growth rate of ~% during the year 2010-2015.
Oman car rental market has been segmented by means of business segments namely car leasing, short term car rental and Chauffeur driven car rental market. The market has witnessed an increase in car leasing market and has a share of ~% in 2015 in terms of revenue. The domination of car leasing segment is primarily due to large number of enterprises in the country that takes the car on leasing to provide easy transportation facilities for their employees. In 2015, short term car rental held a share of ~% in terms of revenues due to the increase in on-airport car rental services and tourist arrivals in the country.
Chauffeur Driven Car Rental market in Oman has been largely driven by the rise in the Off-Airport segment car rental market. Off-Airport car rental segment has occupied a share of ~% in terms of revenue in Oman car rental market in 2015.
Leisure Car rental market in Oman has occupied a share of ~% in terms of revenue in 2015 whereas business car rental market had occupied a share of ~% in terms of revenue.
The largest city and capital is Muscat, with a population of around 800,000. Muscat has been regarded as one of the best cities to travel and live in Oman. Therefore, the city owns a share of ~% in the overall car rental market of Oman since it provides an inter connectivity to various other cities across the country.
Oman car rental market is characterized by higher number of long term contracts just like the other Middle East countries. Around ~% of the contracts were signed for a term of 3 years and ~% for a term of 2 years. Since, most of the contracts are for oil and gas and construction companies, it makes it impervious that higher proportion of contracts would be signed for 2 or 3 years of tenure.
The tourism ministry is also promoting Oman as a tourist destination by conducting global awareness campaign, regional and national events such as the Muscat Festival (January to February) and the Salalah Tourism Festival (July to August) and through e marketing through its portals. High per capita income in the country has also provided an impetus to the growth of limousine services that people of the high stature demand. Projection for the future suggests that the market for car rental is expected to witness promising growth and revenues are expected to mount to about USD 55 million by 2020.