Car Rentals - Qatar

Qatar

Highlights

The projected revenue for Qatar's Car Rentals market is set to reach US$63.37m in 2024.
It is expected to witness an annual growth rate (CAGR 2024-2029) of 2.41%, resulting in a projected market volume of US$71.39m by 2029.
Moreover, the number of users in this market is expected to reach 309.70k users by 2029.
The user penetration rate is projected to increase from 9.1% in 2024 to 10.9% by 2029.
The average revenue per user (ARPU) is expected to be US$253.60.
Furthermore, it is anticipated that 86% of the total revenue in this market will be generated through online sales by 2029.
It is interesting to note that, in comparison to other countries, United States is expected to generate the highest revenue in the Car Rentals market, with an estimated revenue of US$32bn in 2024.
The car rental market in Qatar continues to grow, driven by the country's booming tourism industry and high demand for luxury vehicles.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Car Rentals market in Qatar has been experiencing significant growth in recent years, driven by a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Qatar have shifted towards the convenience and flexibility offered by car rentals. As the country continues to develop its infrastructure and transportation systems, there is a growing need for reliable and accessible transportation options. Car rentals provide individuals and businesses with the freedom to travel at their own pace and explore the country's diverse landscapes. Additionally, the rise of ride-sharing services has made it easier for customers to access car rental services, further fueling the market's growth. Trends in the market have also played a role in driving the growth of car rentals in Qatar. The increasing popularity of tourism in the country has led to a greater demand for rental cars among international visitors. Qatar's hosting of major sporting events and conferences has also contributed to the growth of the market, as attendees often prefer the convenience of renting a car during their stay. Furthermore, the emergence of online platforms and mobile applications has made it easier for customers to book and rent cars, increasing the accessibility and visibility of car rental services. Local special circumstances in Qatar have further supported the development of the car rentals market. The country's small size and high population density make it an ideal market for car rental companies. Qatar's strong economy and high disposable income levels have also contributed to the growth of the market, as individuals and businesses have the financial means to rent cars for various purposes. Additionally, the government's focus on promoting tourism and attracting foreign investment has created a favorable business environment for car rental companies. Underlying macroeconomic factors have played a significant role in the growth of the car rentals market in Qatar. The country's stable political environment and favorable business regulations have attracted international car rental companies to establish a presence in Qatar. This has increased competition within the market and led to the introduction of new services and technologies. Furthermore, Qatar's strong economic growth and high levels of consumer spending have boosted demand for car rentals, as individuals and businesses seek convenient and cost-effective transportation options. In conclusion, the growth of the car rentals market in Qatar can be attributed to customer preferences for convenience and flexibility, trends in the market such as the rise of tourism and online platforms, local special circumstances including the country's small size and strong economy, and underlying macroeconomic factors such as political stability and high levels of consumer spending. These factors have created a favorable environment for the development and expansion of the car rentals market in Qatar.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of car rental services.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.