Oman Car rental market has majorly been in its period of development with operators being challenged to enhance their product portfolio in order to meet demands of the discerning customer in terms of variety of products 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 high compound annual growth rate during the year 2010-2015, According to analyst Ken Research.
Oman car rental market does not have any fixed rental rates and majority of the Omani population opts for a car rental service that operates at a low fee. Therefore, the demand for compact sedan has been higher as compared to luxury cars. Cars such as Nissan Micra and Mitsubishi Mirage have dominated the Oman car rental market. Moreover increased demand of luxury cars and limousine has also led to the higher demand of car rental services by the high income class business people and professionals. Therefore, the car rental companies keep a fleet ranging from small cars to the luxury cars to tap the complete potential and meet the demands of all types of the consumers With the maintenance and insurance overheads associated with owning a car, the long-term leasing will continue to be a flexible option. This coupled with vast improvements in infrastructure will restrain people from owning a car or bearing the expense of taxis, making renting a more feasible option.
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. This will directly impact the revenues of car rental companies in the country. 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 USD 55 million by 2020. According to analyst Ken Research. The publication on “Oman Car Rental and Leasing Market Forecast to 2020 – Developing Tourism Industry and High Per Capita Income to Drive Growth” 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 for car rental 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 is useful for industry consultants and analysts, car rental companies and new players venturing in the market, According to analyst Ken Research