UAE being recognized as Premium Tourist and Leisure Destination with Growing Number of Expats to Drive Car Rental Market: Ken Research

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• The U.A.E.’s leisure and entertainment market is set to grow as 45 million visitors are expected by 2021, including 30 million international tourists increasing business for Hospitality, Tourism and Transportation industries
• Expat population sums up to 8.45 million as of 2018, with the highest 35.7% of Indians.6 During 2018, the outflow of emigrants from India to UAE, comprised of 103 Thousand
• Dubai and Abu Dhabi to forecast a huge demand in Car Rental, Leasing and Limousine Services anticipated by the upcoming events and Expo.

Electric Vehicle, IoT technology, and Machine learning will drive the Growth: Car Rental,  Leasing, and Limousine companies are using the technology such as IoT and machine learning to improve the Fleet operations and management. New Tech-based platforms such as Beno are entering the market to increase traditional sales channels for its partners and also creating a more efficient, data-enabled, and technology-driven ecosystem with consumers at its heart. Companies are focusing on customer experiences and services are providing the best online service and car booking features.

Digital Payments will soon become a common practice across the UAE giving the customers freedom from carrying cash and local currency. This will be highly beneficial for Intentional Tourists.

Annual Events and Growing demand: More than 1, 35,000 visitors are expected to attend Formula 1 Grand Prix 2020 in Abu Dhabi out of which 60% will be foreign visitors. With the growing popularity of Dubai and Abu Dhabi as the major Economic locations, there is a high influx of corporate and Tourists creating an enforced demand for the Car Rental, Leasing, and Limousine Services. New Cab Aggregators are emerging in the market to cater to the potential demand. The leasing and Limousine service are expected to increase with a positive CAGR of 6.6% and 7.7% respectively in terms of the fleet during the forecast period 2019-2024F.

Growth Strategies by UAE Cab Taxi Industry: Dubai Taxi Corporation will be adding 200 Tesla electric cars by 2020 and 50% of its fleet will be converted into hybrid vehicle by 2021. Hybrid vehicles save fuel consumption by as much as 25.41 L per vehicle per day - equivalent to Dh54.38 savings per vehicle per day (fuel price at Dh2.14 per L). Furthermore, Cashless payments are becoming the norm in the UAE and Abu Dhabi emirate’s taxis have started to offer the same convenience to commuters as it is often hard to find the exact change needed to pay the fare.

Analysts at Ken Research in their latest the publication “UAE Car Rental, Leasing and Limousine Outlook to 2024- Driven By Growth In Tourism And Corporate Demand for Employee Mobility” believe that the car rental, leasing, and limousine industry in UAE has been growing and is expected that it will expand further owing to the rising number of SME’s, International Tourists, working population and annual events, additional services provided by the companies such as flexible plans, online booking options and offers. The Car rental and leasing market is expected to register a positive CAGR of 9.7% in terms of revenue during the forecast period 2019-2024F and a positive CAGR of 13.8% in terms of revenue during the forecast period 2019-2024F for the limousine industry.

Key Segments Covered for Car Rental: –

By Emirates:

Dubai

Abu Dhabi

Others (Ras Al Khamiah, Sharjah, Al-Ain, Ajman and Umm Al Quwain)

By Types of Car:

Economy

SUV

Luxury

By End User:

Corporate

Individual

By Source of Booking:

On-Airport

Off- Airport

By Duration of Car Rental:

0-1 Month

1-6 Month

6-12 Month

Key Segments Covered for Car Leasing

By Emirates:

Dubai

Abu Dhabi

Others (Ras Al Khamiah, Sharjah, Al-Ain, Ajman and Umm Al Quwain)

By Types of Car:

Economy

SUV

Luxury

By Type of Car Leased:

Corporate

Individual

By Duration of Car Leasing:

1 Year

2 Year

3 Year

3+ Year

By End User:

Facility Management

Industrial Sector

Food Services

Logistics

Oil and Gas

Government and Associations

Others

Key Segments Covered for Limousine Car

By Emirates:

Dubai

Abu Dhabi

Others (Ras Al Khamiah, Sharjah, Al-Ain, Ajman and Umm Al Quwain)

By Limousine companies by Emirates:

Dubai

Abu Dhabi

Others (Ras Al Khamiah, Sharjah, Al-Ain, Ajman and Umm Al Quwain)

By Types of Car:

Standard

Large sized

Premium

Ultra-Luxury

By Business:

Event Business

Non- Event Business

By Source of Business:

Airport

Non-Airport

By Source of Payment:

Direct from Corporate

Corporate Payments

By Purpose of Limousine:

Leisure

Corporate

Key Target Audience

Car Rental companies

Car Leasing companies

Limousine Companies

Tourisms Industries

Tour and Travel Aggregator

Automobile companies

Cab taxi companies

Cab Aggregators

Technology Provides

Investors and Venture Capitalist

Government Associations

Logistics company

Time Period Captured in the Report:

Historical Period – 2014-2019

Forecast Period – 2020-2024

Companies Covered:

Car Rental and Leasing Companies:

Thrifty Rent a Car

Emirates Transport

Hertz

Diamondlease

Massar Car Rental

Leaseplan

Shift Rent a Car

National Car Rental

Avis Rent a Car

Europcar

Budget Rent a Car

Fast Rent a Car

Dollar

AutoRent

Paramount Car Rental and Leasing

EuroStar

Sixt Rent a Car

Limousine Companies:

Dubai Taxi Corporation

Emirates Transport

CityLink Limousine

Private Limousine

Avis Limousine

Transguard Limousine

National Transport

Sharjah Roads and Transport Authority

Hot Wheels Limo

Global Wings Limousine

Cityway Limousine

Royal Falcon Limousine

Patriot Limo

Niceway Limousine

Insaf Limousine

German Limousine

Onak Limousine

Dubai Exotic Limousine

Elite Class Limousine Services

Key Topics Covered in the Report: –

Chauffeur services in UAE

Companies in UAE Car Rental Market

Corporate Limousine Car Industry in UAE

Driver services in UAE

Dubai Exotic Limousine Market Future Outlook

Economy Cars Booking in UAE

Royal Falcon Limousine Market Competitors

Sedan Cars Booking in UAE

Sharjah Limousine Car Market

Shift Rent a Car Market Revenue

Sixt Rent a Car Industry Report

Sprouting Car Rental Market in UAE

Electric cars in UAE

Emirates Transport Car Leasing Market Analysis

Future outlook of the UAE Car Rental Market

German Limousine Industry Revenue Analysis

Growth for Car Rental Industry in UAE

Hatchback Cars Booking in UAE

Hotels and Tourism industry in UAE

For More Information on the research report, refer to below link: –

UAE Car Rental and Leasing Market Growth

Related Reports by Ken Research: –

India Self Drive Car Rental Market Outlook to 2024 – Rising Prominence of Shared Mobility Space with Growing Competencies of Self-Drive Companies due to the Growing Investments

Car Rentals (Self Drive) Market in Egypt to 2022: Fleet Size, Rental Occasion and Days, Utilization Rate and Average Revenue Analytics

Saudi Arabia Car Rental and Leasing Market Outlook to 2023- By Business Model (Car Leasing and Car Rental), By Fleet Type (Small Category, Medium Category, SUV, Premium/Luxury) and By End Users (Logistics, FMCG, Oil & Gas, Construction, Government and Others)

Contact Us: –
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249