Focus on Growing digital penetration, evolving vehicle ownership characteristics and rebates by the Government amidst systematically regulated vehicle ownership and financing policies by the regulatory authorities are driving the UAE auto finance market.
Rising Automobile Demand: UAE’s low import and fuel costs, conducive tax regime and high disposable incomes has strengthened the automobile sector and encouraged the global giants to set up its dealers and distributers in the UAE. The government has also been encouraging research and development with regards to autonomous or driverless vehicles, smart and eco-friendly alternatives, for instance, hydrogen, natural gas and hybrid vehicles which has led to the rise in demand for automobile.
Flexible Models of Financing: Younger, tech-savvy buyers, who expect to manage their finances remotely on a mobile device or computer are gaining market share. AI is increasingly making important decisions to offer a very different proposition to third party funders, brokers and banks like Dubai Islamic bank, Ajman bank, arab bank, mashreq, first Abu Dhabi bank etc.
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Growth in Automotive Industry: UAE’s low import and fuel costs, conducive tax regime and high disposable incomes have also helped strengthen the automobile sector and encourage global giants like Toyota, Nissan, Mitsubishi, etc. to set up shop here and manufacture in the country. The government has also been encouraging research and development with regards to autonomous or driverless vehicles such as the RTA and General Motors backed “Cruise” that is operating Chevrolet Bolt EVs across the city to create and maintain a navigable map for autonomous vehicles.
Online Auto Finance Aggregator: Major Online aggregator are Yallacompare, Moneymall, souqalmal, mymoneysouq, soulwallet. These platforms collaborate with Banks, Captives, NBFCs, Fintech lenders and other peer-to-peer lending platforms to provide multiple financing options that range from personalized interest rates and variable terms to completely new ownership models such as shared leasing and vehicle subscriptions.
Analysts at Ken Research in their latest publication “UAE Auto Finance Industry Outlook to 2026F - Driven by growing digital penetration, evolving vehicle ownership characteristics and rebates by the Government amidst systematically regulated vehicle ownership and financing policies by the regulatory authorities” by Ken Research observed that UAE Auto Finance Market is in the growing phase. The Potential for Fintech Growth, growing digital advancement, rising automobile demand, flexible model of financing and government initiatives, are some of the factors that will contributed to the UAE Auto Finance market growth over the period of 2021-2026F. It is expected that UAE Auto Finance Sector will grow at a CAGR of ~17% for the above forecasted period.
Key Segments Covered: -
UAE Auto Finance Market:
By Category of Lenders (by Credit disbursed), 2021 & 2026F:
- Captive Financing Companies
- Universal and Commercial Banks
- NBFCs
By Type of Vehicles (by Credit disbursed), 2021 & 2026F:
- Two Wheelers
- Three Wheelers
- Four Wheelers
By Type of Ownership (by Credit disbursed), 2021 & 2026F:
- Used Cars
- New Cars
By Category of Vehicles (by Credit disbursed), 2021 & 2026F:
- Passenger Vehicles
- Commercial Vehicles
By Duration of Loan (by Credit disbursed), 2021 & 2026F:
- 12 – 14 months
- 25 – 48 months
- 49 – 60 months
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Key Target Audience
- Banks and its Subsidiaries
- NBFCs
- Captive Finance Companies
- Government and Institutions
- Automobile Companies
- Car Dealers
- Government and Institutions
- Existing Auto Finance Companies
- OEM Dealerships
- New Market Entrants
- Investors
- Auto mobile Associations
Time Period Captured in the Report:
- Historical Period: 2016-2020
- Base Year: 2021
- Forecast Period: 2022 – 2026F
Companies Covered:
- Dubai Islamic Bank
- Commercial Bank of Dubai
- Emirates NBD
- HSBC
- Noor Bank
- Abu Dhabi Islamic Bank
- Al Hilal Bank
- Ajman Bank
- ADCB Islamic Bank
- Arab Bank
- RakBank
- Sharjah Islamic Bank
- Emirates Islamic Bank
- First Abu Dhabi Bank
- Mashreq Bank
- Dunia Finance
- Reem Finance
- Siraj Finance
- Finance House
- Dubai First
Key Topics Covered in the Report:
- Executive Summary for UAE Auto Finance Market Outlook to 2026F
- Country Overview of UAE
- UAE Auto Finance Market Overview and Genesis
- Ecosystem of Major Entities in UAE Auto Finance Market
- UAE Automotive Market - Major OEM Brands basis Passenger Car Sales
- Objectives of Captives
- Types of Car Loans in UAE Auto Finance Industry
- Value Chain of UAE Auto Finance Industry
- UAE Auto Finance Market Size
- UAE Auto Finance Market Segmentations
- Industry Analysis of UAE Auto Finance Market
- Decision Making Parameters for selecting Auto Finance Vendors
- Trends and Developments in UAE Auto Finance Market
- Challenges faced by End Users in UAE Auto Finance Market
- SWOT Analysis of UAE Auto Finance Market
- Government Regulations in the UAE Auto Finance Market
- Customer Journey
- COVID 19 Impact on UAE Auto Finance Industry
- UAE Auto Finance Aggregator Market
- Cross Comparison of Major Companies in UAE Auto Finance Market
- Future Outlook and Market Size for UAE Auto Finance Market 2021-2026F
- Analyst Recommendations
For more insights on the market intelligence, refer to the link below: -
Future Outlook UAE Auto Finance Market
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