Car rental refers to renting cars for short periods of time, usually from a few hours to a few weeks, through car rental companies or car rental companies. The car rental market is usually organized with various local branches of the car rental companies, and these agencies are primarily located near airports & busy urban areas and also allow online & offline reservations.
The car rental and leasing industry in
the United Arab Emirates, which has become an international commercial and
tourist destination in recent years, will continue to grow and significantly
increase the growth of the car rental and leasing industry. Despite the elevated
level of car-ownership in the UAE, the car rental & leasing industry is primarily
driven by leisure and business tourism. The UAE tourism sector has grown
rapidly in recent years. Numerous buyers are also in favor of renting / leasing
a car rather than owning one, so greater interest is expected from car rental
companies in expanding their vehicle fleets. Increasing use of smartphones, growing
adoption of car rental management software, and increasing preference of online
booking of cars due to various purposes such as cashless transactions and
e-signing contracts is expected to provide productive growth opportunities for
car rental providers working in the industry.
According to study, “The
UAE Car Rental, Leasing and Limousine Market Outlook to 2025 (Second Edition) -
Driven by Reviving Tourism, altered Customer Preference from Public Transport
to Personal Cars owing to Covid-19” renowned companies that are presently
working in the UAE car rental market include Nirvana Travel and Tourism, Thrifty
Rent a Car, Massar Car Rental, Hertz, Budget Rent a Car, Diamondlease, Fast
Rent a Car, Leaseplan, Europcar, Diamondlease, AutoRent, Avis Limousine,
National Transport, Dubai Taxi Corporation, German Limousine, Sharjah Roads and
Transport Authority, Royal Falcon Limousine, Dubai Exotic Limousine, Transguard
Limousine, Cityway Limousine, Elite Class Limousine Services, Insaf Limousine,
Avis Limousine, Global Wings Limousine, Onak Limousine, Private Limousine, Hot
Wheels Limo, Niceway Limousine and among others. Players are very focused on
upgrading the size of their fleet to meet the growing demand. Therefore, the
supply gap offers good opportunities for the players. Technology is also used
to improve the consumer experience. These include the use of GPS, advanced
music systems, and device connection. This paves the way for remarkable growth
in the global car rental market over the forecast period.
Based on types of car, market can be
segregated as standard car, premium car, large-sized car and ultra luxury car.
Based on business type, market can be segregated as event business and
non-event business. Based on source of payment, market can be segregated as
corporate payments and direct from corporate. Based on duration of rental,
market can be segregated as 0 to 1 month, 1 to 6 month and 6 to 12 month. In
addition, based on purpose of limousine, market can be segregated as corporate
and leisure.
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Increase in number of tourists,
followed by lower cost of travel, rise in trend towards electric car rentals,
rise in demand from the local markets, growth in digitalization, increase in preference
for short-term rentals, growth in number of inbound & domestic travelers and
reducing oil prices & lower per capita income are some major factors, which
are responsible for growth of the market. However, various regulatory
challenges and maintenance & repair work challenges may impact the market.
The UAE
Car Rental Market
is heavily influenced by tourists and office businesses. With the growing
popularity of a technology-based platform and the introduction of new
customer-centric services, the government is offering initiatives to promote
the market. In addition, with the emergent economy in the United Arab Emirates,
car-rental companies on high demand, car rentals have become even more
accessible & sustainable. Rising populations, especially in larger cities,
are leading to a lack of space, and rising fuel prices and taxes have drawn
people to sustainability. Eco-friendly or environment friendly vehicles like
electric vehicles (EVs) are being adopted as the UAE car rental market is
moving towards the eco-friendly solutions.
Dubai is largest market for car rental
& leasing services in the county. In addition, Abu Dhabi is focused on
dropping its oil dependency. This is expected to expand the business
environment and attract new business travelers, which will boost the car rental
and leasing market. It is predicted that future of the market will be bright as
a result of increase in consumer preference over luxury & hybrid vehicles
with advanced technology during the forecast period.
For More Information, refer to below link:-
UAE
Car Rental Market Research Report
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