UAE Car Rental Market Size 2021 Upcoming Trends, Impact of Covid-19
Car rental refers to the rental of cars for short periods, typically 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 mainly located near airports and busy urban areas and also allow online and offline reservations.
The car rental and leasing industry in UAE, which has become an international business and tourism destination in recent years, will continue to grow and significantly increase the growth of the car rental and leasing industry. Despite the high level of motorization in the United Arab Emirates, the car rental and leasing sector is mainly driven by leisure and business tourism. The UAE tourism sector has grown rapidly in recent years. Many buyers are also in favor of renting / leasing a car rather than owning one, which is why car rental companies should pay more attention to expanding their vehicle fleet. The growing use of smartphones, the growing adoption of car rental management software, and the growing preference for online car booking due to various purposes such as cashless transactions and electronic signature contracts are expected to offer benefits. productive growth opportunities for car rental suppliers working in the industry.
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According to the study, âThe Outlook for the Car Rental, Leasing and Limousine Market in the United Arab Emirates to 2025 (Second Edition) – Driven by the Revival of Tourism, Has Shifted Customer Preference from public transport to personal cars due to Covid-19 ‘renowned companies currently working in the United Arab Emirates car rental market includes 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 es. Players are very focused on improving the size of their fleet to meet growing demand. Therefore, the supply gap offers good opportunities for the players. Technology is also used to improve the consumer experience. These include using GPS, advanced music systems, and connecting the device. This paves the way for remarkable growth of the global car rental market during the forecast period.
Based on car types, the market can be separated into standard car, premium car, full-size car, and ultra luxury car. Depending on the type of activity, the market can be separated into event activities and non-event activities. Depending on the source of payment, the market can be separated into company payments and directly from companies. Depending on the rental period, the market can be divided into 0 to 1 month, 1 to 6 months and 6 to 12 months. Also, depending on the purpose of the limousine, the market may be separated as business and leisure.
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Increase in the number of tourists, followed by lower travel costs, increase in the trend of electric car rentals, increase in demand from local markets, increase in digitization, increase in preference for short-term rentals , growth in the number of inbound and domestic travelers and the reduction in oil prices and declining per capita income are major factors responsible for the growth of the market. However, various regulatory challenges and challenges related to maintenance and repair work can impact the market.
The UAE car rental market is heavily influenced by tourists and office businesses. With the growing popularity of a technology platform and the introduction of new customer-centric services, the government is proposing initiatives to promote the market. Additionally, with the emerging economy in the United Arab Emirates with car rental companies in high demand, car rental has become even more accessible and sustainable. Growing populations, especially in large cities, are leading to a lack of space, and rising fuel prices and taxes have drawn people towards sustainability. Eco-friendly or environmentally friendly vehicles like electric vehicles (EVs) are adopted as the UAE car rental market moves towards environmentally friendly solutions.
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Dubai is the largest market for car rental and leasing services in the county. In addition, Abu Dhabi is focused on reducing its dependence on oil. This is expected to broaden the business environment and attract new business travelers, which will boost the car rental and leasing market. The future of the market is expected to be bright due to the increase in consumer preference for luxury and hybrid vehicles with advanced technology during the forecast period.
Ankur Gupta, Marketing and Communication Manager
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