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