The UAE Rent a Car Market is projected to grow at a CAGR of 8.9% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. This growth attributes to the rapidly growing need for car rental services for local transportation in the country. The UAE government’s rising emphasis on economic diversification away from the oil and gas sector, i.e., displaying enormous spending on the tourism sector to draw tourists, pilgrims, and migrant inflow & would primarily stir the market expansion during the forecast period.
Moreover, with an expected increase in vehicle fleets over the next few years, the government’s increasing promotion of the use of electric and hybrid vehicles through the provision of incentives is also set to present growth prospects for the top market participants. Additionally, the ease of licensing reveals a growing competition among well-known automobile rental firms in the UAE to provide higher value-added services rather than only escalating the price conflict.
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Furthermore, services like a sliding scale termination policy, corporate mileage pools, and guaranteed vehicle replacements during servicing are also a part of the said strategies. Therefore, these factors instigate the upward trend for the UAE Rent Car Market through 2027, further states the research report, “UAE Rent a Car Market Analysis, 2022.”
Rising Internet Penetration to Favorably Foster Online Reservations for Rent a Car
Based on Booking Type, Online Reservations acquired the lion’s share in the UAE Rent a Car Market in the historical period and shall prevail in the same trend during the forecast period. This dominance attributes principally to the increasing use of smartphones & high internet penetration, entwined with convenient facilities & ease of selecting the best rental cars after comparing several websites.
Besides, because of their simplicity & convenience, online portals are being used more & more by vehicle rental service providers. Due to a variety of new vehicle rental service applications, significant improvements to old platforms, and the introduction of subscription-based services, the nation is seeing a rise in client preferences for online channels for car rental services.
Furthermore, a growing number of partnerships, collaborations, mergers, & acquisitions among automakers & rental service providers, among others, to offer excellent services through digital platforms is further expected to stimulate market growth in the UAE.
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The leading players in the UAE Rent a Car Market are Thrifty, Hertz, Emirates Transport, Massar Solutions, Sixt Rent a Car, Fast Rent a car, Kayak, Europcar, Avis Rent a Car, Dollar Rent a Car, Others.
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