Market Forecast By Lease Type (Open Ended, Close Ended), By Vehicle Type (Passenger Car, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)), And Competitive Landscape
|Product Code: ETC002355||Publication Date: Mar 2023||Product Type: Report|
|Publisher: 6Wresearch||No. of Pages: 70||No. of Figures: 35||No. of Tables: 5|
UAE Vehicle Leasing Market has been growing rapidly in recent years, driven by a growing population, rising disposable incomes, and an increasing preference for car leasing. The rising trend of digital platforms that allow customers to lease cars online is one of the major developments in this market. Another trend in the market is the popularity of electric vehicles for leasing purposes. The UAE government has been promoting the use of EVs by offering free charging and discounted registration fees. In addition, there has been a growing interest in short-term leasing options, with many companies offering weekly, daily, and monthly rental options. The UAE's economy has been growing rapidly over the years, with a stable political environment and a growing population. These factors have led to an increase in demand for vehicles, and leasing has become a popular option for businesses and individuals. Thus, proliferating the UAE Vehicle Leasing Market Size.
Moreover, the UAE has invested heavily in improving its infrastructure which has made it easier for people to access and use leased vehicles. Consumer behaviour has changed significantly in recent years, with people preferring leasing instead of buying a car. Furthermore, with the increasing awareness about vehicle leasing in the UAE, companies and individuals realizing the benefits of leasing which has resulted in an increased demand for vehicle leasing services in the UAE.
UAE Vehicle Leasing market report thoroughly covers the market by lease type and vehicle type. The UAE Vehicle Leasing market outlook report provides an unbiased and detailed analysis of the ongoing UAE Vehicle Leasing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
UAE Vehicle Leasing Market is driven by growing awareness regarding vehicle leasing and the rising automotive industry. Rising government initiatives towards a secure and reliable transport system and the growing tourism industry coupled with surging investment in travel infrastructure are the major aspects boosting the growth of the vehicle leasing market in the UAE. Additionally, less maintenance and repair costs and an easy transition would further fuel the demand for the vehicle leasing market in the UAE.
According to 6wresearch, the UAE Vehicle Leasing Market size is expected to grow during 2020-2026. The UAE vehicle leasing market is anticipated to witness substantial growth in the upcoming six years on the back of rising tourism. Due to the existence of magnificent iconic structures in the country, UAE is considered a tourism hub and registers a large number of tourist visits each year. This is leading to an increase in the demand for rental vehicles for visiting malls and other tourist spots in the country and as a result, is expected to leave a positive impact on the growth of the UAE vehicle leasing market in the coming timeframe. Further, Dubai and Abu Dhabi vehicle leasing are expected to generate lucrative opportunities in the vehicle leasing market owing to the setup of Dubai shopping festivals which influences and is anticipated to support the significant demand for vehicles on rent during the festival season and is expected to assist the progressive growth of the UAE vehicle leasing market in the coming years.
UAE vehicle leasing market is projected to witness substantial growth during the forecast period 2020-26F backed by the rising aspiration for driving luxurious cars, coupled with the growing car enthusiast population in the country which has led to adopting luxurious vehicles on rent in order to experience varied luxurious cars drives and is estimated to be held responsible for burgeoning demand for vehicle leasing facilities in the coming timeframe in the country. Additionally, on the basis of income groups, high-income, and middle-income groups, both are estimated to generate increased demand for vehicle leasing and are expected to contribute to the generation of high sales revenues in the market, but the Middle-income group is the winning segment in the country, as the middle-class population cannot afford luxury vehicles and opt for luxurious cars leasing service which is expected to be a growth proliferating factor that would benefit the entire UAE vehicle leasing market in the upcoming six years.
Based on lease type, the open-ended segment is expected to dominate the vehicle leasing market revenue share in UAE owing to flexible terms, provides superior control over asset utilization and disposal, and the open-ended lease is majorly used in commercial business. Furthermore, during the first quarter of 2020, the market in UAE is expected to witness negative growth in the economy owing to the coronavirus pandemic which has spread a worse impact on business worldwide. However, the UAE market is expected to register healthy growth and recovery in the economic scenario during the second half of 2020-2026.
In terms of vehicle type, the passenger car segment is anticipated to hold a major revenue share in the vehicle leasing market over the forecast period on account of the growing sale of passenger cars coupled with surging investment in the automotive industry and enhancing demand for passenger cars in the country.
The outburst of the coronavirus pandemic has negatively impacted the growth of the market owing to a decline in the tourism industry. Pause on travel and restrictions on the movement of goods have also put a halt on the demand for vehicle leasing.
Some of the key players in the UAE Vehicle Leasing Market are:
The UAE Vehicle Leasing Market report provides a detailed analysis of the following market segments:
|1. Executive Summary|
|2.1 Report Description|
|2.2 Key Highlights|
|2.3 Market Scope & Segmentation|
|2.4 Research Methodology|
|3. UAE Vehicle Leasing Market Overview|
|3.1 UAE Vehicle Leasing Market Revenues and Volume, 2016-2026F|
|3.2 UAE Vehicle Leasing Market Revenue Share, By Lease Type, 2019 & 2026F|
|3.3 UAE Vehicle Leasing Market Revenue Share, By Vehicle Type, 2019 & 2026F|
|3.4 UAE Vehicle Leasing Market - Industry Life Cycle|
|3.5 UAE Vehicle Leasing Market - Porter’s Five Forces|
|4. UAE Vehicle Leasing Market Dynamics|
|4.1 Impact Analysis|
|4.2 Market Drivers|
|4.3 Market Restraints|
|5. UAE Vehicle Leasing Market Trends|
|6. UAE Vehicle Leasing Market Overview, by Lease Type|
|6.1 UAE Open-Ended Vehicle Leasing Market Revenues and Volume, 2016-2026F|
|6.2 UAE Close-Ended Vehicle Leasing Market Revenues and Volume, 2016-2026F|
|7. UAE Vehicle Leasing Market Overview, by Vehicle Type|
|7.1 UAE Vehicle Leasing Market Revenue and Volumes, By Passenger Cars, 2016-2026F|
|7.2 UAE Vehicle Leasing Market Revenue and Volumes, By Light Commercial Vehicle (LCV) 2016-2026F|
|7.3 UAE Vehicle Leasing Market Revenue and Volumes, By Heavy Commercial Vehicle (HCV) 2016-2026F|
|8. UAE Vehicle Leasing Market Key Performance Indicators|
|9. UAE Vehicle Leasing Market Opportunity Assessment|
|9.1 UAE Vehicle Leasing Market Opportunity Assessment, By Lease Type, 2026F|
|9.2 UAE Vehicle Leasing Market Opportunity Assessment, By Vehicle Type, 2026F|
|10. UAE Vehicle Leasing Market Competitive Landscape|
|10.1 UAE Vehicle Leasing Market By Companies, 2019|
|10.2 UAE Vehicle Leasing Market Competitive Benchmarking, By Operating Parameters|
|11. Company Profiles|
|12. Key Strategic Recommendations|