Entry of new players & a developing startup infrastructure is expected to showcase a robust growth making the market grow at a CAGR of 9% by 2024, says a report by Ken Research
1. The UAE Government is focusing on improving the car rental & purchase infrastructure via several policies & promoting the use of clean technology.
The government is currently focusing on making the ecosystem faster & smarter via the introduction of various initiatives such as, ‘Smart Dubai 2021’, the objective of which is to pioneer smart innovative mobility solutions for a seamless and safe transportation experience in the emirate. Electric Charging stations would be set up to boost the use of environment-friendly cars. Moreover, smart parking system would tell drivers the availability and location of parking spaces. A few other initiatives include, ‘Ghadan 21’ & ‘Energy Strategy 2050.’
2. “Investment scenario getting a boost:’ UAE’s Car Rental & Leasing Market is getting massive investment boost & emergence of new startups
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Various companies operating in the UAE Car Rental & Leasing market are getting massive investment influx owing to government regulations & the infrastructure development. For instance, Invygo, a startup operating in UAE and Saudi Arabia, has raised $10 Mn in its Series A funding led by MEVP as it works to scale its car rental service in the region while also updating the services they’re offering to customers. Other such examples include Kyte which was able to raise over $10 Mn in investment. All in all, the market is currently growing at a robust rate with startups & companies updating their operating policies & services being offered to customers.
3. UAE Car Rental Market to witness a robust growth owing to favorable government policies & rising investment in the sector.
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The UAE Car Rental Market is expected to showcase a robust growth in the upcoming years, growing at a CAGR of 9%. The rising growth rate can be attributed to favorable government policies & improving investment rate. Moreover, events like Dubai Expo will forecast the highest growth in rental services as 25 Mn visitor’s footfall is expected to visit the UAE. Mobile based rental services, GPS technology, Online booking, Online payment will help the rental services to grow. Cab aggregators will soon be covering more than 60 % of rental services booking while Individual rental booking is expected to increase primarily from Airport.
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