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: Sep 2022||Product Type: Report|
|Publisher: 6Wresearch||No. of Pages: 70||No. of Figures: 35||No. of Tables: 5|
UAE Vehicle Leasing Market is expected to gain momentum during the upcoming years owing to the strengthening of the tourism sector. Surging disposable income coupled with rising initiatives taken by the government is driving the development of the market. Surging adoption of leased vehicles owing to the low initial cost is adding to the UAE Vehicle Leasing Market Share. Increasing advantages associated with vehicle leasings such as no money blockage and low maintenance cost is adding to the development of the industry. Moreover, less car depreciation along with the latest car leasing industry is adding to the development of the market.
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. 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 adopt 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 a 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). Which segment based on lease type is expected to dominate the vehicle leasing market revenue share in UAE?
Based on lease type, the open-ended segment is expected to dominate the vehicle leasing market revenue share in UAE.
2). Which segment based on vehicle type is anticipated to hold a major revenue share in the vehicle leasing market?
In terms of vehicle type, the passenger car segment is anticipated to hold a major revenue share in the vehicle leasing market.
3). Does the report include the impact of COVID-19?
Yes, the report includes the impact of COVID-19.
4). What is the study period of the report?
|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|