Dubai has progressed very much in terms of economy and development. Its unremarkable projects have not only established world records but also attracted tourists toward it. When Dubai was not a central hub of business, the number of Dubai travelers was very less.
Most of the tourists are business travelers who explore Dubai as well as manage their projects. Travelers book an automobile from car rental Dubai to move across top destinations of Dubai.
This car rental business has experienced growth with the passage of time. Dubai car rental companies are highly influenced by the influx of tourists and corporate businesses. A slight growth has been observed in the fleet of vehicles on rent in the last few years.
Automobile leasing and vehicle rentals are making progress by leaps and bounds. There is an acceleration of the automobile rental industry with a positive CAGR. It is estimated that the present 7% CAGR will reach USD 2.5 billion in the near future.
How does the rental market ensure rapid growth?
Though the expected growth of the rental market is very large, it can be clearly visualized how much inflow of tourists is in Dubai. The ever-increasing number of visitors has increased the demand for cars on rent.
Rental companies are striving hard to fulfill the demands of travelers. Business travelers hire a car every time they go for a meeting in Dubai.
No doubt some residents of Dubai also go for renting a car, particularly on the weekends, but the vast exposure and progress of Dubai car leasers is due to the tourists and business travelers.
If you are going to Dubai on a business trip, you should rent a car because showing a luxurious lifestyle attracts other entrepreneurs and clients to sign a project with you. Thus, business improvement is also responsible for the rise in Dubai car rental industry.
What should car rentals do to cope up with their competitors?
Despite being the primary market of car leasing and automobile renting services, a huge saturation has been observed in this industry.
Nowadays, many companies are offering monthly car rental Dubai services to their customers at better rates. In this situation, it is very difficult for a company to compete with others and earn the highest repute in the rental business.
Vehicle rental companies should offer both short term and long term services. The best opportunity to make tourists the customers of your company is even at the airport. For this purpose, many companies have established their small offices in proximity to the airport.
For instance, if you like the amenities provided by car rental companies during your way to your hotel, you will definitely contact them for their car lease service during your long stay.
Challenges Faced by Automobile Rentals in Dubai
Due to more demand for rental vehicles from the local market, companies are facing many challenges to keep their business up to date. Customers’ attraction toward electric cars has also enhanced operating challenges such as repairing and maintenance of vehicles.
If you hire a car from a monthly car rental Dubai company, you will not have to worry about any maintenance as the company is responsible for regulatory changes.
Among several car rental companies in the UAE, the reputed businesses are enjoying great progress by sharing 74% of their fleet on a regular basis.
Conversely, small automobile leasing companies are able to share 26% of their fleet almost on a daily basis. Small rental businesses are also rising but at a less exponential rate. So is expected that car rental Dubai companies will progress and remain highly competitive.
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