2023: Sixt signed agreement with Altawkilat Universal Motors (Chevrolet’s dealer partner in Saudi Arabia) to onboard 25 Chevrolet Bolt EUVs.
According to MarkNtel Advisors study, The Saudi Arabia Rent a Car market is projected to grow at a CAGR of around 9.84% during the forecast period, i.e., 2023-28.
The government of Saudi Arabia is taking steps to build a robust automotive industry in the country, with the expansion of the Electric Vehicles (EVs) market to support the nation’s decarbonization efforts. Under the National Strategy for Transport and Logistics Services, the country aims to raise the share of zero-carbon transport vehicles on Saudi roads to nearly 45% of the total number of traditional vehicles.
Furthermore, the country’s strategic location at the crossroads of African, Asian, and European markets makes it an ideal point for importing minerals & for the production of batteries & vehicles, which is raising the government’s focus on manufacturing EVs inside the country. For instance, in 2022, the Saudi Arabia government launched Ceer, the country’s first electric vehicle manufacturing company. Hence, in line with the increased government initiatives for EVs, car rental companies are also taking efforts, such as signing up agreements & contracts to enhance the fleet size of EVs in their car inventory.
✅In case you missed it, we are currently revising our reports. Click on the below to get the latest research data with forecast for years 2025 to 2030, including market size, industry trends, and competitive analysis. It wouldn’t take long for the team to deliver the most recent version of the report.
Download Free Sample Copy @ https://www.marknteladvisors.com/query/request-sample/saudi-arabia-rent-a-car-market.html
Market Growth Driver: The tourism industry of the Kingdom of Saudi Arabia has been growing at a fast pace over the past years due to the increasing focus of the government on this sector. Rising investments & infrastructure expansion, such as the construction of hotels, theme parks, art galleries, metro lines, etc., led to the blossoming of the tourism sector in the country. This has raised the total number of travelers across the country, which enhanced the demand for rental car services owing to the ease of exploring new destinations, and long-term cost-effectiveness, compared to the total expenses on public transport. These cars offer a high level of comfort to tourists, and they get to avail attractive offers made by hotels & travel companies for these services in their packages, which has positively impacted the market in the country.
Furthermore, the growth in medical tourism, in response to the expansion of the healthcare industry, is also creating a new customer base for rental car services in the country. Therefore, medical tourism in Saudi Arabia is expected to grow in the near future, thereby upgrading the growth of the Rent a Car market.
Saudi Arabia Rent a Car Market Key Players:
Hertz, Sixt Rent a Car, Europcar, LUMI, Avis Budget Group, FinalRentals KSA, Enterprise Holdings, Inc., Alwefaq Transportation Solutions (Yelo), Hanco (Al Tala’a International Transportation Co. Limited), Others
Market Segmentation Overview:
By Type of Car
-Economy
-SUV
-Multi Utility Vehicle
-Luxury
By Application
-Leisure
-Commercial
The Commercial sector held a substantial revenue share in Saudi Arabia Rent a Car market in recent years. The surging development of service sectors in the country & growth promotion by the Saudi government to boost FDI has widely influenced the demand for rental cars to transport at innumerable business locations. Along with this, the rising presence of various domestic & international organizations due to macroeconomic advantages such as an efficient workforce, ease of entry & exit, and suitable business policies has further augmented the demand for rental cars to provide mobility services to their employees. Hence, as more & more businesses are expanding their operations in the country, a notable rise in inbound & regular business travel is expected to be witnessed in Saudi Arabia, further propelling the demand for rent a car services in the country during the forthcoming period.
By Drive Type
-Self-Driving
-Chauffeur
By Booking Type
-Offline
-Online
By Usage
-Local
-Airport
-Outstation
By Rental Duration
-Short Term
-Long Term
Read Full Report @ https://www.marknteladvisors.com/research-library/saudi-arabia-rent-a-car-market.html
By Region
- East
- West
- South
The Saudi Arabia Rent a Car Market Recent Development
2022: Theeb Rent a Car launched its second branch in Hail City, with the plan to expand & cover all the Kingdom’s cities, areas, and provinces.
Note: If you require specific information not covered in the current report, we can provide it through customized option
Explore Related Reports: –
South Africa Dropshipping Market – https://www.marknteladvisors.com/research-library/south-africa-drop-shipping-market.html
Kenya Drop Shipping Market – https://www.marknteladvisors.com/research-library/kenya-drop-shipping-market.html
Singapore Drop Shipping Market – https://www.marknteladvisors.com/research-library/singapore-drop-shipping-market.html
About MarkNtel Advisors:
MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.
Being one of the most efficient market research companies in India, our specialized team of experienced & efficient market research professionals is capable of grasping every minute and valuable information & data of the market to offer our clients with satisfactory details. Our company has served the biggest market research firms in India at leading positions and is proficient in managing all types of market research projects.
Have an Any Query,
Call Us – US Office: +1 628 895 8081
Email – sales@marknteladvisors.com
Address Sales Office: 564 Prospect St, B9, New Haven, Connecticut, USA-06511
Address Corporate Office: Office No.109, H-159, Sector 63, Noida, Uttar Pradesh-201301, India
Leave a Reply