Saudi Arabia Vehicle Rental Market Synopsis
The Saudi Arabia vehicle rental market is expected to witness growth, primarily backed by the rapidly growing investment in the tourism sector, robust development of the logistics sector, as well as the rising preference of corporate players towards leasing cars. Furthermore, the government’s initiatives for the diversification of the economy away from oil, led by Saudi Vision 2030, would lead to the establishment of several new commercial entities in the country, thereby propelling the demand for transportation services over the coming years. This, in turn, would also augment the revenues of the vehicle rental market in Saudi Arabia.
According to 6Wresearch, Saudi Arabia Vehicle Rental Market size is projected to grow at a CAGR of 4.7% during 2023-2029. The rapidly growing internet penetration in the country along with the growing inclination of customers, especially young users, to make travel bookings through online and mobile platforms, would bolster the market for online vehicle rental bookings. The airport and seaport expansion projects in the kingdom to strengthen the logistics industry would further drive the demand for commercial rental vehicles over the coming years. The coronavirus pandemic and oil price crash had a significant impact on the Saudi Arabia vehicle rental industry in 2020 on account of reduced mobility, temporary suspension of tourism and commercial activities, as well as reduced spending capacity of people. However, the resumption of tourism and commercial activities, combined with an increase in potential consumer base on account of the anticipated reduction in sales of new cars due to the imposition of 15% VAT from July 2020 and the projected shift of users of public transport to other means for commuting due to hygiene concerns, would help the vehicle rental market to gradually recover in the kingdom over the coming years.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 11 Years Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report
- Historical Data and Forecast of Saudi Arabia Vehicle Rental Market Revenues, By Regions, for the Period 2019-2029F
- Saudi Arabia Vehicle Rental Market Revenue Share, By Market Players
- Historical Data and Forecast of Saudi Arabia Vehicle Rental Market Revenues, for the Period 2019-2029F
- Saudi Arabia Vehicle Rental Market Outlook
- Historical Data and Forecast of Saudi Arabia Vehicle Rental Market Revenues, By Type, for the Period 2019-2029F
- Saudi Arabia Vehicle Rental Market Overview
- Historical Data and Forecast of Saudi Arabia Vehicle Rental Market Revenues, By Service Type, for the Period 2019-2029F
- Saudi Arabia Vehicle Rental Market Forecast
- Historical Data and Forecast of Saudi Arabia Vehicle Rental Market Revenues, By Rental Type, for the Period 2019-2029F
- Historical Data and Forecast of Saudi Arabia Vehicle Rental Market Revenues, By Booking Type, for the Period 2019-2029F
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