Dublin, March 10, 2022 (GLOBE NEWSWIRE) -- The "Saudi Arabia Vehicle Rental Market Outlook (2021-2027): Market Forecast By Types,?By Service Type,?By Rental Type, By Booking Type, By Regions and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Saudi Arabia Vehicle Rental Market size is projected to grow at a CAGR of 4.5% during 2021-2027F
The primary reason for the growth in the Saudi Arabia vehicle rental industry is 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's 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.
The Saudi Arabia Vehicle Rental Market report thoroughly covers the market by type, service type, booking type and region. The Saudi Arabia vehicle rental market outlook report provides an unbiased and detailed analysis of the Saudi Arabia vehicle rental market trends, opportunities high growth areas, market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Saudi Arabia Vehicle Rental Market Synopsis
The Saudi Arabia vehicle rental market witnessed a decent growth during the period 2017-2019 underpinned by rapid growth in tourism and rising urbanization in the country.
However, the Covid-19 pandemic affected the revenues and fleet size of the vehicle rental market significantly due to the moratorium on tourism activities, downscaling of commercial activities, as well as public apprehension about the hygienic treatment of rental vehicles.
Market by Types Analysis
In terms of types, passenger vehicles contributed 67.7% revenue share in the Saudi Arabia vehicle rental market in 2020 owing to the preference of expats and tourists to rent or lease cars as means to commute.
Moreover, in the coming years rapidly growing tourism sector due to government initiatives to develop recreational and luxury tourism, through projects such as Red Sea Development, as well as the introduction of e-visas for tourists from 49 countries beyond the auspices of religious and medical tourism and easing of tourist restrictions such as strict dress code for women would further bolster the demand for rental vehicles in the country.
Market by Distribution Channels Analysis
In 2020, offline distribution channels acquired 70.0% revenue share in Saudi Arabia's vehicle rental market owing to inadequate know-how among people and high preference for offline mode of booking amongst logistics and commercial sector.
However, the online booking type is expected to witness higher growth over the coming years, owing to additional services, wider range of options and promotional offers provided by the companies through online mode.
Additionally, COVID-19 also shifted consumer preference to online bookings which minimises social contact and the post-pandemic habit of booking through online sources is likely to sustain over the medium to long term.
Key Highlights of the Report
- Saudi Arabia Vehicle Rental Market Overview
- Saudi Arabia Vehicle Rental Market Outlook
- Saudi Arabia Vehicle Rental Market Forecast
- Historical Data and Forecast of Saudi Arabia Vehicle Rental Market Revenues, for the Period 2017-2027F
- Historical Data and Forecast of Saudi Arabia Vehicle Rental Market Revenues, By Type, for the Period 2017-2027F
- Historical Data and Forecast of Saudi Arabia Vehicle Rental Market Revenues, By Service Type, for the Period 2017-2027F
- Historical Data and Forecast of Saudi Arabia Vehicle Rental Market Revenues, By Booking Type, for the Period 2017-2027F
- Historical Data and Forecast of Saudi Arabia Vehicle Rental Market Revenues, By Rental Type, for the Period 2017-2027F
- Historical Data and Forecast of Saudi Arabia Vehicle Rental Market Revenues, By Regions, for the Period 2017-2027F
- Saudi Arabia Vehicle Rental Market Revenue Share, By Market Players
- Saudi Arabia Vehicle Rental Market Value Chain
- Covid-19 Impact on Saudi Arabia Vehicle Rental Market
- Saudi Arabia Vehicle Rental Market Drivers and Restraints
- Company Profiles
- Key Strategic Recommendations
- Market Scope and Segmentation
Company Profiles
- Theeb Rent a Car
- Hanco (Al Tala's International Transportation Co. Limited)
- 19.3 Best Rent a Car
- Seera Group
- Arabian Hala Company (Avis Car Rental)
- Al-Jazira Equipment Company
- Al Jomaih Auto Rental (Ajar) (Enterprise Rent a Car)
- Wasilah Rent a Car Co Ltd (The Hertz Corporation)
- United International Transportation Company (Budget Rent a Car)
- Samara-Sixt KSA
- Al Wefaq Rent a Car
Key Attractiveness of the Report
- COVID-19 Impact on the Market
- 10 Years Market Numbers
- Historical Data Starting from 2017 to 2020
- Base Year: 2020
- Forecast Data until 2027
- Key Performance Indicators Impacting the Market
The report provides a detailed analysis of the following market segments:
By Types
- Passenger Vehicle
- Commercial Vehicle
By Service Type
- Spot Rental
- Operating Lease
- Limo Services
By Rental Type
- Long Term
- Short Term
By Booking Type
- Online
- Offline
By Regions
- Eastern
- Central
- Western
- Southern
For more information about this report visit https://www.researchandmarkets.com/r/g7tfqy
