Hyderabad, July 19, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Saudi Arabia Car Rental and Leasing Market (2023-2028)," the market is estimated at USD 2.01 billion in 2023. It is expected to register a CAGR of 9.21% during the forecast period.
The growth of the car rental/leasing market in Saudi Arabia is primarily driven by tourism, especially during festivals. The presence of holy sites also attracts tourists. The availability of online platforms made car rental more affordable and easier. Online bookings for tourist vehicles are increasing, driven by technological penetration.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 2.01 billion |
| Market Size (2028) | USD 3.12 billion |
| CAGR (2023-2028) | 9.21% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Growth of tourism. |
| High internet penetration. |
Who are the Top Companies in the Saudi Arabia Car Rental and Leasing Market?
The Saudi Arabian car rental and leasing market is fragmented. The majority of the market share is held by multinational companies.
The significant players in the Saudi car rental and leasing market are:
- Hertz Corporation
- Sixt SE
- Avis Budget Group Inc.
- Strong Rent a Car
- Auto Rent
- Key Car Rental
- Hanco Automotive
- National Car Rental
- Ejaro
- Budget Rent-A-Car
- Turo
- Best Rent a Car
- Yelo Corporation (Al Wefaq)
- Zipcar
- Europcar Mobility Group
- Bin Hadi
- Samara Land Transportation Services
- Theeb Rent a Car
- Esar International Group
- Autoworld (Al-Jazira Equipment Company Limited)
Other Reports That Might Be of Your Interest:
- Middle East Car Rental Market Report - The Middle East car rental market size is expected to grow from USD 2.27 billion in 2023 to USD 3.73 billion by 2028 at a CAGR of 10.42% during the forecast period (2023-2028).
- Europe Medium and Heavy-duty Truck Rental/Leasing Market Report - The European medium and heavy-duty truck rental leasing market size is estimated at USD 67.57 billion in 2023. It is expected to reach USD 91.28 billion by 2028 at a CAGR of 6.20% during the forecast period (2023-2028).
Key Highlights from the Saudi Arabia Car Rental and Leasing Market Report:
Growing Interest in Car Rental
- The demand for car rental services is rising in Saudi Arabia with the growing population of office workers. The increasing number of companies and their offices in the region are boosting the demand for corporate rentals and leases.
- Market players are expanding their fleet size, entering partnerships, and raising funds to capture the growing market.
Increasing Demand for SUVs
- The SUV segment in the car rental market is expanding rapidly due to the spaciousness and ample luggage space they offer.
- Key players are focusing on adding attractive SUVs to their fleets to stay competitive in the market.
What are the Latest Developments in the Saudi Arabia Car Rental and Leasing Market?
- In January 2022, Theeb Rent a Car Company was awarded a SAR 27.13 million contract to rent vehicles to the Saudi Ministry of Human Resources and Social Development.
- In August 2021, Sixt, one of the largest car rental companies in the world, announced the opening of two new branches at King Khalid International Airport.
Mordor Intelligence has Segmented the Saudi Arabia Car Rental and Leasing Market Based on Type, Vehicle Type, Vehicle Body Style Type, and Booking Type.
- Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Car Rental
- Car Leasing
- Vehicle Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Economy/Budget
- Premium/Luxury
- Vehicle Body Style Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Hatchback
- Sedan
- Multi-Utility Vehicle and Sports Utility Vehicle
- Booking Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Online
- Offline
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Saudi Arabia Car Rental and Leasing Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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