Non-Oil Sector Diversification: Vision 2030 is encouraging new commercial entities to set up in the country which has increased demand for fleet management, leasing and last mile delivery during the recent period. Saudi Arabia's non-oil business activity expanded at the fastest rate in seven years in November 2022, supported by a sharp rise in new orders and continued confidence in the growth outlook.

Expansion of Tourism and Travel Industry: Growing tourism in the kingdom's western region, supported by new hospitality and tourism initiatives like red sea development and the introduction of e-visas for visitors from 49 countries for reasons other than religious and medical tourism. Other driving factors include religious tourists to holy sites like Mecca and Medina, and the growing medical tourism sector - with KSA’s state of art medical facilities attracting more medical tourists every year.

Sluggish Growth in Market: Slow growth in the market during 2016-2017 can be attributed to sluggish economic growth owing to cheap oil which led to fiscal consolidation weakening investor and consumer sentiment. Also, shortage of liquidity and capital crunch forced companies to cut costs, with even leasing companies were reducing their lease price to be competitive and to stay in business.

Severe Competition and Increasing Costs: Emergence of ride-hailing applications and rising popularity of online bookings are leading to further fragmentation in the market which is making competition intense. On the other hand, digitization has increased marketing costs incurred to build and maintain websites and mobile applications.

Analysts at Ken Research in their latest publication “KSA Car Rental and Leasing Market Outlook to 2027F- Driven by Infrastructure Development, Growing Tourism and Diversification of Economy” by Ken Research observed that Car Rental and Leasing market is an emergent automotive market in KSA at a growing stage from the economic crisis after pandemic. The rising government policies and introduction of EVs, growth in travel industry along with government initiatives is expected to contribute to the market growth over the forecast period. The market is expected to grow at a 11.7% CAGR during 2022-2027F owing to investment in tourism, infrastructure development and new government policies.

Key Segments Covered in the report:

KSA Car Rental and Leasing Market Segmentation:

By type of vehicles:
Small Cars
Sedans
SUVs and MUVs
Pick-up trucks
Premium and Luxury
By Region:
Central Region
Western Region
Eastern Region
Others (Northern and Southern)

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By End-User:
Private
Commercial
Government & Semi Government Contracts

KSA Car Leasing Market Segmentation:

By type of leaser:
Car Leasing Companies
Car Dealers
By Organization:
Organized
Unorganized
By type of vehicles:
Small Cars
Sedans
SUVs and MUVs
Pick-up trucks
Premium and Luxury
By Duration for Fleets Leased:
1 years
2 years
3 years
4 years and more
By Region:
Central Region
Western Region
Eastern Region
Others (Northern and Southern)
By End-User:
Private
Commercial
Government & Semi Government Contracts
By Commercial:
Logistics Companies
FMCG and E-commerce
Oil, Gas & Refineries
Construction
Others- Remaining Industries

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KSA Car Rental Market Segmentation:

By Organization:
Organized
Unorganized
By Pickup Point:
Off-airport
On-airport
By type of vehicles:
Small Cars
Sedans
SUVs and MUVs
Pick-up trucks
Premium and Luxury
By Region:
Central Region
Western Region
Eastern Region
Others (Northern and Southern)
By End-User:
Private
Commercial
Government & Semi Government Contracts

Key Target Audience:

Car Rental Service Providers
Car Rental Companies aiming to establish in KSA
KSA automotive industries
Government Bodies & Regulating Authorities
Venture Capitalist targeting the car rental market
Automotive industry association
Car Manufacturers
Existing Car Rental Companies
OEM Dealerships
New Market Entrants
Investors
Car Rental Associations

Time Period Captured in the Report:

Historical Period: 2017-2022
Base Year: 2022
Forecast Period: 2022-2027F

Visit @ https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/ksa-car-rental-and-leasing-market-outlook-to-2027/596221-100.html

Companies Covered:

Budget Rent a Car
Theeb
Key Car Rental
Hanco
Avis
Al jazira/ Auto World
AL Jabr
Best Rent a car
Samara/SIXT

Key Topics Covered in the Report:

KSA Automotive Market Overview
Ecosystem and Business Cycle of KSA Car Leasing and Rental Market
Timeline of players and Value Chain Analysis of KSA Car Leasing and Rental Market
KSA Car Leasing and Rental Market Segmentation
KSA Car Leasing Market Size and Segmentation
KSA Car Rental Market Size and Segmentation
Porter’s Five Forces Analysis of KSA Car Leasing and Rental Market
Growth Drivers, Trends and Issues is KSA Car Leasing and Rental Market
End User Analysis of KSA Car Leasing and Rental Market
Competition Framework for KSA Car Leasing and Rental Market
Future Outlook of KSA Car Rental and Leasing Market
Case Study of Chinese Rental Market
Analyst Recommendations and Interview with Industry Expert

For more information on the research reports, refer to below link:-

https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/ksa-car-rental-and-leasing-market-outlook-to-2027/596221-100.html

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