Gurugram, India, Jan. 16, 2023 (GLOBE NEWSWIRE) -- is at growing stage and has highly fragmented market with about 30-40 players in market. The Car Rental and Leasing Market in the KSA has seen emergence of many players over the past years. Budget Rent a Car and Key Car Rental are market leaders.

Technological Innovations: Technology isn’t just evolving the way people rent cars, it is completely transforming the experience, with rental vehicle’s operation, performance, and maintenance being made available in real time. Such features are tremendous assets for drivers and fleet managers, and will enable them to more efficiently identify risks and implement timely improvements of their rental services.

Infrastructure Development: Saudi Arabia has announced a trillion-dollar pipeline of infrastructure projects including Neom, Riyadh Metro, Makkah Public Transport, Al Widyan city. The Kingdom aims to position itself as a global hub for investment and logistics in line with its Vision 2030 such as airport and seaport expansion projects designed to strengthen the logistics industry.

Investments and Mergers: Several companies are entering the car rental and leasing space by way of acquiring stakes in already established businesses. These deals will contribute in raising the market’s competitiveness and enhancing its leadership position in a sector that is witnessing a rapid growth.

Online Car Rental Booking Services: Car Financing Companies are increasingly moving towards digitization to improve operational profits as well as customer experience. Online car rental booking services in the form of mobile applications and websites has been gaining popularity in KSA, which has enhanced user experience by making the process quicker and more convenient by showing the customer the range of cars at a one stop shop.

Analysts at Ken Research in their latest publication “KSA Car Rental and Leasing Market Outlook to 20267F- 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

By Region

By End-User

KSA Car Leasing Market Segmentation:-
By type of leaser

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By Organization

By type of vehicles

By Duration for Fleets Leased

By Region

By End-User

By Commercial

KSA Car Rental Market Segmentation:-
By Organization

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By Pickup Point

By type of vehicles

By Region

By End-User

Key Target Audience:-

Time Period Captured in the Report:-

Companies Covered:-

Key Topics Covered in the Report:-

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The Japan Car Rental market is projected to show a significant growth of CAGR ~% in the forecasted period of 2022P-2027F, with increase in travel expenditure, rising demand for rental cars, increased internet and smartphone penetration, rising population and increasing demand from tourists for business and leisure purposes hiring rental cars.

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Australia Car Leasing industry was witnessed to be at the late growth stage, with unstable growth year-on-year. Low growth in new vehicle sales and the mining industry bust during the period were primarily responsible for translating low growth in the car lease industry. The industry witnessed growth at a CAGR of around 3.5% in terms of fleet size from leasing segment and 2.7% in terms of revenue from leasing segment during the period 2013-2018. The leasing market is solely built on operating lease and financial lease has not been taken into consideration.

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Ankur Gupta, Director Strategy and Growth
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