Competitive Landscape of Saudi Arabia Rent a Car Market: Growth Analysis 2023-2028
MarkNtel Advisors recently published a detailed industry analysis of the Saudi Arabia Rent a Car Market. The report covers growth trends, regional marketing strategies, challenges, opportunities, and drivers influencing the market.
Insights and Analysis of the Saudi Arabia Rent a Car Market (2023-2028)
Saudi Arabia Rent a Car market is projected to grow at a CAGR of around 9.84% during the forecast period, i.e., 2023-28
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Growth Opportunity: Surging Incentives to Raise the Adoption of Electric Vehicles
The government of Saudi Arabia is taking steps to build a robust automotive industry in the country, with the expansion of the Electric Vehicles (EVs) market to support the nation's decarbonization efforts. Under the National Strategy for Transport and Logistics Services, the country aims to raise the share of zero-carbon transport vehicles on Saudi roads to nearly 45% of the total number of traditional vehicles.
Furthermore, the country's strategic location at the crossroads of African, Asian, and European markets makes it an ideal point for importing minerals & for the production of batteries & vehicles, which is raising the government's focus on manufacturing EVs inside the country. For instance, in 2022, the Saudi Arabia government launched Ceer, the country's first electric vehicle manufacturing company. Hence, in line with the increased government initiatives for EVs, car rental companies are also taking efforts, such as signing up agreements & contracts to enhance the fleet size of EVs in their car inventory.
What segments define the Saudi Arabia Rent a Car market from 2023 to 2028? How do these segments contribute to market dynamics and growth?
-By Type of Car
-Economy
-SUV
-Multi Utility Vehicle
-Luxury
-By Application
-Leisure
-Commercial
-By Drive Type
-Self-Driving
-Chauffeur
-By Booking Type
-Offline
-Online
-By Usage
-Local
-Airport
-Outstation
-By Rental Duration
-Short Term
-Long Term
-By Region
-Central
-East
-West
-South
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Who are the leading key players shaping the Saudi Arabia Rent a Car Market landscape?
Hertz, Sixt Rent a Car, Europcar, LUMI, Avis Budget Group, FinalRentals KSA, Enterprise Holdings, Inc., Alwefaq Transportation Solutions (Yelo), Hanco (Al Tala’a International Transportation Co. Limited), Others
Questions Addressed in this Study
1.What factors are driving the Saudi Arabia Rent a Car Market growth?
2.How is the Saudi Arabia Rent a Car Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Saudi Arabia Rent a Car Market?
4.What is the current size of the Saudi Arabia Rent a Car Market, and how is it projected to change in the future?
6.What is the future outlook for the Saudi Arabia Rent a Car Market in terms of technological advancements and market expansion?
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