Saudi Arabia Rent a Car Market 2028 Strategy Unveiled: Top Business Tactics, Growth Factors, and Healthy CAGR Across Industry Segments

The most recent report by?MarkNtel Advisors, titled "Saudi Arabia Rent a Car Market ?Size, Share, Analysis, Research, Report 2028" offers a comprehensive industry assessment and market outlook. This research presents an extensive overview of the present market conditions, encompassing market trends and the latest developments. The report delves deeply into aspects such as market size, market share, industry trends, forecasts, and the competitive landscape, providing a clear and well-supported depiction of the market through relevant statistical data.

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Key Driver: Development of the Tourism Industry

The tourism industry of the Kingdom of Saudi Arabia has been growing at a fast pace over the past years due to the increasing focus of the government on this sector. Rising investments & infrastructure expansion, such as the construction of hotels, theme parks, art galleries, metro lines, etc., led to the blossoming of the tourism sector in the country. This has raised the total number of travelers across the country, which enhanced the demand for rental car services owing to the ease of exploring new destinations, and long-term cost-effectiveness, compared to the total expenses on public transport. These cars offer a high level of comfort to tourists, and they get to avail attractive offers made by hotels & travel companies for these services in their packages, which has positively impacted the market in the country.

Furthermore, the growth in medical tourism, in response to the expansion of the healthcare industry, is also creating a new customer base for rental car services in the country. Therefore, medical tourism in Saudi Arabia is expected to grow in the near future, thereby upgrading the growth of the Rent a Car market.

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 do you get in this report?

• Forecasts for the?Saudi Arabia Rent a Car Market, encompassing both well-established and emerging markets.
• An exploration of various market perspectives using Porter's Five Forces analysis.
• Insights into the market sectors poised to dominate on a scale.
• Projections for regions expected to experience the most rapid growth during the forecast period.
• Examination of the latest developments, market shares, and marketing strategies employed by top competitors in the?Saudi Arabia Rent a Car?industry.
• Factors influencing the overall market's growth trajectory.
• Potential barriers to the market's expansion in the coming years.
• An in-depth look at the competitive landscape and intricate insights into the potential business opportunities for key market players.
• Pricing strategies adopted by various participants within the?Saudi Arabia Rent a Car Market.

Recent Developments by the Leading Companies

2023: Sixt signed agreement with Altawkilat Universal Motors (Chevrolet’s dealer partner in Saudi Arabia) to onboard 25 Chevrolet Bolt EUVs.

2022: Theeb Rent a Car launched its second branch in Hail City, with the plan to expand & cover all the Kingdom’s cities, areas, and provinces.

Stay ahead of the market competition:

The report integrates factual data, numerical figures, and market insights to generate revenue assessments and market projections. This is accomplished through a diverse array of statistical tools and the expertise of industry professionals. Each prominent player undergoes a comprehensive examination, which includes a SWOT analysis, a detailed profile, and a complementary Porter's Five Forces analysis.

This section provides detailed information about the?key market participants: -??????

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

In-depth analysis of Saudi Arabia Rent a Car Market Segmentation:

Our thorough analysis of market segmentation provides accurate and insightful data to assist our readers in making informed and strategic investment decisions. The research encompasses market forecasts at the global, regional, and national levels. It examines market trends within each market category for the years 2023 through 2028.

The?Saudi Arabia Rent a Car Market?is highly fragmented and categorized into the following segments:

By Type of Car

-Economy

-SUV

-Multi Utility Vehicle

-Luxury

By Application

-Leisure

-Commercial

• The Commercial sector held a substantial revenue share in Saudi Arabia Rent a Car market in recent years. The surging development of service sectors in the country & growth promotion by the Saudi government to boost FDI has widely influenced the demand for rental cars to transport at innumerable business locations.

By Drive Type

-Self-Driving

-Chauffeur

• Self-driving cars gained notable traction in Saudi Arabia Rent a Car market historically. The key factor attributed to the growth is greater flexibility, cost-competitive offering, and privacy.

By Booking Type

-Offline

-Online

By Usage

-Local

-Airport

-Outstation

By Rental Duration

-Short Term

-Long Term

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By Region

-Central

-East

-West

-South

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MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

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