KSA Car Rental and Leasing Market Overview
According to SPER Market Research, the KSA Car Rental and Leasing Market is estimated to reach USD 4.91 billion by 2033 with a CAGR 9.42%.
Car rental is a service that allows customers to borrow a car for a limited time, typically a few hours, a day, or even a few weeks. You can borrow cars from a car rental company in the same way that you can borrow books from a library. It's a useful alternative if you require a vehicle for a specific reason, such as going on a trip, or if your own car is unavailable. When you rent a car, you are usually required to pay for the amount of time you use it. The rental business will provide you with a contract outlining the terms and conditions of the rental. Car leasing is different from car renting. Leasing an automobile is similar to renting it for a longer period of time, frequently months or even years. It's more like borrowing a car for an extended period of time, almost like owning your own automobile, but you don't truly own it.
Exploring the Growth Drivers of the KSA Car Rental and Leasing Industry
The KSA car rental and leasing market is growing rapidly, and there are various causes for this growth. The growing population of Saudi Arabia is a significant growth factor. As the population increases, more people require transport for travelling from one location to another. Some people may not have a car or could want an additional vehicle for a special occasion. This increases demand for car rental and leasing services, which allow consumers to borrow a car for a limited time. Furthermore, changing consumer preferences additionally help in the expansion of the car rental and leasing business. Some people choose not to acquire a car owing to the accompanying costs and obligations, whereas others may like to test drive various automobile types before making a long-term commitment. Car rental and leasing services adapt to these preferences by offering a flexible and handy way to use a vehicle when it is required.
What challenges does the KSA Car Rental and Leasing Market face?
The KSA car rental and leasing market is facing several issues that are affecting its operations. The high level of competition among car rental and leasing companies is one challenge. Because there are so many companies offering similar products and services, they must work extra hard to acquire customers. Some businesses may struggle to stand out and survive as a result of this. Another challenge is the cost of purchasing and maintaining a vehicle fleet. To meet consumer demand, car rental and leasing companies must purchase and maintain a significant number of vehicles. The expense of purchasing and maintaining an automobile can be prohibitively expensive. It takes a lot of money and effort to ensure that the automobiles for clients are safe, clean, and well-maintained.
In what ways has the COVID-19 pandemic affected KSA Car Rental and Leasing Market?
The COVID-19 pandemic has had a severe influence on KSA car rental and leasing market, affecting procedures and overall demand. Many travel restrictions and lockdown measures were implemented during the pandemic to reduce the virus's spread. As a result, people were unable to move as freely as they had previously, resulting in a decrease in demand for car rental and leasing services. Due to travel and tourist restrictions, fewer people visited Saudi Arabia for both leisure and commercial objectives. As a result, the number of tourists and business travellers who needed to rent cars decreased. Many people also chose to stay at home rather than travel, which contributed to the drop in demand.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Type, By Vehicle Type, By Vehicle Body Style Type, By Booking Type
|
| Regions covered | Northern Region, Central Region, Western Region, Eastern Region..
|
| Companies Covered | Budget Rent a Car, Hanco Automotive, Heartz Corporation, Lumi Car Rentals, Theeb Rent A Car
|
Key Target Audience:
- Business Travellers
- Local Residents without a car
- Tourists and Travellers
KSA Car Rental and Leasing Market Segmentation:
1. By Type:
- KSA Car Rental and Leasing Market Value Share and Forecast, By Type, 2023-2033
- Car Leasing
- Car Rental
2. By Vehicle Type:
- KSA Car Rental and Leasing Market Value Share and Forecast, By Vehicle Type, 2023-2033
- Economy/Budget
- Premium/Luxury
3. By Vehicle Body Style Type:
- KSA Car Rental and Leasing Market Value Share and Forecast, By Vehicle Body Style Type, 2023-2033
- Hatchback
- Multi-Utility Vehicle
- Sedan
- Sports Utility Vehicle
4. By Booking Type:
- KSA Car Rental and Leasing Market Value Share and Forecast, By Booking Type, 2023-2033
- Offline
- Online
5. By Region:
- Central Region
- Eastern Region
- Northern Region
- Western Region
Key Topics Covered in the Report:
- KSA Car Rental and Leasing Market Size (FY’2023-FY’2033)
- Overview of KSA Car Rental and Leasing Market
- Segmentation of KSA Car Rental and Leasing Market By Type (Car Rental, Car Leasing)
- Segmentation of KSA Car Rental and Leasing Market By Vehicle Type (Economy/Budget, Car/Luxury)
- Segmentation of KSA Car Rental and Leasing Market By Vehicle Body Style Type (Hatchback, Multi-Utility Vehicle, Sedan, Sports Utility Vehicle)
- Segmentation of KSA Car Rental and Leasing Market By Booking Type (Offline, Online)
- Statistical Snap of KSA Car Rental and Leasing Market
- Growth Analysis of KSA Car Rental and Leasing Market
- Problems and Challenges in KSA Car Rental and Leasing Market
- Competitive Landscape in the KSA Car Rental and Leasing Market
- Impact of COVID-19 and Demonetization on KSA Car Rental and Leasing Market
- Details on Recent Investment in KSA Car Rental and Leasing Market
- Competitive Analysis of KSA Car Rental and Leasing Market
- Key Players in the KSA Car Rental and Leasing Market
- SWOT Analysis of KSA Car Rental and Leasing Market
- KSA Car Rental and Leasing Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the KSA Car Rental and Leasing Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. KSA Car Rental and Leasing Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in KSA Car Rental and Leasing Market
7. KSA Car Rental and Leasing Market, By Type (USD Million)
7.1. KSA Car Rental and Leasing Market Value Share and Forecast, By Type, 2023-2033
7.2. Car Leasing
7.3. Car Rental
8. KSA Car Rental and Leasing Market, By Vehicle Type (USD Million)
8.1. KSA Car Rental and Leasing Market Value Share and Forecast, By Vehicle Type, 2023-2033
8.2. Economy/Budget
8.3. Premium/Luxury
9. KSA Car Rental and Leasing Market, By Vehicle Body Style Type (USD Million)
9.1. KSA Car Rental and Leasing Market Value Share and Forecast, By Vehicle Body Style Type, 2023-2033
9.2. Hatchback
9.3. Multi-Utility Vehicle
9.4. Sedan
9.5. Sports Utility Vehicle
10. KSA Car Rental and Leasing Market, By Booking Type (USD Million)
10.1. KSA Car Rental and Leasing Market Value Share and Forecast, By Booking Type, 2023-2033
10.2. Offline
10.3. Online
11. KSA Car Rental and Leasing Market Forecast, 2019-2033 (USD Million)
11.1. KSA Car Rental and Leasing Market Size and Market Share
12. KSA Car Rental and Leasing Market, By Type, 2019-2033 (USD Million)
12.1. KSA Car Rental and Leasing Market Size and Market Share by Type (2019-2026)
12.2. KSA Car Rental and Leasing Market Size and Market Share by Type (2027-2033)
13. KSA Car Rental and Leasing Market, By Vehicle Type, 2019-2033 (USD Million)
13.1. KSA Car Rental and Leasing Market Size and Market Share by Vehicle Type (2019-2026)
13.2. KSA Car Rental and Leasing Market Size and Market Share by Vehicle Type (2027-2033)
14. KSA Car Rental and Leasing Market, By Vehicle Body Style Type, 2019-2033 (USD Million)
14.1. KSA Car Rental and Leasing Market Size and Market Share by Vehicle Body Style Type (2019-2026)
14.2. KSA Car Rental and Leasing Market Size and Market Share by Vehicle Body Style Type (2027-2033)
15. KSA Car Rental and Leasing Market, By Booking Type, 2019-2033 (USD Million)
15.1. KSA Car Rental and Leasing Market Size and Market Share by Booking Type (2019-2026)
15.2. KSA Car Rental and Leasing Market Size and Market Share by Booking Type (2027-2033)
16. KSA Car Rental and Leasing Market, By Region, 2019-2033 (USD Million)
16.1. KSA Car Rental and Leasing Market Size and Market Share by Region (2019-2026)
16.2. KSA Car Rental and Leasing Market Size and Market Share by Region (2027-2033)
16.3. Central Region
16.4. Eastern Region
16.5. Northern Region
16.6. Western Region
17. Company Profile
17.1. Budget Rent a Car
17.1.1. Company details
17.1.2. Financial outlook
17.1.3. Product summary
17.1.4. Recent developments
17.2. Hanco Automotive
17.2.1. Company details
17.2.2. Financial outlook
17.2.3. Product summary
17.2.4. Recent developments
17.3. Hertz Corporation
17.3.1. Company details
17.3.2. Financial outlook
17.3.3. Product summary
17.3.4. Recent developments
17.4. Lumi Car Rentals
17.4.1. Company details
17.4.2. Financial outlook
17.4.3. Product summary
17.4.4. Recent developments
17.5. Theeb Rent A Car
17.5.1. Company details
17.5.2. Financial outlook
17.5.3. Product summary
17.5.4. Recent developments
17.6. Others
18. List of Abbreviations
19. Reference Links
20. Conclusion
21. Research Scope