GURUGRAM, India, Feb. 20, 2024 /PRNewswire/ — Buckle up, Saudi Arabia. The Kingdom’s mobility landscape is undergoing a dynamic transformation, fueled by rising urbanization, changing consumer preferences, and government initiatives. Ken Research’s latest report, KSA Car-Sharing, Taxi & Truck Leasing Market Outlook to 2027: Driven by Vision 2030 and Tech-Savvy Consumers, dives deep into this evolving market, offering valuable insights for investors, car rental companies, technology providers, and government agencies.
Market Overview:
The Saudi Arabian car-sharing, taxi, and truck leasing market is projected to witness tremendous growth, reaching a staggering $18.5 billion by 2027, indicating a CAGR of 12.2% during the 2022-2027 period. This remarkable expansion is driven by several key factors:
- Vision 2030’s Focus on Mobility: The Kingdom’s ambitious Vision 2030 roadmap prioritizes improving transportation infrastructure and promoting alternative mobility solutions, creating a favorable environment for market growth.
- Urbanization Surge: Rapid urbanization is leading to higher population density and a growing demand for flexible and convenient transportation options.
- Tech-Savvy Population: A young and tech-savvy population readily embraces digital platforms and on-demand services, accelerating the adoption of car-sharing and ride-hailing services.
- Rising Car Ownership Costs: Increasing vehicle prices and fuel costs make car ownership less attractive, pushing individuals towards shared mobility solutions.
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Segment Spotlight:
Ken Research provides a comprehensive segmentation of the market based on:
- Service type: Car-sharing, ride-hailing taxis, limousine services, truck leasing (long-term, short-term)
- Vehicle type: Economy, mid-range, luxury, trucks of various capacities
- Target user: Individuals, businesses, government agencies
Competitive Landscape:
The market features a mix of established players and innovative startups, creating a dynamic environment:
- Established players: Uber, Careem, Hertz, Budget, Saudi National Leasing
- New entrants: Siwar Car, Jahez, Swvl, Saha, and other local startups
- Technology providers: Offering app development, data management, and payment processing solutions
Future Outlook:
The future of the Saudi Arabian car-sharing, taxi, and truck leasing market is brimming with exciting opportunities:
- Technological advancements: Integration of artificial intelligence, big data, and automation to optimize route planning, pricing models, and fleet management.
- E-mobility push: Growing adoption of electric and hybrid vehicles for a sustainable and environmentally friendly transportation ecosystem.
- Focus on user experience: Personalized services, loyalty programs, and enhanced safety features to attract and retain customers.
- Expansion into new segments: Targeting specialized truck leasing solutions for niche industries and exploring micro mobility options like e-scooters and e-bikes.
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Challenges to Address:
However, some hurdles require attention:
- Regulatory framework: Clarifying regulations for new mobility models and ensuring fair competition are crucial for fostering innovation.
- Infrastructure development: Expanding dedicated lanes for car-sharing vehicles and improving public transportation integration are essential.
- Public perception: Addressing concerns about safety, data privacy, and affordability is key to wider adoption.
Why This Report Matters:
This report empowers various stakeholders in the Saudi Arabian mobility market:
- Investors: Identify lucrative investment opportunities across different segments and service types.
- Car rental companies: Adapt their business models to capitalize on emerging trends and technologies.
- Technology providers: Develop innovative solutions tailored to the evolving needs of the market.
- Government agencies: Design and implement effective policies to regulate and facilitate the growth of the sector.
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Taxonomy
KSA Car Sharing, Taxi and Truck Leasing Market
By Type of Fleet
By Type of Taxi
- Small Taxi
- Medium Taxi
- Large Taxi
- Coaster
By Type of Truck
- Heavy Duty Trucks
- Medium Duty Trucks
For More Insights On Market Intelligence, Refer To The Link Below: –
KSA Car Sharing, Taxi and Truck Leasing Market
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The market will grow at a CAGR of 9.8% during 2022-2027 due to increasing tourism industry & improvements in transportation. As the global automotive industry moves towards sustainability, there might be an increase in demand for electric vehicles. Car rental and leasing companies in Kuwait may explore adding electric or hybrid vehicles to their fleets to cater to environmentally conscious customers.
The market will grow at a CAGR of 8.1% during 2022-2027 due to Fleet modernization, economic growth and business tourism. Fleet modernization, incorporating fuel-efficient or electric vehicles, acts as a catalyst for taxi companies in Fujairah. It addresses the environmental concerns and become appealing to the environmentally conscious consumer base.
The GCC is emerging as a prominent automotive hub for various car types, poised to grow at a CAGR of 6.4% from 2023 to 2028. Key growth drivers include a growing population, influx of expatriates, rising income levels, and easy financing options. Rising incomes enable consumers to consider a broader range of vehicles, contributing to market expansion.
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