Saudi Arabia Vehicle Rental Market size is projected to grow at a CAGR of 4.7% during 2023-2029

Central region attained the major revenue share in Saudi Arabia Vehicle Rental Market – 6Wresearch

The Central region acquired the majority of revenue share in the overall vehicle rental market in 2022, owing to the high density of the working population and infrastructural developments in the region. Since this segment secured the highest revenue share, it should be a focus region. Growing tourism in the western region of the kingdom, on the back of new hospitality and tourism projects such as Red Sea development and the introduction of e-visas for tourists from 49 countries for reasons other than religious and medical tourism, would propel the market for vehicle rental services in the western region of Saudi Arabia during the forecast period.

According to 6Wresearch, Saudi Arabia Vehicle Rental Market size is projected to grow at a CAGR of 4.7% during 2023-2029. Saudi Arabia vehicle rental market is expected to register steady growth on account of the rapidly growing tourism sector due to government initiatives to develop recreational and luxury tourism, through projects such as Red Sea Development, as well as the introduction of e-visas for tourists from 49 countries beyond the auspices of religious and medical tourism and easing of tourist restrictions such as strict dress code for women. Moreover, lifting the restrictions on women drivers would also propel the consumer base for rental vehicles with increasing awareness amongst the female population of the country. The tourism sector is expected to recover at a higher pace owing to government investments and initiatives which would lead to a rise in the number of international tourists including women who can now rent cars using their international licenses while they stay in Saudi Arabia. This would further boost the vehicle rental market of the country.

According to Abhishek Mishra, Senior Research Analyst, 6Wresearch, by type, the passenger vehicle segment dominated the market revenue share in 2022 and is expected to witness significant growth, on account of the surge in investments in the tourism sector.

The Saudi Arabia Vehicle Rental Market (2023-2029) report provides an in-depth analysis with 63 figures and 23 tables, covered in 219 pages. The report comprehensively covers the market by type, service type, rental type, booking type, and region. The report provides a detailed as well as unbiased analysis of the on-going drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per to the latest and future market dynamics.