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Gearing Up for Growth: KSA Car Rental & Leasing Market Zooms Ahead at 7.2% CAGR, Driven by Tourism, Mega Events, and Diversifying Economy: Ken Research
Several factors are propelling the KSA car rental & leasing market forward:
Ken Research provides a comprehensive market segmentation, allowing you to target your audience effectively:
The market features a mix of established players and ambitious newcomers:
The KSA car rental & leasing market is poised for exciting developments:
Despite its promising outlook, the market faces some hurdles:
This report empowers various stakeholders to navigate the KSA car rental & leasing market:
The market is expected to grow substantially during 2022-2027 owing to factors such as Increasing tourism, the need for mobility, technology integration and government initiatives to develop the economy. Under the Saudi Vision 2030, the demand for leasing would further increase as other sectors like imported goods have to be transported by trucks which will increase the demand for them to be leased trucks in country.
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 6.4% during 2022-2027 owing to factors such as the Increase in Tourism and Business Travel along with Rising Expatriate Population and Infrastructure Development. The government has set a target of 40 million tourists by 2031, with the tourism sector expected to generate $123 billion in income, as per the UAE Tourism Strategy 2031. The market for taxi aggregators will immediately profit from the growing number of tourists who choose app-based transportation because of its accessibility and convenience.
According to Ken Research estimates, the Philippines Car Rental Market – which is at $~293.0 Mn in 2022 – is forecasted to grow further into a $ ~ 448.7 Mn by 2027, owing to the expansion of the tourism industry, the increase in internet penetration and adoption of smart phones in the country.
Ken Research Private Limited
Ankur Gupta , Director Strategy and Growth
+91-9015378249
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