Saudi Arabia Mobility Landscape Shifts Gears: Car-Sharing, Taxis, and Truck Leasing Drive Market Growth to $18.5 Billion by 2027: Ken Research

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

• SUV
• Sedan

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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Ankur Gupta, Director Strategy and Growth
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SOURCE Ken Research