How rising tourism in KSA will help the Rental and Leasing Car market to double its growth in the next five years?: Ken Research
The KSA car and rental market has witnessed consistent growth in the last few years. However, the pandemic negatively impacted the market in 2020 with lockdown and subsequent restrictive measures that included a travel ban and suspension of Hajj and Umrah pilgrims which resulted in low demand. But as the fear of the pandemic is going down, the rental and leasing car industry in KSA is ready to rebound. In this edition, we’ll uncover the major factors that will help the KSA car rental and leasing sector to double its growth rate in the next five years.
1. Kingdom of Saudi Arabia is the largest Oil-exporter of the World and Asia’s 5th Largest Country by Land Area with a GDP per capita $ 28,287.00
2. Apart from oil, the Tourism sector in KSA is also one of the key revenue contributors to the country’s economy; generated revenue of ~3000.0 Mn USD in 2022 from travel attractions
3. Rising Tourism has also fueled the growth of the car rental and leasing market in KSA which is in the growing stage with multinational companies dominating the market
4. KSA attracts peak number of tourists between March and July, during festivals such as Jenadriyah and Hajj which can send occupancy rates to anywhere between 90-100%
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5. Increasing digitization and rising investments, mergers and acquisitions are some of the key trends of the KSA car rental and leasing market
6. Booming tourism, infrastructure projects, and diversification of the economy in non-oil sectors under Vision 2030 will help the KSA car and rental industry to double its growth in the next five years
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KSA Car Rental and Leasing Market
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