Untapped Outlook of Saudi Arabian Car Rental Market
- The Saudi Arabia car rental and leasing market are likely to reach USD 2,733.42 million by 2027, anticipating a CAGR of 8.76% during the forecast period (2022-2027).
- In August 2021, Lumi launched a state-of-the-art booking platform to enhance the customer experience in car rental for Saudi Arabia. The new intuitive and seamless digital platforms to further streamline and automate the online booking process, providing customers a quick, secure, and hassle-free experience.
- Major players in the Saudi Arabian car rental and leasing market are Hertz, Budget Rent a Car, Hanco Automotive, and Sixt SE, among others.
Read our related report on: Tourism Vehicle Rental Market
Opportunity Oasis of Saudi Car Rental & Leasing Market
- Vice President of Seera’s subsidiary, Lumi, in an interview in May 2021 announced that the company may add electric vehicles to its fleet of rental vehicles based on the demand for electric cars in the country.
- In October 2021, Hertz announced an order to buy 100,000 cars from Tesla by the end of 2022 in the latest embrace of electric car technology by the auto industry.
- In March 2021, Saudi-based companies, such as IDRIVE, displayed its smart car rental applications fused with IoT features offering smart mobility solutions for both the private and public sectors based on RAiDEA’s rental automation service by Humax.
- In January 2021, Avis introduced an alternative to rental car subscription service – Avis Flex. This model alters the traditional renting model and alters the pricing to charge per month with cheaper long-term plans, essentially benefitting the customers and the company.
Latest progressions in Saudi Rental and Leasing Arena
- In October 2021, Auto World announced that it has selected Infor Cloud Suite equipment to help spearhead its digital transformation project, SWITCH, which is designed to accelerate digitization of its business processes, particularly those related to operational leasing and maintenance of its fleet of vehicles.
- In June 2021, Yelo and Ibrahim Al-Gefaly and Brothers Co., the Mercedes Benz Agent in the Kingdom, revealed plans of importing a 100 Mercedes A class to join Yelo's fleet. This agreement depicts Yelo's commitment to its mission of reinforcing itself with a top-notch fleet to provide the best to its customers and keep up with touristic movement as a result of Saudi’s 2030 vision.