Saudi Arabia Car Rental and Leasing market has accounted for a significant share in the Middle East car rental service. It has one of the most highly developed car rental service that involves substantial amount of consumer spending on car rental services. Saudi Arabia has large geographical area and is well connected by roads, thus car rental services are considered reasonable options for travelling purposes in Saudi Arabia. Majority of the population in Saudi Arabia has a higher car ownership and has majorly been driven by leisure tourism services that are inclusive of religious tourism.
The share of Saudi Arabia is the largest within the entire car rental market in Middle East with a contribution of around ~% in overall revenues in 2015. Best, Hanco, Budget, Hertz Corporation and Europcar have been the leading brands in the Saudi Arabia Car Rental and Leasing market. Saudi Arabia is one of the largest pilgrimage places in the Middle East region.
The country has holy places such as Mecca and Medina that witnesses vast influx of tourist during Eid Al-Fitr and Eid Al-Adha festivals where rate of car rental services reaches over 100% as opposed to the normal days where the car rental services have around ~% operations. Saudi Arabia Car Rental and Leasing market has grown at a positive CAGR of ~%, over the period, 2010-2015 and enhanced to USD ~ million in 2015 from USD ~ million during 2010.
The car rental fleets in Saudi Arabia has featured a CAGR of ~% over the period 2010-2015. During 2015, phenomenal growth in inbound tourism alleged with surge in car fleet by major companies has led the fleet size to enhance to ~ by 2015.
Budget is one of the leading companies in car leasing services that provide corporate programs, cross-border rentals, long-term rentals, frequent loyalty programs and others.
Ankur Gupta, Head Marketing & Communications