KSA Car Sharing, Taxi and Truck Leasing Market Report 2024 Featuring UDrive, IDrive, and Ekar - ResearchAndMarkets.com

The "KSA Car Sharing, Taxi and Truck Leasing Market" report has been added to ResearchAndMarkets.com's offering.

KSA Car Sharing, Taxi and Truck Leasing Market is expected to grow at a significant growth rate owing to different factors affecting the market. Among the three markets, the KSA taxi market is the biggest and is anticipated to develop consistently in the forecasted period as well. Al Safwa, Umrah Taxis, and Makkah Madina Taxi Service are some of the leading companies in the KSA Taxi market.

KSA Car Sharing is also growing steadily with a focus on greener mobility, offering convenience, growth in the local economy, targeting low-income segments, technology partnerships and peer-to-peer models. Sedans dominate the car-sharing market in KSA with the majority market share in terms of fleet size followed by SUVs.

The main car-sharing firms in Saudi Arabia are UDrive, IDrive, and Ekar. The Ministry of Transport, the Traffic Department, and the TGA are a few of the regulatory bodies that supervise them.

The Ministry of Transport and TGA control around 1500 companies in the KSA taxi market, the most prominent include Umrah Taxis, Makkah Madina Taxi Service, and Al Safwa. Some of the largest truck leasing companies in Saudi Arabia are Rahaal, Fraikin Dayum, Mubarrad, Amal Express, Neeran International, FWS Contracting, and AMHEC. They are subject to regulation by the TGA and various ministries.

KSA Car Sharing, Taxi and Truck Leasing Market Analysis

The KSA Taxi Market is developing notably with a fleet size of 110,500 taxis. The market is highly fragmented with over 1500 companies actively present in the industry.

Comparatively, the KSA Car Sharing Market is extremely consolidated with the top three companies including UDrive, Ekar and IDrive having a market share of more than 90%. The market has a fleet size of 1,150 vehicles.

In 2018, the first car-sharing application in Saudi Arabia, IDrive, entered the market and the business started growing. Since then, the industry has expanded at an unprecedented rate as IDrive has continued to promote the idea of car sharing and compete with companies that provide rentals.

The KSA truck leasing market is witnessing exceptional growth due to the government's initiatives to promote other industries of the economy, the rising demand for truck leasing, and the integration of technology.

Demand for truck leasing is rising across a variety of industries in Saudi Arabia, including mining, oil, and construction, as it offers a more affordable option than buying trucks.

Competitive Landscape

Major Players in KSA Car Sharing, Taxi and Truck Leasing Market

• In order to cater to various consumer categories, such as those seeking premium cars, family-friendly cars, out-of-town vehicles, etc., taxi firms are focusing on offering customized services. This is projected to enhance the desire for taxis in the near future.
• The TGA's primary goal is to equip every taxi in Saudi Arabia with modern technology by incorporating features such as live tracking devices. Additionally, air taxis are under development and are expected to be available by 2024.
• The Truck Leasing Market in KSA is moderately fragmented with Rahaal capturing more than 40% of the market and the rest being occupied by multiple players. These 5 players capture around 65% of the fleet size with Rahaal, Fraikin and Mubarrad being the leaders.
• With Rahaal holding a market share of over 40% and other companies occupying the rest of the market, the truck leasing industry in Saudi Arabia is partially fragmented. The players including Rahaal, Fraikin, and Mubarrad account for almost 65% of the fleet size.
• The current car-sharing firms in Saudi Arabia, including UDrive, intend to increase the number of vehicles in their fleet to 1500 by the end of this year. Such goals for growth, in addition to the arrival of new companies, will encourage market expansion to meet the growing mobility demand.

Future Outlook

• 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 government's initiatives aimed at advancing fare practices in the taxi industry and promoting Vision 2030 would facilitate further expansion of the already extensive sector that is made up of numerous organizations. The growing adoption of digital technology will make it possible to book cabs online, thus enhancing the convenience provided.
• The Saudi Arabian Vision 2030, which promotes environmentally friendly mobility, will encourage more businesses to join the flourishing car-sharing market in the future by emphasizing the sustainability of their fleet. Growth in this relatively young market in KSA is anticipated to be further enabled by the arrival of new and foreign firms.

Key Trends by Market Segment

By Type of Fleet: The KSA Car Sharing Market is classified into two major categories: SUV and Sedan. Because they are easily accessible and reasonably priced, Sedan cars hold an 81% market share in the KSA car sharing market. SUVs are typically the vehicle of choice for travelers since they are spacious and comfortable. Sedans are the ideal option for corporate reservations due to their lower cost and greater availability.

By Type of Vehicle: The KSA Taxi Market is categorized into four important categories Small Taxi, Medium Taxi, Large Taxi, and Coaster. Small Taxi (1-4 Passengers) is the leading the KSA Taxi Market with a market share of 57% followed by Medium Taxi, Large Taxi, and Coaster. Sedans make up the majority of small taxis in Saudi Arabia. They are either Toyota Camries or Hyundai Sonata limos, which account for over half of all taxis in operation. These sedans offer luxurious and comfortable seating for guests to enjoy at their convenience.

By Type of Truck: The truck leasing market is classified into two categories that are Heavy Duty Trucks and Medium Duty Trucks. Medium Duty Trucks dominate the market with a market share of 70% followed by Heavy Duty Trucks. Medium Duty Trucks are preferred as Medium-duty trucks are versatile and well-suited for a range of applications. They strike a balance between the payload capacity of heavy-duty trucks and the adaptability of light-duty trucks, making them ideal for various transport needs.

A selection of companies mentioned in this report includes

• IDrive
• UDrive
• Ekar
• Al Safwa
• Umrah Taxi Service
• Makkah Madina Taxi Service

For more information about this report visit https://www.researchandmarkets.com/r/19rp1x

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