Saudi Arabia Shared Mobility Market to be Led by Passenger Car Through 2030
Addition of new market players in the
Saudi Arabia Shared Mobility Market and increasing fleet size of vehicles are
driving the Saudi Arabia Shared Mobility Market.
According to the TechSci
Research report, "Saudi Arabia Shared Mobility Market-Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2018-2030F", the
Saudi Arabia shared mobility market is anticipated to grow at a good rate in
the coming year. The cost of sharing vehicles has significantly decreased due
to the expansion of online platforms, encouraging customers to book a ride, rather
than taking the public transportation system. The country's holy places, like
Mecca and Medina, see a huge number of visitors during Eid Al-Fitr and Eid
Al-Adha festivals. This is another reason for the expansion of shared mobility market.
The shared mobility market has grown steadily in the recent years in Saudi
Arabia. However, the COVID-19 pandemic outbreak and the ensuing restrictive
measures, such as travel ban and the suspension of Hajj and Umrah pilgrims, did
hurt the business in COVID year 2020. While shared mobility market has been
remained largely stable during and after the COVID period, other businesses have
suffered a lot.
The market for shared
mobility is heavily influenced by rising disposable income since consumers with
higher disposable incomes are more willing to spend on practical shared
services. The need for shared mobility services has increased as a result of
this trend, which has also increased travel and family outings. Clean energy
mobility is a growing trend in Saudi Arabian cities and is expected to continue
for the foreseeable future. Electric vehicles will become a preferred means of
city transportation if they are incorporated into shared mobility operators'
fleets. This aspect will also bring operational cost savings over the long and
medium period.
In Saudi Arabia
the sales of passenger cars were around 4,75,837 in the year 2021 due to which
the passenger car segment has the highest market share in the shared mobility
market. The sales of commercial vehicles in 2021 was around 80,722, due to
which commercial vehicles also have a good presence in the shared mobility
market. The number of users in the shared mobility from the corporate sector is
more than 50% in the market, and the online segment has more than 80% market
share compared to the offline user in the Shared Mobility Market.
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Apart from 2020, the nation has seen an increase in
the number of tourists, making the tourism sector one of the main contributors
to shared mobility. Corporate clients and visiting executives are the primary
target market for the country's shared mobility sector, and this customer
segment typically prefers passenger cars for city transportation. The market
for shared mobility is growing because of these factors. Th After the COVID
outbreak in Saudi Arabia, the tourist and business tourists were practically
stopped after numerous lockdowns and restriction across many the country.
Therefore, the shared mobility sector in the country struggled during the peak
of the COVID-19 outbreak. However, the nation is now a secure alternative for
tourists from around the world, boosting the market in the near future.
Since sharing a vehicle is more affordable than
purchasing a new one, many businesses and the government in Saudi Arabia are
driving the growth of the shared mobility market. There are many private
companies there that require passenger cars and two-wheelers for long-term
usage. Renting a vehicle has numerous benefits over purchasing a new one,
including the cost-saving advantage because the cost each ride is set and is
excessively low. Future growth in the share mobility market is anticipated to
be significant.
In Saudi Arabia, logistics and corporate companies are
pacing year by year and thus medium shared mobility services are escalating as passenger
car and two-wheeler are easy to handle for logistics activities. The shared
mobility companies are adding passenger car and two-wheeler in their company’s fleet
at a very fast rate to gain more and more market share, among the other market
players.
Some of the major players
operating in the Saudi Arabia Shared Mobility Market include:
- Careem
Inc
- Swvl
Holdings Corp
- ekar
- KOI
Ride
- Udriver
- FENIX
- Saudi
Transport & Investment Co. (Mubarrad)
- Telgani
- Uber
Technologies, Inc.
- KDDAD
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“Many shared mobility companies
are increasing their vehicle fleet and adding premium vehicles to offer the
users for their better experience. Shared mobility companies are adding new
vehicles and premium vehicles to increase their market share in the Saudi
Arabia. Many investors are also investing in shared mobility companies by the
potential in this sector and business opportunity. Which will further help in
driving the Saudi Arabia Shared Mobility Market in the coming year.", said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Saudi Arabia Shared Mobility
Market By Vehicle Type (Passenger Car, Two-Wheeler, Micro Mobility), By Service
Type (Ride Sharing, Ride Source, Private), By Booking Type (Online, Offline),
By Business Model (P2P, B2B, B2C), By Vehicle Propulsion (IC Engine Vehicle,
Electric Vehicle) By Region, Forecast & Competition,
Opportunities, 2018- 2030F has evaluated
the future growth potential of Saudi Arabia Shared Mobility Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Saudi Arabia Shared Mobility Market.
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