Dublin, July 05, 2023 (GLOBE NEWSWIRE) -- The "Saudi Arabia Shared Mobility Market By Vehicle Type (Passenger Car, Two-Wheeler, Micro Mobility), By Service Type, By Booking Type, By Business Model, By Vehicle Propulsion, By Region, Competition Forecast and Opportunities, 2018- 2030F" report has been added to ResearchAndMarkets.com's offering.
In Saudi Arabia, people prefer to take shared mobility as an alternate option for traveling short distances, as it is more cost-effective for them. In Saudi Arabia's cities, the shared economy, in general, and vehicle sharing, in particular, are expanding quickly.
The government of Saudi Arabia is aggressively promoting it by creating the idea of a 'smart city' and expanding the essential infrastructure, like parking places for car-sharing. Saudi Arabia busiest cities, like Riyadh, Maca, Jeddah, Mecca, Medina, etc., are micro-mobility centers, and a higher number of people are using shared mobility in these cities.
This also implies that many micro-mobility projects receive additional forms of government funding or partial funding from local governments. Many shared mobility companies have seen an opportunity for them as the number of shared mobility users has increased with time in the country.
Thus, the market for shared mobility is expanding and showing significant investment acceleration. Shared mobility firms have already garnered good funding investment amounts, placing the industry second behind e-hailing players, despite the entry of shared two-wheeler in the market. This reflects the faster adoption of shared mobility trips for different cities in the country.
The sales of Saudi Arabia's total number of passenger cars in 2021 was around 4,75,837, making the passenger car segment own the highest market share in the shared mobility market. The sales of commercial vehicles in 2021 were around 80,722, making commercial vehicles 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.
Cost Effectiveness of Shared Mobility
Taking a vehicle as shared mobility can have several benefits over outright owning one because it can reduce the enormous upfront expense of purchasing one.
Many working employees in the corporate sector have offices in the main city where the living cost is high, and most of the people don't have their own private vehicles. They prefer to take shared mobility for traveling on a daily basis. People in Saudi Arabia find difficulties in parking their vehicles at the office location. To the benefit, shared mobility helps reduce parking needs, creating opportunities for infill development to nonvehicular modes.
The Increasing Demand for Online Shared Vehicles
Currently, online booking can be used for cashless transactions, e-signing contracts, checking the validity of the renter's identification, and providing the renter with vehicle information.
Over the past few years, people's preferred method of choosing their shared vehicles has increased with the development of technology. Additionally, it offers extra tools for real-time monitoring of a shared vehicle's performance and maintenance. These features are great advantages for fleet managers and drivers because they help them effectively spot issues and execute changes to their shared vehicle services at the right moment.
Addition Of The New Market Players in the Saudi Arabia Shared Mobility Market
Saudi Arabia is a tourist destination place where every year, more than 20 million people come to visit the country. Such an increasing number of tourists every year is leading to an increase in the number of shared mobility.
The shared mobility market in Saudi Arabia is expected to grow at a healthy rate, owing to the increase in business and leisure tourism. By seeing this opportunity, the shared mobility market players are focusing on keeping ahead on the basis of value-added services provided to prospective users.
The shared mobility companies are now reducing the service cost and are adding premium and well-maintained vehicle models, and they are increasing the fleet of vehicles to capture more market share in Saudi Arabia.
Market Dynamics
Market Drivers
- Expansion Strategy by Existing Players
- The Increasing Demand for Online Car Rental Services
Market Trends & Developments
- Increasing Fleet Size of Vehicles in the Share Mobility
- Growing Internet User In the Market
- Growing Market Penetration Due to Addition of Market Players
Market Challenges
- Increasing Ride Cancellation
- Passengers Safety Issue in the Shared Mobility
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia Automotive Battery Market
- Careem Inc.
- Swvl Holdings Corp
- ekar
- KOI Ride
- Udriver
- FENIX
- Saudi Transport & Investment Co. (Mubarrad)
- Telgani
- Uber Technologies, Inc
- KDDAD TAXI SERVICE
Report Scope:
Saudi Arabia Shared Mobility Market, By Vehicle Type:
- Passenger Car
- Tow-Wheeler
- Micro Mobility
Saudi Arabia Shared Mobility Market, By Service Type:
- Ride Sharing
- Ride Sourcing
- Private
Saudi Arabia Shared Mobility Market, By Booking Type:
- Online
- Offline
Saudi Arabia Shared Mobility Market, By Business Model:
- P2P
- B2B
- B2C
Saudi Arabia Shared Mobility Market, By Vehicle Propulsion:
- IC Engine Vehicle
- Electric Vehicle
Saudi Arabia Shared Mobility Market, By Region:
- Central Region
- Western Region
- Eastern Region
- Southern Region
- Northern Region
For more information about this report visit https://www.researchandmarkets.com/r/mimsk
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