Udrive, the 24/7 mobile-app car rental launches its Riyadh operations in an ambitious strategy to push growth in the Gulf and widen its customer base by next year.
The expansion comes as Udrive is geared for “supporting the nation’s long term development goals by reducing vehicle emissions and decreasing pressure on infrastructure” with plans to increase its fleet to 1,500 cars in Jeddah and other KSA cities in 2023.
Udrive’s mobility drive is in line with Saudi’s Vision 2030 for greener mobility alongside an appeal from residents, tourists, students and startups for better mobility options at cost-effective prices. 92 percent of KSA residents currently use private vehicles to commute, which impacts the quality of urban living and air quality.
Nicholas Watson, Co-founder and CEO of Udrive said: “We are delighted to expand our footprint to serve the thriving Saudi market. The sustainability pillar of Saudi Arabia’s ambitious Vision 2030 strategy presents a compelling case for us to expand into the region.”
“At Udrive, we are committed to providing commuters with the best driving experience at the most affordable prices. We believe our car sharing model will reduce commuting costs for residents, tourists, students and startups while supporting the nation’s long term development goals by reducing vehicle emissions and decreasing pressure on infrastructure,” he adds.
This will support the pay-per minute platform in enabling short- and long term rentals to users at economical rates, including covered petrol costs, comprehensive insurance, and paid parking as the “growing passenger car market among a population where more than half are under 25, is moving from ownership to usership.”
Car sharing platforms have seen exponential growth worldwide as well as in the Middle East. The global car sharing market is forecast to reach $103 billion by 2025, with a CAGR of 17.2 percent. In KSA, the car rental market is valued at approximately $1 billion and forecast to reach $1.18 billion by 2026.
Udrive recorded strong growth in 2021, clocking two million trips to date, making it one of the largest rental booking platforms by transactions per car in the region.
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