Saudi Arabia Construction Equipment Lease/ Rental Market to Grow with a CAGR of 9.56% Through 2029
Growing demand for cost-efficient construction solutions, increased investment in residential and commercial projects, and advancements in construction technology are the factors driving the market in the forecast period 2025-2029.
According to TechSci Research report, “Saudi Arabia Construction Equipment Lease/ Rental Market - By Region, Competition, Forecast & Opportunities, 2029F", the Saudi Arabia construction equipment lease/ rental market has shown robust growth, reaching a value of USD 1,990.97 million in 2023, and it is forecasted to expand to USD 3,395.11 million by 2029 with a compound annual growth rate (CAGR) of 9.56% during forecast period. Expansion of public transportation networks, such as metro systems and railways, drives demand for advanced construction machinery, particularly for urban development. The government’s focus on sustainability in construction projects, including eco-friendly buildings and green infrastructure, further increases the need for specialized, energy-efficient equipment. Rising tourism-related infrastructure projects, such as hotels, resorts, and entertainment complexes, also contribute to the growing market. Additionally, private sector investments in real estate and industrial development create more opportunities for leasing and renting equipment. These factors, combined with the Kingdom’s ongoing infrastructure push, continue to support the market's growth through 2025-2029.
The increasing focus on boosting domestic manufacturing in Saudi Arabia is driving significant demand for the construction of factories and warehouses, which in turn is fueling the growth of the construction equipment lease and rental market. Vision 2030, which emphasizes economic diversification and reducing reliance on imports, is accelerating the development of local manufacturing capabilities across various industries. This expansion not only strengthens the manufacturing sector but also creates a need for construction equipment to build the factories and warehouses necessary to support this growth.
Construction activity in Saudi Arabia is also accelerating due to the country’s efforts to boost its tourism industry. Large-scale infrastructure projects, such as hotels, resorts, and entertainment complexes, are being developed to transform the Kingdom into a global tourism hub. These projects require extensive use of construction equipment, from cranes and loaders to excavators, creating a rising demand for leasing and rental services. The tourism-driven construction boom presents both immediate and long-term opportunities for the equipment rental market, as new developments continue to emerge in the coming years, further expanding the market.
The oil and gas sector plays a significant role in driving the demand for construction equipment leasing and rentals. As Saudi Arabia continues to expand its oil and gas infrastructure, numerous projects, including new refineries and pipelines, require substantial construction machinery. The need for specialized equipment, such as heavy cranes and drilling rigs, is high in these sectors, prompting companies to turn to leasing services for flexibility and cost savings. The combined demand from the construction, tourism, and oil and gas sectors will continue to support the growth of the construction equipment rental market in Saudi Arabia, positioning it as a leading market for construction machinery leasing.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Saudi Arabia Construction Equipment Lease/ Rental Market"
The Saudi Arabia Construction Equipment Lease/ Rental Market is segmented into Type, Application, Power Output, End User, and Region.
Based on type, In 2023, the Forklift segment emerged as the fastest-growing category in Saudi Arabia's construction equipment leasing and rental market. Forklifts are essential in warehousing, distribution, and material handling operations, particularly in industries such as logistics, retail, and construction. The rise in e-commerce and demand for efficient warehouse operations has led to a surge in the need for forklifts, as businesses seek to optimize their supply chain and inventory management. Forklifts offer businesses a flexible and cost-effective solution for moving materials without the long-term commitment of purchasing expensive equipment. With various types and capacities available, forklifts cater to a wide range of applications, from light-duty operations in retail settings to heavy-duty tasks on construction sites.
The growing construction sector, particularly in urban development and infrastructure projects, has also fueled demand for forklifts. As construction projects require efficient material movement on-site, forklifts play a crucial role in lifting and transporting heavy loads, such as concrete blocks, steel beams, and equipment. The convenience and versatility offered by forklifts in handling a variety of materials in tight spaces have made them indispensable for many industries. Leasing forklifts provides businesses with an affordable means to access high-quality equipment without the burden of maintenance and upkeep, making them a preferred choice. This segment's growth reflects the broader trends in the Saudi economy, where sectors such as warehousing, retail, and construction continue to expand, creating a steady demand for forklifts in both large-scale and smaller operations.
Based on region, In 2023, the fastest-growing region for Saudi Arabia's truck leasing and rental market was the Eastern market. This region has seen significant industrial growth, particularly in oil, gas, and petrochemical sectors. As a major hub for these industries, the Eastern region has witnessed increased demand for logistics and transportation solutions, with businesses relying heavily on truck leasing to support their operations. The growing infrastructure developments in key cities and ports, such as Dammam and Jubail, have also contributed to the rising demand for trucks in the region. This trend has been driven by the need for efficient transportation networks that support both domestic and international trade. As industries continue to expand in the Eastern region, the truck leasing market is expected to grow in tandem.
Major market players operating in Saudi Arabia Construction Equipment Lease/ Rental market are:
- Expertise Contracting Co Ltd
- Mohammed Abdullah Al Areedh Company
- Arab International Transport and Heavy Equipment Company Ltd
- Fahad S. Al-Tamimi Group
- Zahid Tractors and Heavy Equipment Company Ltd
- Al Jaber Heavy Lift & Transport Co. Ltd
- Bin Quraya Company Limited
- Source Machinery for Trading & Contracting Company Ltd
- SAQCO Arabia Limited Company
- National Basics Company Limited
Download Free Sample Report
Customers can also request for 10% free customization on this report.
"The Saudi Arabian construction equipment leasing and rental market is seeing significant growth due to key drivers such as the country's push for domestic manufacturing and the increasing number of large-scale infrastructure projects under Vision 2030. As the construction sector expands, especially with the rise in tourism and industrial development, leasing offers companies a cost-effective way to access high-quality equipment without heavy capital investment. These factors, coupled with the growing focus on sustainability, are shaping the future of the leasing market in Saudi Arabia," said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Construction Equipment Lease/ Rental Market By Type (Loader, Forklift, Excavator, Dozers, Others), By Application (Material Handling, Earthmoving, Concrete and Road construction, Others), By Power Output (<100hp, 101-200hp, 201-400hp, >400hp), By End User (Oil & Gas, Construction, Infrastructure, Manufacturing, Others), By Region, Competition, Forecast & Opportunities, 2029F”, evaluates the future growth potential of Saudi Arabia Construction Equipment Lease/ Rental 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 make sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Saudi Arabia Construction Equipment Lease/ Rental market.
Contact
TechSci Research LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
Tel: +1-332-258-6602
Email: [email protected]
Website: www.techsciresearch.com