Online Booking segment to dominate the Saudi Arabia Truck Leasing & Rental Market till 2026
Increased truck ownership expense and expanding tourism
industry is expected to drive the Saudi Arabia truck leasing & rental
market through the forecast period
According
to TechSci Research report, “Saudi
Arabia Truck Leasing & Rental Market By Lease Type (Finance Lease, Full
Service/Rental) By Truck Type (Heavy Duty, Medium Duty) By Application
(Personal, Commercial) By Booking (Online, Offline) By Company, By Region,
Forecast & Opportunities, 2026”, Saudi Arabia truck leasing & rental market is
expected to grow at a promising rate during the forecast period. Increase of
medical and vocational tourism in Saudi Arabia is creating new avenues for
construction industry market growth to cater the need of growing tourists which
is expected to fuel the truck leasing and rental market. Initiatives from fleet
owners to adopt cost-cutting strategies for offering cost-effective truck
services is considered a major driver for the market growth. Demand for minimal
operational costs through adopting the downsizing of non-critical assets or
outsourcing services from different vendors is attributing to high demand for
truck leasing and rental market. Key players in truck leasing and rental market
are collaborating with famous automotive companies to increase of confidence of
the consumers on company. Companies relating to truck rental services are
developing website and mobile applications with user-friendly interface to
attract consumers with the facility to plan route along with taking rental
services. Upgrade of the truck fleet by adoption of digitalized solutions and
emission control technologies coupled with high maintenance costs have
discouraged companies for truck ownership which is further accelerating the
truck leasing and rental market growth in Saudi Arabia.
Due to the ongoing pandemic COVID-19, complete
lockdown was observed all around the world which led to huge impact on the
economy of major countries. The price of oil also started to decline thereby
reducing the spending capacity of the residents of Saudi Arabia. People stopped moving from one place to
another to follow the strict guidelines and precautionary measures by
government and temporary suspension of tourism and commercial activities was
observed in the region. After lifting of the lockdown, tourism activities
started to pick up the pace in Saudi Arabia which is expected to bolster the
truck leasing and rental market in Saudi Arabia. Rising in urbanization
activities in search for better employment opportunities and quality living
standards is generating the need to shift houses which is bolstering the rental
truck market.
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Saudi Arabia truck leasing & rental market is segregated based lease
type, truck type, application, booking, regional distribution and company. Based
on booking, market is further bifurcated into online and offline. Online
booking segment is expected to grow at a promising rate during the predicted
period on account of increased customer convenience and the facility to avail
booking services at any time from any place. Availability of lucrative offers
and discounts to avail the booking services online is accelerating the market
demand in the region. Rapidly growing internet penetration of internet services
in Saudi Arabia coupled with proliferation of smart devices is enabling
consumers to avail the services online and avoid the hassles of travelling and
save commute time by providing a number of options at a single platform. Based
on lease type, market is divided into finance lease and full service/rental market.
Finance lease segment is expected to hold major market share for the forecast
period as it comprises of fuel charges and value-added services.
United International Transportation Co.,
Fraikin Dayim Truck Rental Ltd, Saudi ORIX Leasing Company, Al-Jazira Equipment
Company (Auto World) {SIXT}, AII A. AL AYED TRANSPORT EST, Alkhateeb Logistic
and Port Service Co. Ltd., Al Shaheen Transportation Group, Trukkin, Telgani,
Neeraan International, and others are some of the leading players operating in Saudi
Arabia truck leasing & rental market. Companies operating in the market are
using strategies such as joint ventures, product launches, mergers, and research
collaborations to boost their share and increase their geographic reach.
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“Truck
leasing & rental market reduces the operational risks associated with
ownership of trucks and it is an effective way to avoid the contract
uncertainties. Leasing & rental truck services is an efficient and
economical way to meet the seasonal truck requirements. Leasing and renting
remove the additional costs associated with vehicle ownership including
servicing, maintenance and vehicle replacement therefore increasing the profit
of interested consumers. Adoption of aggressive marketing strategies and
lucrative offers and discounts is expected to propel the market growth until
2026” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based Saudi Arabia management consulting firm.
“Saudi Arabia Truck Leasing & Rental Market By
Lease Type (Finance Lease, Full Service/Rental) By Truck Type (Heavy Duty,
Medium Duty) By Application (Personal, Commercial) By Booking (Online, Offline)
By Company, By Region, Forecast & Opportunities, 2026”, has
evaluated the future growth potential of Saudi Arabia truck leasing &
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 take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Saudi Arabia truck leasing
& rental market.
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