Saudi Arabia Truck Leasing and Rental Market to Grow at a CAGR of 6.51% through 2027
Various ongoing construction projects in the country are
raising the demand for trucks, by which many corporate companies take trucks on
lease, thus driving the Saudi Arabia truck leasing and rental market in the
forecast period.
According
to TechSci Research report, “Saudi Arabia Truck Leasing and Rental Market -By Region, By Company,
Forecast & Opportunities, 2017- 2027F”,
the Saudi Arabia truck leasing and rental market stood at USD3,334.48 million
in 2021 and is expected to register a CAGR of 6.51% to reach USD5,357.20
million by 2027. The rise in demand for trucks for the transportation,
construction, and logistics industry and the introduction of connected and
smart trucks are expected to drive the demand for the Saudi Arabia truck
leasing and rental market. Rapid urbanization and increasing demand for
construction activities are bolstering the demand for trucks to carry heavy
materials from one place to another.
However,
the availability of limited financial options and cyclic price fluctuations may
restrain the Saudi Arabia truck leasing and rental market growth in the
forecast period.
Browse over 20 market data Figures spread through 77 Pages and an in-depth TOC on "Saudi
Arabia Truck Leasing and Rental Market"
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The Saudi Arabia truck leasing and
rental market is segmented into lease type, truck type, end use industry, booking,
regional distribution, and competitive landscape.
Based on truck type, the market is
divided into heavy duty and medium duty. Heavy-duty trucks dominated the market
in 2021, capturing a market share of 66.52%, and are expected to maintain their
dominance throughout the forecast period. The high demand for trucks with high
load-carrying capacity to handle strong suspension systems and heavyweights is
expected to accelerate the demand for heavy trucks. Increased supply of goods
and materials to various end-user industries and high-end investment for
infrastructure development by government authorities are expected to fuel the
demand for heavy-duty trucks in the next five years.
Based on end use industry, the market is
divided into oil & gas, FMCG, e-commerce, mining, construction, and others.
The oil & gas industry is expected to grow at a CAGR of 6.01% to hold the
largest market share in the forecast period. The oil & gas industry is the
major revenue-generating industry in Saudi Arabia. It requires the use of
pick-up trucks to carry explosive material like petroleum and related products
from on-site for further processing are expected to fuel the Saudi Arabia truck
leasing and rental market growth in the next five years.
Based on booking, the market is divided
into online and offline. The online segment is expected to witness the fastest
incremental growth in the forecast period. High internet penetration and
proliferation of smart devices are strengthening the foothold of online sales
channels in the country. Companies have started to avail services using online
platforms and get the truck delivered to their address. Ijarah Finance, Abdul
Latif Jameel IPR Company Limited are some of the companies offering truck
leasing and rental services at lucrative discounts. Growing awareness about the
benefits of opting for online platforms is expected to significantly contribute
to the Saudi Arabia truck leasing and rental market through the next five
years.
Major market players operating in Saudi
Arabia truck leasing and rental market are :
- Yanal Finance Company
- Saudi Transport & Investment Co. (Mubarrad)
- Fraikin Dayim Truck Rental Ltd
- Aljozoor Alrasekha Trucking Ltd. (Rahaal)
- Trukker Holding Limited
- Neeraan International Contracting Co.
- Imad Company for Trading & Contracting
- Trukkin Middle East FZ-LLC
- Federal Wave Specialized Contracting Establishment
- Spark Arabia
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“The ongoing activities such as the
construction of Neom and Qiddiya city and Red Sea Project, and other
infrastructure development projects require vast amounts of construction
material and equipment to complete the project on time. Companies involved in
multiple projects prefer to take trucks for short durations, avoid hefty
investments, and increase profit margins. The strong economic position of Saudi
Arabia is fueling industrialization and urbanization in the country. Market
players are expected to invest in the expansion of product portfolio to garner
customer attraction and adopt alternate distribution channels and aggressive
marketing strategies to stay ahead in the market, which in turn is expected to
propel the Saudi Arabia truck leasing and rental market growth till 2027” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Saudi Arabia Truck
Leasing and Rental Market By Lease Type (Finance Lease, Full Rental), By Truck
Type (Heavy Duty, and Medium Duty), By End-Use Industry (Oil & Gas, FMCG,
Construction, Mining, E-Commerce), By Booking (Offline, Online), By Region, By
Company, Forecast & Opportunities, 2017- 2027F”, has evaluated the future
growth potential of Saudi Arabia truck leasing and 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 and rental market.
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