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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