Saudi Arabia Light Vehicle Truck Leasing and Rental Market to Grow at Impressive Rate
Leased vehicles are way to cost effective for the people as
they can rent or take vehicle on lease according to the need, by this Saudi
Arabia Light Vehicle Leasing and Rental Market is anticipated to grow in the
coming year.
According to the TechSci Research
report, " Saudi Arabia Light Vehicle Leasing and Rental Market-By Region, Competition Forecast
& Opportunities, 2018-2028F,"
the Saudi Arabia light vehicle leasing and rental market is anticipated to grow
at a robust rate in the forecast years 2023-2028. Taking a vehicle on lease is
way to conventional for the people of Saudi Arabia, as it is very cost
effective. People can take the vehicle according to there need and can rent or
lease a vehicle for certain period. There are many leasing and rental companies
in the Saudi Arabia market which provide passenger cars and other light
commercial vehicles on lease and on rent at a reasonable price, companies offer
passenger cars and light commercial vehicles in very good condition also people
take vehicles for long period of time in which company provides services and
maintenances for the vehicle to the customer.
In
Saudi Arabia the online market of leasing and rental services has increased by
40% to 50% in the year 2022. The demand for leasing a vehicle comes from
various sectors such as e-commerce sites, the corporate sector, the FMCG
industry, etc. Most of the leased vehicle demand comes for the delivery van for
the transport of goods from the stores to doorstep. The demand for leased
vehicles is also generated from the corporate sector, which uses vehicles for
their employees for pickup and drop services. Many companies take vehicles for
a long period of time for the cab service for their employees. This all has
increased demand for leased vehicles in the recent years in the country, which
is expected to grow the Saudi Arabia light vehicle leasing and rental market in
the coming years.
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In Saudi Arabia, increasing economic growth and rising
industrialization are boosting the automobile market. The increase in offices
and e-commerce sites has led to an increased demand for passenger cars and
delivery vans in Saudi Arabia. Many e-commerce companies such Amazon, AliExpress, Mercado Libre,
Amazon.sa have
multiple offices in different locations of Saudi Arabia, and they prefer to
take vans and light pickup trucks on lease as compared to owning a new one. The
leasing companies offer vans and light pickup trucks at a very low price
compared to the new ones, which adds on to the cost efficiency. By the end of
the work, the e-commerce companies return the vans and light pickup trucks back
to the leasing company. While having a van and light pickup trucks in due lease
time, all mechanical failure costs are taken care of by the leasing company,
which helps save lots of money for the e-commerce companies during the need of
work time.
Additionally,
by seeing the growth in the leasing and rental sector, many investors have
invested their money in these service-providing companies, which will lead to
the growth of the Saudi Arabia light vehicle leasing and rental market in the
coming years.
In
Saudi Arabia the western region has the largest market share in the light
vehicle leasing and rental market due to famous cities like Mecca and Jeddah,
which have the largest penetration of tourism. According to the World Tourism
Organization (UNWTO), every year, around 8 million tourists come to Saudi
Arabia, which leads to a rise in total tourism expenditure every year. Due to
this, the demand for various goods in the country, such as food, personal
accessories, consumer durables, personal hygiene, etc., increases, requiring an
efficient supply chain to fulfill the demand. So, transportation of these goods
becomes extremely important, which is majorly done with the help of light
pickup trucks. So, leasing vans and light pickup trucks have become a more accessible
option for the supplier, thus driving the Saudi Arabia light vehicle leasing
and rental market.
Some
of the major players operating in the Saudi Arabia light vehicle leasing and
rental market include:
- Budget Rent a Car System, Inc
- Yelo
- Avis Budget Group, Inc
- Key Car Rental
- LUMI Rental Co. Ltd
- Hanco (Al Tala'a International
Transportation Co. Limited)
- Al FARIS RENT A CAR
- eZhire (Al Jazirah rent a Car)
- AutoWorld
- Yahma Rent A Car
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“The light vehicle leasing and rental market in Saudi Arabia is
currently at its expansion stage. The rising number of industry setups and
growing construction industry have been contributing to the market size of this
industry, accompanied by increasing employment rate and GDP of the country.
Saudi Arabia light vehicle leasing and rental market is growing due to
corporate demand mainly from the industries such as construction, food,
logistics, and gas and oil sector, with sizeable demand for transportation of
the heavy equipment. All
these factors have directly affected the Saudi Arabia light vehicle leasing and
rental market in a positive way and it is anticipated to grow the market in the
coming years. "said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Saudi Arabia
Light Vehicle Leasing and Rental Market By Lease Type (Finance Lease, Full
Rental), By Vehicle Type (Passenger Cars, Light Commercial Vehicle), By End-Use
Industry (FMCG, Construction, Corporate, E-Commerce), By Booking (Offline,
Online), and By Region, Competition Forecast & Opportunities, 2017-2027 has
evaluated the future growth potential of Saudi Arabia Light Vehicle 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 the Saudi Arabia light
vehicle leasing and rental market.
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