High demand from small and mid-size companies and digitization of truck leasing & rental services are expected to drive the demand for the UAE truck leasing & rental market in the forecast period, 2023-2027. According to TechSci Research report, “UAE Truck Leasing & Rental Market By Region, Competition Forecast & Opportunities, 2027”, the UAE truck leasing & rental market is anticipated to grow at a steady CAGR in the forecast period, 2023-2027. Trucks are considered the most-efficient mode of transportation across the country. With the increased demand for the transportation of various goods, cargo, and commodities, the demand for truck leasing & rental services is growing at a significant rate.
The rise in the stringent emission norms by the government prevents buyers from purchasing new vehicles as an upgrade requires huge additional investments. Truck leasing & rental services provide the trucks at affordable rates, and all the operational, maintenance, repair, and upgrade cost of the trucks is taken care of by the service providers. The rise in the service providers in the country and increased demand from prominent industry verticals are expected to boost the market demand over the next five years.
However, the cost and operational difficulties encountered by service providers may restrain the market growth in the forecast period.
Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on “UAE Truck Leasing & Rental Market”
The UAE truck leasing & rental market is segmented into type, lease type, truck type, end-use industry, booking, vehicle type, regional distribution, and competitive landscape.
Based on lease type, the market is divided into financial lease, full service/operational lease, and third-party lease. The full-service/operational lease segment is expected to capture the highest market share in the forecast period. Full service includes fuel cost and other value-added services, which allows the end-users to avail of the services at comparatively low rates.
Based on truck type, the market is divided into light-duty, heavy-duty, and medium-duty. Light-duty trucks segment demand is expected to grow at a substantial rate over the next five years. They are used to transport small and light cargo, and it includes vans and pickups, and mini trucks. Light-duty trucks have fuel-efficient engines and low operating costs, which makes them suitable for intra-city operations. The high demand for light-duty trucks from the e-commerce industry for last-mile delivery services is driving the segment demand.
Based on the end-use industry, the market is divided into oil & gas, FMCG, e-commerce, mining, construction, and others. The E-commerce industry is expected to have significant demand for truck leasing & rental services in the forecast period. The growing popularity of the e-commerce industry across the country and the continuous entry of new market players into the retail industry are driving market demand. They promise to deliver the goods to the customer’s location, which creates the demand to avail truck & leasing services.
Based on booking, the market is bifurcated into offline and online. The online segment is expected to witness the fastest incremental growth in the forecast period due to the increased penetration of high-speed internet connections and the proliferation of smart devices. Consumers have begun exploring the options and comparing the prices of the services available from the comfort of their homes. It saves traveling time and makes the services available at lucrative discounts.
Based on vehicle type, the market is divided into fully built and customizable. The customizable segment is expected to witness significant growth in the forecast period. End-users prefer to customize the trucks according to their needs and requirements to increase or decrease their storage capacity. Availability of trucks at comparatively cheaper rates rather than investing in the purchase of trucks along with additional customization is expected to drive the market demand in the forecast period.
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“The main drawback of owning a truck is that the owner has to bear the responsibility of maintaining the truck and the constant depreciation value of the truck. Truck leasing & rental services allow end-users to avail of the new truck at comparatively lower rates. Market players are making high-end investments in research and development activities to upgrade the existing infrastructure and improve the performance of the truck. They are integrating novel technologies like a trailer tracking system, temperature tracking, collision mitigation technology, dynamic routing system, and front-looking cameras to enhance the riding experience of the driver. Also, the advent of autonomous, connected, and electric trucks and the availability of advanced trucks at affordable rates via truck leasing & rental services are expected to propel the UAE truck leasing & rental market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“UAE Truck Leasing & Rental Market By Type (Lease, Rental), By Lease Type (Financial Lease, Full Service/Operational Lease, Third Party Lease), By Truck Type (light, Heavy Duty, Medium Duty), By End Use Industry (Oil & Gas, FMCG, E-Commerce, Mining, Construction, Others), By Booking (Online, Offline), By Vehicle Type (Fully Build, Customizable), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future growth potential of UAE 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 the UAE truck leasing & rental market.
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