Saudi Arabia Market refers to the various economic activities, industries, and sectors operating within the Kingdom of Saudi Arabia. Saudi Arabia is one of the largest economies in the Middle East and is known for its vast oil reserves, which have historically been a significant driver of its economic growth.
Key aspects of the Saudi Arabian market include:
Oil Industry: Saudi Arabia is one of the world's leading oil producers and exporters, with petroleum accounting for a significant portion of its GDP and government revenue.
Diversification Efforts: In recent years, Saudi Arabia has been making efforts to diversify its economy away from reliance on oil and gas. The Vision 2030 plan, launched in 2016, outlines the country's vision for economic diversification, attracting foreign investment, and developing non-oil sectors such as tourism, entertainment, technology, and manufacturing.
Financial Market: The Saudi Arabian financial market includes the Saudi Stock Exchange (Tadawul), which is the largest stock exchange in the Middle East and a key platform for companies to raise capital.
Real Estate: The real estate sector has been a crucial area of investment in Saudi Arabia, with various mega-projects and infrastructure developments taking place in different regions.
Saudi Arabia self-storage market was valued at $15,121.7 thousand in 2021 and is projected to reach $21,736.3 thousand by 2031, registering a CAGR of 3.5% from 2022 to 2031.
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Self-storage is the process of renting a storage unit, which can be used to store belongings for a short or long period of time. The self-storage facilities have all the features required to ensure the safety of the stored goods. In addition, it offers various advantages such as reduced clutter in houses, enhanced security & safety, and ability to access the storage units whenever required. In addition, old items such as furniture, clothes, and other home appliances can be stored safely in a self-storage unit. These units are well protected with advanced technology and most importantly, the premises are equipped with entrance gates, surveillance cameras, external lighting for increased visibility, security fences, and guards. With increase in demand for storing large items, such as furniture and electronics items, most storage facilities have started creating large spaces to store these large items to cater to the needs of customers.
The government of Saudi Arabia is taking initiatives to boost SMEs. For instance, the government is expected to increase the number of skilled workforce to boost the SME sector with Vision 2030, which aims to reduce the unemployment rate from 11.6% to 7% and raise the female labor force participation rate from 22% to 30%. Furthermore, one of the important steps in supporting these companies is the establishment of the General Authority for Small and Medium Enterprises (Monsha’at) in 2015, which aims to increase the contribution of SMEs in the economy from 500 billion Riyals in 2014 to 2 trillion Riyals in 2030. Thus, the growth of SMEs has boosted the demand for self-storage facilities as many businesses use self-storage facilities to store their products and equipment.
The Saudi Arabia self-storage market is segmented on the basis of type and application. By type, the market is categorized into short-term lease and long-term lease. In 2021, long-term lease segment accounted for the highest market share, and short-term lease segment is anticipated to grow at a significant CAGR. On the basis of application, it is bifurcated into personal and business. In 2021, personal segment accounted for the largest market share in the market and business segment is anticipated to grow at a significant CAGR during the forecast period.
However, during the pandemic, the demand for self-storage facilities decreased in Saudi Arabia due to slow growth of SMEs. This break directly impacted demand for self-storage units in the country. In addition, slow down of tourism industry negatively impacted the short-term lease market. However, after two years of COVID-19 outbreak and the introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.
The Saudi Arabia self-storage market has witnessed significant growth over the past few years owing to rise in population and rapid urbanization. A number of players are expanding their business in Saudi Arabia owing to increased demand for self-storage facilities. Home relocation is the most common reason behind the use of self-storage facilities. Self-storage is used to store the valuable belongings at the time relocation. This is anticipated to fuel the growth of the Saudi Arabia self-storage market. In addition, rise in demand for home renovation is driving the growth of the market. While renovating a home, self-storage option is a perfect solution to all the problems. All items can be safely placed in the container during home renovation
Competitive analysis and profiles of the major players in the Saudi Arabia self-storage market, such as Beck & Pack Logistics, Buzyb Shipping, Four Winds, Freights Solutions Co, Logexa, Makhzny Self Storage, Mostawdae, Sahel Storage, Self-Storage and WheeKeep are provided in this report.
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