Saudi Arabia Self-Storage Market Witness Highest Growth At a CAGR of 3.5% by 2032 | Buzyb Shipping, Logexa, Makhzny

Saudi Arabia Self-Storage Market Share, Current Trends, Opportunities, Growth Size, and Forecast 2032

WILMINGTON, DELAWARE, UNITED STATES, August 22, 2024 /EINPresswire.com/ -- Saudi Arabia self-storage Market Overview 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.

The Saudi Arabia self-storage market size was valued at $15,909.6 thousand in 2022 and is projected to reach $22,868.8 thousand by 2032, registering a CAGR of 3.5% from 2023 to 2032.

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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.

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Key Segments:
The Saudi Arabia self-storage market segmented is 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 Saudi Arabia self-storage market and business segment is anticipated to grow at a significant CAGR during the forecast period.

Top Players:
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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Key Findings of the Study:

The report provides an extensive analysis of the current and emerging Saudi Arabia self-storage market trends and dynamics.
By type, the long term segment dominated the Saudi Arabia self-storage market, in terms of revenue in 2022 and short term segment is projected to grow at a significant CAGR during the forecast period.
By application, the business segment is anticipated to grow at a higher CAGR during the forecast period.
Dammam is projected to register highest growth rate in the coming years.
The key players within the Saudi Arabia self-storage market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the Saudi Arabia self-storage market industry.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
In-depth Saudi Arabia self-storage market analysis is conducted by constructing estimations for the key segments between 2022 and 2032.

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