Expanding Construction and Infrastructure Sectors to Drive Kuwait Commercial Vehicle Market
Growing
infrastructure and construction sectors, coupled with increasing demand for
logistics support and buses for public transportation to drive Kuwait
commercial vehicle market through 2023
According to TechSci Research report, “Kuwait
Commercial Vehicle Market By Vehicle Type, By Fuel Type, By
Application, Competition Forecast & Opportunities, 2013 – 2023”, the country’s commercial
vehicle market is projected to reach $ 940 million by 2023. Stabilizing crude
oil prices, increasing construction and infrastructure development activities, growing
presence of Indian and Chinese players in the bus segment, and expanding
product portfolio of various commercial vehicle manufacturers are among the key
factors that are expected to positively impact the demand scenario for
commercial vehicles in Kuwait during the forecast period. Moreover, expanding
e-commerce and logistics sectors and increasing demand for public
transportation is expected to further stimulate market growth in the coming
years.
Browse 80 market data Figures and Tables spread
through 111
Pages and an in-depth TOC on "Kuwait Commercial
Vehicle Market"
https://www.techsciresearch.com/report/kuwait-commercial-vehicle-market/3077.html
Kuwait Vision 2035, a government program aimed
at transforming the country into a business and cultural hub, is also expected
to aid the commercial vehicle market. With over half of the volume share in the
country’s commercial vehicle market, light commercial vehicle segment dominated
the market in 2017. Owing to growing construction activities, expanding e-commerce
industry and rising inclination towards pick-up trucks, the LCV segment is
anticipated to maintain its market dominance over the coming years as well. Al
Farwaniyah region accounts for the largest share in the country’s commercial
vehicle market, owing to comparatively higher automobile sales on account of a
number of ongoing infrastructure projects in the region.
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“With expanding presence and growing portfolio of
various companies such as Toyota, Hino, Hyundai, Tata, Ashok Leyland, Mercedes,
etc., along with rising investments in educational facilities and housing
projects in the country, demand for commercial vehicles is expected to grow at
a healthy pace in Kuwait over the course of next five years. Moreover,
stabilizing oil prices are anticipated to stimulate growth in the country’s commercial
vehicle market through 2023.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Kuwait Commercial Vehicle Market By Vehicle Type, By Fuel Type, By Application,
Competition Forecast & Opportunities, 2013 – 2023” has analyzed the potential of commercial vehicle market across the country,
and provides statistics and information on market size, shares and trends. The
report will suffice in providing the intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. Besides, the
report also identifies and analyzes emerging trends along with major drivers
and key challenges faced by the industry.
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