Kuwait Truck Leasing & Rental Market to be dominated by Oil & Gas Industry through 2027
Digitization of the truck leasing & rental services and
high cost of truck ownership are expected to drive the demand for Kuwait truck
leasing & rental market in the forecast period, 2023-2027.
According
to TechSci Research report, “Kuwait Truck Leasing & Rental Market - By
Region, Competition Forecast & Opportunities, 2027”,
the Kuwait truck leasing & rental
market is anticipated to grow at a rate of steady CAGR for the forecast period,
2023-2027. Truck rental and leasing broadly include the set of professional
vehicles provided by several fleet owners for transportation of industrial or
commercial goods. At present times, a significant number of market players
operate in the market that offer commercial rental and leasing related vehicles
for wide range of commercial end-users. Some of the commonly available industry
vertical using truck rented or leased trucks are manufacturing, logistics
provider, consumer goods, importers & exporters and government among
others. The growing demand for achieving optimal operational costs through
downsizing non-critical assets which has gained high adoption across numerous
industry vertical. The increasing number of rented or leased truck also has
gained swift rise across numerous end-user industries thus is augmenting the
market growth. The fluctuating cost of vehicle maintenance and fuel prices has
further boosted the growing popularity of truck rental market especially among
commercial end-user bases. Thus, the market is expected to provide significant
lucrative business growth opportunities for the truck rental or leasing service
provider during the forecast period.
However,
the lack of sufficient truck leasing and rental service providers and cost and
operational difficulties 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 " Kuwait Truck Leasing &
Rental Market"
The Kuwait 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 type, the market is divided
into lease and rental. The leasing type is expected to account for a
significant market share in the forecast period, 2023-2027. Time duration is
long in leasing as compared to rental services. Most of the big companies have
strong budgets to acquire new vehicles and technologies to sufficiently provide
for the company's requirements. Leasing a truck lowers the maintenance and
operational costs. They also lower the risks from the seasonal transportation
demands and provide cost-effective solutions to the end-user companies.
Based on lease type, the market is
divided into the financial lease, full service/operational lease, and
third-party lease. The full service/operational lease segment is expected to
hold the largest market share in the forecast period. Leasing or booking trucks
with full services eliminate the servicing, maintenance, and replacement cost.
Based on truck type, the market is
divided into light duty, heavy duty, and medium duty. Heavy duty truck
dominates the market and is expected to maintain their dominance through the
next five years. Growing regulations on the vehicle emissions, logistics, and
the retail and e-commerce industry are driving the demand for heavy duty
trucks.
Based on end use industry, the market is
divided into oil & gas, FMCG, e-commerce, mining, construction, and others.
The oil & gas industry is expected to capture the highest market share in
the forecast period. The oil & gas industry is the largest
revenue-generating industry in the country. Oil & gas reserves are
extracted and transported to other locations for processing by using the
trucks, as the construction of pipelines is not feasible at every location.
Based on booking, the market is
bifurcated into offline and online. The offline segment is expected to hold the
largest market share in the forecast period. The presence of a large number of
offline stores providing truck leasing and rental services is driving the
segment demand.
Major market players operating in the Kuwait
truck leasing & rental market are:
VAMOS LOCAÇÃO
- JSL Aluguel de Caminhões (JSL Truck Rental)
- Enterprise Holdings, Inc.
- Travelscape LLC
- U-Haul International, Inc.
- MRS Logística
- VAZ RENT A TRUCK LTDA.
- Ryder System, Inc.
- Ouro Verde
- Kayank
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“The escalating demand for automotive
vehicles, numerous domestic and foreign OEM manufacturers are expanding their
production bases in Kuwait. Government authorities of Kuwait also prioritizes
the automotive segment as a major revenue generator and further increasing the
flow of FDIs in automotive industry. Kuwait is considered as most promising and
fastest growing automobile markets across the region. Kuwait automobile
industry is supported by several factors including labour availability, R&D
efforts, geographic advantage, and government support. With positive outlook
for economy and greater household purchasing power, the automobile sales in the
country are set to witness strong surge in sales in the coming years. Several
market players continue to play vital role into the market, in low price
vehicle segment with the number of sales growing at robust growth rates which
augments the market growth. Passenger cars and light commercial vehicles are
also witnessing steady increase in demand which is expected to drive the market
growth till 2027” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Kuwait Truck Leasing
& Rental Market By Type (Lease, Rental), By Lease Type (Financial Lease,
Full Service/Operational Lease, Third Party Lease), By Truck Type (Lighuty,
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 Kuwait 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 Kuwait truck leasing & rental market.
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