The Kuwait truck leasing
& rental market is expected to grow at a steady CAGR in the forecast
period, 2023-2027. The high in demand for the optimization of operational risks
and the growing need for cost effective solutions for the fleet operating
organizations are supporting the market growth. With this, the strict emission
control regulations by government authorities of various countries and
fluctuation in fuel prices is augmenting the market growth. Also, rise in
freight transport augmented by favorable trade policies and increase in
residential moving activities, are supporting the growth of the truck rental
and leasing market.
Rising Awareness About the Advantages
of Truck Leasing & Rental Services Propels the Market Growth
The economic development activities
across Kuwait are escalating the demand for commercial vehicles. The declining oil
prices has adversely impacted the purchasing capability of the key market
players. Truck leasing & rental services eliminates the hidden costs of
buying, as investing in the purchase of trucks comes with associated expenses
of towing, taxes, licensing and fueling, acquiring substitute vehicles, and various
other hard costs. With the prolonged ownership of the trucks, the maintenance
and operational cost of the truck also enhance, including regular inspection,
oiling requirements, and replacement of tires. The growing use of the truck
leasing and rental services eradicate the maintenance and repair expenses
involved with the ownership of vehicles, as the service provider must bear all
these costs. Fleet ownership includes indirect costs and issues including
indirect compliance issues, fees associated with driver training and costs and
replacing drivers, and other costs which further fuels the market growth. The
older leased trucks can be exchanged with their newer versions, which ensures
better services and minimized costs. Additionally, the benefits of availing of
truck leasing and renting services and the entry of novel leading market
players are expected to stimulate the growth of the Kuwait truck leasing and
rental services in the upcoming years.
Growing Automotive Sector is
Expected to Bolster the Market Growth
Kuwait is considered as one
of the most promising and fastest-growing automobile markets across the region.
Kuwait automobile industry is supported by several factors including labor
availability, R&D efforts, geographic advantage, and government support. The
automotive industry is expanding owing to the increase in the skilled workforce
in the country and the huge potential for foreign direct investments in the
country. An immense support from the government promoting the automotive
industry along with the significant growth in the production of automotive
parts and components are propelling the market growth. Truck manufacturing
companies are coming up with the technological advancements and are introducing
advanced features to rise the fuel efficiency, carrying capacity, and
performance of trucks. Therefore, the launch of novel trucks in the market and
the potential growth of the automotive industry are projected to drive the Kuwait
truck leasing & rental market growth in future years.
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Market Segmentation
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. Based on lease type, the market is divided into financial
lease, full service/operational lease, and third-party lease. Based on truck
type, the market is divided into light duty, heavy duty, and medium duty. Based
on end use industry, the market is divided into oil & gas,
FMCG, e-commerce, mining, construction, and others.
Based on booking, the market is bifurcated into offline and online. Based on
vehicle type, the market is divided into fully build and customizable. The market is also studied
by dividing Kuwait into regions namely Al Asimah; Al Farwaniya; Hawalli; Al
Ahmadi: Rest of Kuwait.
Market Players
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 are the major market players leading the Kuwait
truck leasing & rental market growth.
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Attribute
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Details
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Base Year
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2021
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Historic Data
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2017 – 2020
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Estimated Year
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2022
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Forecast Period
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2023 – 2027
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Quantitative Units
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Revenue in USD Million, Volume in Units, and CAGR for 2017-2021
and 2022-2027
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Report coverage
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Revenue forecast, volume forecast, company share, competitive
landscape, growth factors, and trends
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Segments covered
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·
Type
·
Lease Type
·
Truck Type
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End Use Industry
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Booking
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Vehicle Type
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Region scope
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Al Asimah; Al Farwaniya; Hawalli; Al Ahmadi: Rest of Kuwait
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Key companies profiled
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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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Customization scope
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10% free report customization with purchase. Addition or alteration
to regional & segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email
(We can also provide the editable version of the report in PPT/Word format on
special request)
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Report Scope:
In this report, Kuwait truck
leasing & rental market has been segmented into following categories, in
addition to the industry trends which have also been detailed below:
- Kuwait Truck Leasing & Rental Market, By Type:
- Kuwait Truck Leasing & Rental Market, By Lease Type:
- Financial Lease
- Full Service/Operational Lease
- Third Party Lease
- Kuwait Truck Leasing & Rental Market, By Truck Type:
- Light Duty
- Heavy Duty
- Medium Duty
- Kuwait Truck Leasing & Rental Market, By End Use Industry:
- Oil & Gas
- FMCG
- E-Commerce
- Mining
- Construction
- Others
- Kuwait Truck Leasing & Rental Market, By Booking:
- Kuwait Truck Leasing & Rental Market, By Vehicle Type:
- Kuwait Truck
Leasing & Rental Market, By Region:
- Al Asimah
- Al Farwaniya
- Hawalli
- Al Ahmadi
- Rest of Kuwait
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in Kuwait truck leasing & rental
market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
Kuwait truck leasing & rental
market is an upcoming report to be released soon. If you wish an early delivery
of this report or want to confirm the date of release, please contact us at [email protected]