Digitization of the truck leasing & rental services and the high cost of truck ownership are expected to drive the demand for the 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.
Important Factors in Kuwait Truck Leasing & Rental Market
Truck rental and leasing broadly include the set of professional vehicles provided by several fleet owners for the transportation of industrial or commercial goods. At present times, a significant number of market players operate in the market that offers commercial rental and leasing-related vehicles for a wide range of commercial end-users. Some of the commonly available industry verticals 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 has gained high adoption across numerous industry verticals. The increasing number of rented or leased trucks also has gained a swift rise across numerous end-user industries thus augmenting the market growth. The fluctuating cost of vehicle maintenance and fuel prices has further boosted the growing popularity of the 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 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 vehicle emissions, logistics, and the retail and e-commerce industry are driving the demand for heavy-duty trucks.
Based on the 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 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:
- 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 prioritize the automotive segment as a major revenue generator and further increase the flow of FDIs in the automotive industry.
Kuwait is considered as most promising and fastest-growing automobile market in the region. Kuwait's automobile industry is supported by several factors including labor availability, R&D efforts, geographic advantage, and government support. With a positive outlook for the economy and greater household purchasing power, automobile sales in the country are set to witness a strong surge in sales in the coming years. Several market players continue to play a vital role in the market, in the 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 a 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 (Lighty, 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 the Kuwait truck leasing & rental market.
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As per Market Research Future (MRFR), the global truck rental market is expected to register a CAGR of 15.3% from 2019 to 2024 (forecast period).
The report examines the effect of the COVID-19 pandemic on the global truck rental market and presents a reliable analysis of the expected volatility in demand over the forecast period.Truck rental involves the hire and lease of heavy commercial trucks or light commercial vehicles.
Truck rental is mainly used by individuals, businesses, and agencies who do not own their truck fleets but still participate in freight transport as a service.Market DynamicsConstantly growing demand for trucks from the logistics, industrial, and construction sectors and rapid population growth are some of the factors driving the global truck rental market.
In addition, fleet owners are actively working on cost-cutting steps to provide cost-effective fleet solutions.
As a result, fleet owners are taking the option of renting trucks to dramatically reduce transport costs in order to handle costs effectively.Leasing or renting a truck eliminates operational risks resulting from seasonal demand for transport and the volatility of contracts, which is driving the truck rental industry all over the world.
In addition, the leasing of a truck is an efficient and extremely cost-effective alternative compared to the purchase of a truck since it provides the owner with a mobility option without having to incur the costs of ownership of the vehicle.
