The number of commercial vehicles in use in Kenya has shown overall growth from 465.4 thousand units in 2013 to 633.86 thousand units in 2023. Over the past decade, the market experienced steady growth with some fluctuations. In 2020, there was a significant dip (-15.09%), likely due to economic impacts. Recovery followed, with 2021 seeing a strong rebound (16.98%). The year 2023 witnessed a moderate increase of 2.03% in commercial vehicles to 633.86 thousand units. The compound annual growth rate (CAGR) over the last five years stands at 2.21%.
Future trends to watch for:
- Forecast Growth: A projected CAGR of 1.57% over the next five years, leading to an estimated 697.84 thousand units by 2028.
- Technological Advancements: Increased adoption of electric and automated commercial vehicles driven by environmental regulations.
- Economic Factors: Economic stability and infrastructure development will significantly influence future growth.
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