From 2013 to 2019, the commercial vehicles in use in Kuwait exhibited a steady growth, with a slight decline in 2020 due to potential market disruptions. However, the market rebounded strongly in 2021 with a notable increase of 16.51% year-over-year. The growth continued through to 2023, where the value stood at 351,690 units (in thousand units), with a year-on-year increase of 1.66% and a 5-year CAGR of 1.8%. Forecast data from 2024 onwards suggests a steady rise, reaching 380,760 units by 2028, with a forecast 5-year CAGR of 1.31% and a forecast 5-year growth rate of 6.71%.
Future trends to watch for include:
- Technological advancements in commercial vehicles- Economic factors and their impact on commercial vehicle demand- Regulatory changes affecting the automotive sector- Shifts in consumer preferences towards sustainable and fuel-efficient vehicles
