Kuwait Truck Leasing & Rental Market to Grow with a CAGR of 5.91% Through 2029

The growing demand for transportation and logistics services, the expansion of industries such as construction and retail, and the increasing adoption of flexible leasing options are the factors driving the market in the forecast period 2025-2029.

According to TechSci Research report, “Truck Leasing & Rental Market-Kuwait Industry Size, Share, Trends, competition Forecast & opportunities, 2029F”. The Kuwait Truck Leasing & Rental Market was valued at USD 512.79 Million in 2023 and is expected to reach USD 722.73 Million by 2029 with a CAGR of 5.91% during the forecast period.

The Kuwait truck leasing and rental market has witnessed significant growth due to the expanding logistics and transportation sectors. The demand for trucks in the region has been fuelled by the rising infrastructure development, including construction and industrial projects. The increasing preference for leased trucks over owned fleets has provided businesses with flexibility, cost-efficiency, and access to the latest truck models, without the long-term financial commitment. These factors contribute to the market's steady growth as businesses across various industries opt for truck rental services to meet their short-term transportation needs.

The market is also being driven by the trend towards more sustainable and fuel-efficient vehicles. Companies are increasingly focusing on reducing operational costs and their environmental impact, making electric and hybrid trucks a preferred choice for leasing. This trend is expected to grow as both governmental policies and corporate sustainability goals push for cleaner fleets. Additionally, innovations in truck technology, such as enhanced safety features, telematics, and fleet management systems, are increasing the appeal of truck leasing options. The availability of such advanced features in rental trucks is expected to further fuel market growth.

A major issue is the fluctuating fuel prices, which can significantly impact operating costs for truck rental companies. Moreover, maintaining and servicing a diverse fleet of trucks requires substantial investment in infrastructure and technology. The regional regulatory environment, including restrictions on vehicle emissions and taxes, can also create barriers for leasing and rental companies. Navigating these challenges while maintaining profitability and service quality is crucial for companies operating in the truck leasing market.

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The Kuwait Truck Leasing & Rental Market is segmented into lease type, truck type, end-user industry, booking, and region.

In 2023, the finance lease segment emerged as the fastest-growing segment in Kuwait's truck leasing and rental market. Finance leasing is gaining traction due to its ability to offer businesses a cost-effective and flexible solution for acquiring trucks without the upfront investment required for outright purchases. This lease type allows companies to take possession of trucks for a predetermined period, with the option to buy the vehicle at the end of the lease term, often at a lower price. This feature is highly appealing to businesses that require long-term use of trucks but want to avoid the high capital expenditure associated with buying trucks outright.

The finance lease segment's growth is particularly fueled by the expanding logistics and transportation sectors, where businesses are looking to manage operational costs more efficiently. With Kuwait’s growing infrastructure development and its role as a regional logistics hub, companies are increasingly seeking ways to maintain a reliable fleet without committing to full ownership. Finance leasing provides an attractive alternative by allowing businesses to use vehicles for extended periods while benefiting from predictable monthly payments and the option to own the vehicle later.

This trend is also supported by businesses' desire for fleet flexibility, which allows them to scale up or down based on their operational needs. Finance leases offer businesses the advantage of upgrading their fleet with newer, more efficient models at the end of the lease term, ensuring they stay competitive in a rapidly changing market. As Kuwait’s key industries, such as construction and oil, continue to expand, the demand for finance leasing in the truck market is expected to grow, driven by the need for affordable, long-term fleet solutions.

In 2023, the Hawalli Governorate emerged as the fastest-growing region for Kuwait's truck leasing and rental market. This growth can be attributed to its strategic location and significant role in the country’s commercial and industrial activities. Hawalli, being one of Kuwait's most developed and densely populated areas, serves as a key hub for business, trade, and transportation. The high volume of logistics and retail operations in this region drives the demand for trucks, particularly in sectors such as construction, distribution, and e-commerce.

The governorate’s proximity to major roads, ports, and commercial zones makes it an ideal location for businesses that require reliable transportation solutions. As infrastructure projects continue to expand across Kuwait, particularly in urban development and commercial centers within Hawalli, the need for an efficient and scalable fleet of trucks increases. Leasing offers companies in the region a flexible and cost-effective way to manage their transportation needs without the financial burden of owning a large fleet.

The growth of the retail and e-commerce sectors in Hawalli has also contributed to the rising demand for truck leasing. As online retail expands, businesses seek reliable logistics solutions to handle deliveries and transportation of goods. The governorate’s thriving commercial landscape, along with the flexibility and affordability of truck leasing, positions it as a prime driver of market growth. With continued urbanization and infrastructure development, the Hawalli Governorate is expected to maintain its position as the fastest-growing region for truck leasing and rental services in Kuwait

Major market players operating in Kuwait Truck Leasing & Rental Market are:

• Al Mulla Group.
• Al-AJmi General Trading & Contracting Company
• The Bridge Co.,
• AL JAMEH GROUP
• Mahatta Trading Company W.L.L.
• JTC Logistics Transportation & Stevedoring Co. K.S.C.P
• Unitec International
• Alghanim International
• APEX Group International
• Al Mutahidoon International General Trading Co.

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“The Kuwait Truck Leasing & Rental Market is growing rapidly, driven by demand from sectors like retail, logistics, and construction. The Hawalli Governorate plays a key role, with increased economic activity and infrastructure projects. E-commerce growth and the need for efficient fleet management further boost the demand for truck rentals. The region’s strategic location near transportation hubs and ports makes it an ideal area for logistics operations, positioning Hawalli as a critical contributor to market growth during the forecast period” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

“Kuwait Truck Leasing & Rental Market –By Lease Type (Finance Lease, Full Rental), By Truck Type (Heavy Duty, Medium Duty), By End-User Industry (Oil & Gas, FMCG, Construction, Mining, E-Commerce), By Booking (Online, Offline), By Region, By Competition,  2029F”, The report evaluates the future growth potential of the United States Automotive Scissor Lift Market, offering insights into market size, structure, and projected.

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