Kuwait Vehicle Leasing Market Outlook to 2026F
Driven by burgeoning youth population, government projects and innovative products in the market
Region:Middle East
Author(s):Tania Bansal, Rajat Goyal
Product Code:KR1254
November 2022
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About the Report
The report provides a comprehensive analysis of the potential of Vehicle leasing industry in Kuwait. The report covers an overview and genesis of the industry, market size in terms of fleet Size.
Its market segmentations include by types of Business line, by type of Vehicle, by Type of vendor, by End-User and by Duration; growth enablers and drivers; challenges and bottlenecks; trends driving adoption trends; regulatory framework; end-user analysis, industry analysis, competitive landscape including competition scenario and market shares of major players. The report concludes with future market projections of each market segmentation and analyst recommendations.
Market Overview:
According to Ken Research estimates, the Kuwait vehicle Leasing Market expanded at a CAGR of 17% in between 2016 and 2022 on the basis of revenue generated. The market faced rapid growth in the year of 2020 owing to Covid and reflected high growth in 2022 too but the growth is expected to normalize in the coming years. Kuwait Vehicle Leasing Market is estimated to grow at a positive CAGR of 11% in between 2022E and 2026F.
- In Kuwait, the inflow of expatriates rose continuously over the past several years, and now they almost account for majority of the total Kuwaiti population.
- In Kuwait, especially the millennials who lease vehicles prefer to change their vehicle in every 2-3 years so to drive a newer model.
Key Trends by Market Segment:
By Duration: Almost all of the corporations and governments take vehicles on lease for duration of 3 years due to the cost involved in finding a new vendor and this is the most economical way.
By Type of Vendor: Vehicle Dealers dominate the market in 2021 as compared to vehicle leasers and is expected that this trend will continue in the future, owning more than half of the market share in 2026F, this is due to aggressive marketing strategies followed by the companies.
Competitive Landscape
Future Outlook
The Kuwait Vehicle Leasing Market witnessed significant growth during the period 2016-2021, owing to change in millennials preference, increased inflow of expatriates, lower buying and maintaining cost and increased demand for SUV and Pickup trucks.
Growth rate of total cars leased is going to increase over the period as financing becomes easier, market penetration rates increase.
Scope of the Report
|
By Business Line |
Leasing Spot Rental and Limousine Services |
|
By Type of Vehicle |
Sedan/Small Cars SUV/MUV Luxury Pickup Truck |
|
By Type of Vendor |
Vehicle Leasers Vehicle Dealer |
|
By End User |
Oil and Gas Government militaries & ministries Construction Logistics and Transportation Individuals Others |
|
By Duration |
1 Year 2 Year 3 Year 4 Years & Above |
Products
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Individuals
- Online Cab Aggregators
- Car rental Companies
- Taxi Companies
- End User Industries
- Vehicle Leasers
- Car Dealers
- Financial Institution
- Government
- Vehicle Manufacturer & Distributors
Time Period Captured in the Report
- Historical Period: 2016-2021
- Base Period: 2022
- Forecast Period: 2022-2026F
Companies
Major Players Mentioned in the Report
- Al Babtain Co
- Mustafa Karam Co
- Al Zayani Automotive
- KGL Car Rental
- Mutawa Alkazi
- Al Sayer Leasing
- Value Plus
- Al Mulla
- KFH Auto
- Autolease
- Ali Alghanim Sons & MAKFM Automotive
- Safeena
- Hertz
- Apatchi
- Aayan Auto
- Osoulhouse
- Automak
- Behbehani Motors
- Automall Car Rental
- Priority Automobiles
- Al Mishraq
- Wakalah Auto
- Auto Capital
- Smart Auto
- Nissan Kuwait
Table of Contents
1. Executive Summary
1.1 Executive Summary
2. Country Overview - Kuwait
3. Kuwait Vehicle Leasing Market Overview
3.1. Overview for Vehicle Leasing Industry in Kuwait
3.2. Snapshot of Short-Term Rental Market in Kuwait
3.3. Ecosystem for Kuwait Vehicle Leasing Market
3.4. Business Cycle and Genesis of Kuwait Vehicle Leasing Market
3.5. Value Chain Analysis for Kuwait Vehicle Leasing Market
3.6. Buying vs Renting vs Leasing in Kuwait
4. Market Size of Kuwait Vehicle Leasing Industry
4.1. Market size for Kuwait Vehicle Leasing Industry on the basis of Value and Number of
Fleet, 2016-2021
5. Kuwait Vehicle Leasing Industry Segmentation, 2021
5.1. By Business line (Leasing, Spot Rental and Limousine Services) and By Type of Vehicle
(Sedan/ Small Cars, Luxury, SUV/ MUV, Pickup Truck)
5.2. By Duration (One Year, Two Years, Three Years, Four Years and Above) and By Type of
Vendor (Vehicle Dealer and Vehicle Leaser)
6. Industry Analysis
6.1. Porter’s Five Forces Analysis of Kuwait Vehicle Leasing Market
6.2. Growth Enablers in Kuwait Vehicle Leasing Market
6.3. Trends and Developments in Kuwait Vehicle Leasing Market
6.4. Issues and Challenges in Kuwait Vehicle Leasing Market
6.5. Government Regulations and Initiatives
6.6. Lease Financing by Banks in Kuwait
7. End-User Analysis in Kuwait Vehicle Leasing Industry, 2021
7.1. Cross Comparison between different End Users
7.2. End User Analysis- Oil & Gas
7.3. End User Analysis- Construction
7.4. End User Analysis- Logistics and Transportation
7.5. End User Analysis- Government/ Ministries and Military
7.6. Decision Making Parameters to Shortlist Car Leasing Company
8. Competitive Landscape in Kuwait Vehicle Leasing Industry
8.1. Competition Scenario in Vehicle Leasing Market in Kuwait, 2021
8.2. Marketing Strategies by some Vehicle Leasing Companies
8.3. Cross Comparison between Major Vehicle Leasing Companies
9. Future Outlook and Projections of the Kuwait Vehicle Leasing Industry, 2021-2026F
9.1. Future Market size for Kuwait Vehicle Leasing Market on the basis of Value and Number of Fleet, 2021-2026F.
9.2. Future Market Segmentation by Business Line (Leasing, Spot Rental and Limousine
Services), By Type of Vehicle (Sedan/ Small Cars, Luxury, SUV/ MUV, Pickup Truck) and By Type
of Vendor (Vehicle Dealer and Vehicle Leaser), 2021-2026F
9.3. Future Market Segmentation By Duration (One Year, Two Years, Three Years, Four Years and
Above) and By Type of End Users (Oil and Gas, Construction, Individuals, Government, Logistics,
Others), 2021-2026F
10. Analyst Recommendations
11. Industry Speaks
12. Research Methodology
12.1 Market Definitions
12.2 Abbreviations
12.3 Market Sizing Approach
12.4 Consolidated Research Approach
12.5 Understanding Market Potential Through In-Depth Industry Interviews
12.6 Primary Research Approach
12.7 Limitations and future Conclusion
Disclaimer
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Research Methodology
Step 1: Identifying Key Variables:
Ecosystem creation for all the major entities and referring to multiple secondary and proprietary databases to perform desk research around market to collate industry level information.
Step 1: Market Building:
Collating statistics on used car and new car over the years, penetration of car finance and down payment ratio to compute overall credit disbursed for cars. We will also review central bank statistics to understand credit disbursed and outstanding amount which can ensure accuracy behind the data points shared.
Step 1: Validating and Finalizing:
Building market hypothesis and conducting CATIs with industry exerts belonging to different companies to validate statistics and seek operational and financial information from company representatives.
Step 1: Research output:
Our team did research and mystery calling to the companies in the Vehicle Leasing Industry in Kuwait. The team also tried to understand their operating and financial indicators including revenue, business models, geographical presence, focus areas, business verticals, and services offered among others. The statistics are derived through bottom to top approach from car leasers.
Frequently Asked Questions
01 What is the Study Period of this Market Report?
The Kuwait Vehicle Leasing Market is covered from 2016–2026 in this report, including a forecast for 2022F-2026F.
02 What is the Future Growth Rate of the Kuwait Vehicle Leasing Market?
The Kuwait Vehicle Leasing Market is expected to witness a CAGR of ~11% over the next five years.
03 What are the Key Factors Driving the Kuwait Vehicle Leasing Market?
Increased inflow of expatriates, low maintenance cost, growing demand for EV are likely to fuel the growth in the Kuwait Vehicle Leasing market.
04 Which is the Largest Car Type Segment within the Kuwait Vehicle Leasing Market?
The sedan car type segment held the largest share of the Kuwait Vehicle Leasing Market in 2021.
05 Who are the Key Players in the Kuwait Vehicle Leasing Market?
Automak, Aayan Auto and Auto capital are the major player in Kuwait Vehicle Leasing market.
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