Kuwait Vehicle Leasing Market Outlook to 2026F Driven by burgeoning youth population, government projects and innovative products in the market

Kuwait Vehicle Leasing Market Outlook to 2026F Driven by burgeoning youth population, government projects and innovative products in the market

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.

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