Executive Cars - Kuwait

Kuwait

Highlights

Revenue in the Executive Cars market is projected to reach US$245m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.39%, resulting in a projected market volume of US$250m by 2029.
Executive Cars market unit sales are expected to reach 3.7k vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$65k.
From an international perspective it is shown that the most revenue will be generated China (US$63bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Executive Cars market in Kuwait has been experiencing steady growth in recent years. Customer preferences in Kuwait lean towards luxury and high-performance vehicles, with a particular emphasis on brand reputation and status.

Customer preferences: Kuwaiti consumers have a strong affinity for luxury and high-end vehicles. They value brand reputation and status, and are willing to pay a premium for cars that are perceived as prestigious and exclusive. This preference for luxury is reflected in the strong demand for executive cars in Kuwait.

Trends in the market: One of the key trends in the Executive Cars market in Kuwait is the increasing demand for SUVs. SUVs are highly popular among Kuwaiti consumers due to their spaciousness, versatility, and perceived safety. This trend is in line with the global market, where SUVs have been gaining traction in recent years. Additionally, there is a growing interest in electric and hybrid executive cars in Kuwait. As environmental awareness increases, more consumers are looking for eco-friendly options, and this is reflected in their car buying preferences.

Local special circumstances: Kuwait has a high average income level and a relatively small population, which contributes to the demand for luxury cars. The country's oil wealth has created a prosperous economy, and many Kuwaiti consumers have the means to afford executive cars. Additionally, the hot climate in Kuwait makes air conditioning a necessity, and executive cars often come equipped with advanced climate control systems, which further drives demand in the market.

Underlying macroeconomic factors: The Executive Cars market in Kuwait is influenced by several macroeconomic factors. The stability of the oil market plays a significant role, as Kuwait is a major oil producer and exporter. Fluctuations in oil prices can impact consumer spending power and confidence, which in turn affects the demand for executive cars. Additionally, government policies and regulations related to taxation, import duties, and vehicle emissions can have an impact on the market. Changes in these policies can either encourage or discourage the purchase of executive cars. In conclusion, the Executive Cars market in Kuwait is growing due to the strong customer preference for luxury and high-performance vehicles. The increasing demand for SUVs and eco-friendly cars is also shaping the market. The local special circumstances, such as the high average income level and hot climate, contribute to the demand for executive cars. The stability of the oil market and government policies are important macroeconomic factors that influence the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).