Large Cars - Kuwait

Kuwait

Highlights

Revenue in the Large Cars market is projected to reach US$393m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.46%, resulting in a projected market volume of US$402m by 2029.
Large Cars market unit sales are expected to reach 12.5k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$32k.
From an international perspective it is shown that the most revenue will be generated China (US$106bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Large Cars market in Kuwait has been experiencing significant growth in recent years. Customer preferences in the Large Cars market in Kuwait have shifted towards vehicles that offer both luxury and performance.

Kuwaiti consumers are increasingly looking for cars that provide a smooth and comfortable ride, while also offering powerful engines and advanced technology features. They value spacious interiors, high-quality materials, and the latest safety and entertainment systems. Additionally, there is a growing demand for SUVs and crossovers, as they offer a combination of luxury, versatility, and off-road capabilities.

Trends in the market show that international luxury car brands are gaining popularity in Kuwait. These brands are known for their craftsmanship, attention to detail, and cutting-edge technology. Kuwaiti consumers are willing to pay a premium for these vehicles, as they are seen as a status symbol and a reflection of one's success and social standing.

As a result, luxury car dealerships have expanded their presence in Kuwait, offering a wide range of models to cater to the growing demand. Local special circumstances in Kuwait, such as the country's high per capita income and low fuel prices, have contributed to the growth of the Large Cars market. With a strong economy and a high standard of living, Kuwaiti consumers have the purchasing power to afford luxury vehicles.

Additionally, the low cost of fuel makes owning and operating large cars more affordable compared to other countries in the region. These factors have created a favorable environment for the development of the Large Cars market in Kuwait. Underlying macroeconomic factors, such as stable economic growth and a favorable business environment, have also played a role in the growth of the Large Cars market in Kuwait.

The country has a well-developed infrastructure, which makes it easier for luxury car dealerships to establish a presence and cater to the needs of Kuwaiti consumers. Furthermore, the government's efforts to diversify the economy and attract foreign investment have created new opportunities for luxury car brands to enter the market and expand their operations. In conclusion, the Large Cars market in Kuwait is experiencing growth due to customer preferences for luxury and performance, the popularity of international luxury car brands, local special circumstances such as high per capita income and low fuel prices, and underlying macroeconomic factors such as stable economic growth and a favorable business environment.

With these factors in place, the market is expected to continue its upward trajectory in the coming years.

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).