Medium Cars - Kuwait

Kuwait

Highlights

Revenue in the Medium Cars market is projected to reach US$358m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.71%, resulting in a projected market volume of US$371m by 2029.
Medium Cars market unit sales are expected to reach 16.3k vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$22k.
From an international perspective it is shown that the most revenue will be generated China (US$89bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Medium Cars market in Kuwait has been experiencing steady growth in recent years. Customer preferences have played a significant role in shaping this trend.

Customer preferences: Kuwaiti consumers have shown a growing preference for medium-sized cars due to their practicality and versatility. These vehicles offer a good balance between fuel efficiency and interior space, making them suitable for both urban and long-distance driving. Additionally, medium cars often come equipped with advanced safety features and technology, which are highly valued by Kuwaiti consumers.

Trends in the market: One noticeable trend in the Medium Cars market in Kuwait is the increasing demand for electric and hybrid vehicles. As environmental concerns gain more attention worldwide, Kuwaiti consumers are also becoming more conscious of their carbon footprint. Electric and hybrid medium cars offer a greener alternative to traditional gasoline-powered vehicles, and many consumers are willing to pay a premium for these eco-friendly options. This trend is expected to continue as the government of Kuwait implements policies and incentives to promote the adoption of electric and hybrid vehicles. Another trend in the market is the growing popularity of SUV-style medium cars. Kuwaitis have a preference for larger vehicles, and SUVs provide the desired combination of spaciousness, comfort, and off-road capability. Many automakers have recognized this trend and have introduced SUV-style medium cars tailored to the Kuwaiti market. This has further fueled the demand for medium cars in the country.

Local special circumstances: The high disposable income of Kuwaiti consumers has also contributed to the growth of the Medium Cars market. With a strong economy and a relatively small population, Kuwaitis have a higher purchasing power compared to many other countries in the region. This allows them to afford medium cars and even luxury vehicles. The presence of numerous luxury car dealerships in Kuwait is a testament to the demand for high-end vehicles in the country.

Underlying macroeconomic factors: The stability of Kuwait's economy is a key factor driving the growth of the Medium Cars market. The country has a well-developed infrastructure, a high standard of living, and a favorable business environment. These factors attract international car manufacturers and dealerships to establish a presence in Kuwait, offering a wide range of medium cars to cater to the diverse preferences of Kuwaiti consumers. In conclusion, the Medium Cars market in Kuwait is witnessing steady growth due to customer preferences for practical and versatile vehicles, the increasing demand for electric and hybrid cars, the popularity of SUV-style medium cars, the high disposable income of Kuwaiti consumers, and the stability of the country's economy. As these trends continue to shape the market, it is expected that the Medium Cars segment will continue to thrive in Kuwait.

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).