Minivans - Kuwait | Statista Market Forecast

Minivans - Kuwait

Kuwait

Highlights

Revenue in the Minivans market is projected to reach US$133m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.10%, resulting in a projected market volume of US$141m by 2029.
Minivans market unit sales are expected to reach 5.8k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$24k.
From an international perspective it is shown that the most revenue will be generated China (US$42bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Minivans market in Kuwait has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In Kuwait, there is a growing demand for Minivans due to their versatility and practicality. Families and individuals are increasingly opting for Minivans as their preferred mode of transportation, as they offer ample space for passengers and cargo. Additionally, Minivans are often equipped with advanced safety features and comfortable interiors, making them an attractive choice for customers in Kuwait.

Trends in the market: One of the key trends in the Minivans market in Kuwait is the increasing popularity of hybrid and electric Minivans. As the country strives to reduce its carbon footprint and promote sustainable transportation, there has been a shift towards eco-friendly vehicles. Hybrid and electric Minivans offer lower emissions and better fuel efficiency, making them a preferred choice for environmentally conscious customers. Another trend in the market is the integration of advanced technology and connectivity features in Minivans. Customers in Kuwait are increasingly looking for vehicles that offer seamless connectivity and entertainment options. Minivans with built-in infotainment systems, smartphone integration, and advanced driver assistance systems are gaining traction in the market.

Local special circumstances: Kuwait has a high population of expatriates, many of whom have large families. This has contributed to the demand for Minivans, as they provide the necessary space and comfort for larger families. Additionally, Kuwait's hot climate makes Minivans with efficient air conditioning systems highly desirable.

Underlying macroeconomic factors: Kuwait has a strong economy, driven by its oil reserves and government investments. This has led to an increase in disposable income and consumer spending power, which has positively impacted the Minivans market. Additionally, the government of Kuwait has implemented favorable policies and incentives to promote the automotive industry, further boosting the growth of the Minivans market. In conclusion, the Minivans market in Kuwait is witnessing significant growth due to changing customer preferences, such as the demand for hybrid and electric vehicles, as well as the integration of advanced technology. Local special circumstances, such as the high expatriate population and the hot climate, also contribute to the market's development. Furthermore, underlying macroeconomic factors, such as a strong economy and government support, play a crucial role in driving the growth of the Minivans market 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).