Sports Cars - Kuwait

Kuwait

Highlights

Revenue in the Sports Cars market is projected to reach US$495m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.36%, resulting in a projected market volume of US$530m by 2029.
Sports Cars market unit sales are expected to reach 4.6k vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$113k.
From an international perspective it is shown that the most revenue will be generated United States (US$20bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sports Cars market in Kuwait has been witnessing significant growth in recent years.

Customer preferences: Kuwaiti customers have always had a strong affinity for luxury and high-performance vehicles, and this is reflected in their preferences for sports cars. The Kuwaiti market has a strong demand for prestigious brands such as Ferrari, Lamborghini, and Porsche. Customers in Kuwait value the status and exclusivity that these brands offer, and are willing to pay a premium for them. Additionally, Kuwaiti customers appreciate the cutting-edge technology, superior performance, and stylish design that sports cars provide.

Trends in the market: One of the key trends in the Sports Cars market in Kuwait is the increasing popularity of electric and hybrid sports cars. As the world moves towards a more sustainable future, Kuwaiti customers are also embracing greener alternatives in the automotive industry. Electric and hybrid sports cars offer the same level of performance and luxury as their gasoline-powered counterparts, but with lower emissions and greater fuel efficiency. This trend is expected to continue as more automakers introduce electric and hybrid sports car models to cater to the growing demand in Kuwait. Another trend in the market is the rise of customization options for sports cars. Kuwaiti customers are increasingly seeking personalized experiences and unique features in their vehicles. Automakers are responding to this demand by offering a wide range of customization options, allowing customers to tailor their sports cars according to their individual preferences. From exterior color choices to interior finishes and performance upgrades, customers in Kuwait have the opportunity to create a truly bespoke sports car that reflects their personal style and taste.

Local special circumstances: Kuwait is a country known for its high disposable income and affluent population. The strong economy and favorable business environment have contributed to the growth of the luxury car market, including sports cars. Kuwaiti customers are willing to invest in high-end vehicles that provide them with a sense of luxury and exclusivity. Additionally, the country's small size and well-maintained road infrastructure make it ideal for sports car enthusiasts who enjoy the thrill of driving at high speeds.

Underlying macroeconomic factors: The growth of the Sports Cars market in Kuwait can be attributed to several underlying macroeconomic factors. Firstly, the stable and prosperous economy of Kuwait has created a favorable environment for luxury car sales. The country's oil wealth and low tax rates have resulted in high disposable incomes for its citizens, allowing them to afford expensive sports cars. Furthermore, the government's focus on diversifying the economy and attracting foreign investment has contributed to the growth of the automotive industry, including the sports car segment. Finally, Kuwait's strategic location in the Middle East has made it a hub for international trade and business, attracting luxury car dealerships and increasing the availability of sports car models in 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).