SUVs - Kuwait | Statista Market Forecast

SUVs - Kuwait

Kuwait

Highlights

Revenue in the SUVs market is projected to reach US$2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.90%, resulting in a projected market volume of US$2bn by 2029.
SUVs market unit sales are expected to reach 50.1k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$41k.
From an international perspective it is shown that the most revenue will be generated United States (US$333bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The SUVs market in Kuwait has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.

Customer preferences in Kuwait have shifted towards SUVs due to their versatility, spaciousness, and perceived safety. SUVs are popular among families and individuals who value comfort and luxury. Additionally, the high driving position and robustness of SUVs are attractive features for navigating the challenging terrain in Kuwait, which includes desert areas and uneven roads.

Furthermore, the status symbol associated with owning an SUV has also played a role in driving customer preferences. Trends in the market indicate that SUVs are becoming increasingly popular among Kuwaiti consumers. This can be attributed to the growing middle class and their increasing purchasing power.

As disposable income rises, more individuals are able to afford SUVs, leading to a surge in demand. Additionally, the availability of a wide range of SUV models from various international and local brands has also contributed to the market growth. The introduction of hybrid and electric SUVs has further expanded the options available to consumers, aligning with the global trend towards more sustainable transportation.

Local special circumstances in Kuwait have also influenced the development of the SUVs market. The country's hot climate and sandy terrain make SUVs a practical choice for many residents. The spacious interiors and powerful air conditioning systems in SUVs provide comfort in the scorching heat.

Moreover, the off-road capabilities of SUVs make them suitable for desert adventures, which are popular among Kuwaiti residents. Underlying macroeconomic factors have played a significant role in the growth of the SUVs market in Kuwait. The country's stable economy, fueled by its oil reserves, has contributed to an increase in consumer spending.

Additionally, low interest rates and favorable financing options have made it easier for individuals to purchase SUVs. Furthermore, government initiatives to diversify the economy and promote tourism have attracted expatriates to Kuwait, further driving the demand for SUVs. In conclusion, the SUVs market in Kuwait has experienced significant growth due to customer preferences for versatile and safe vehicles, trends in the market driven by increasing purchasing power, local special circumstances such as the challenging terrain, and underlying macroeconomic factors such as a stable economy and favorable financing options.

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).