Kuwait Car Rental & Leasing Market to Boom at 9.8% CAGR, Fueled by Tourism, Tech, and Sustainability by Ken Research
GURUGRAM, India, Feb. 8, 2024 /PRNewswire/ -- Buckle up, Kuwait The car rental and leasing market in the country is poised for a thrilling ride, with analysts at Ken Research predicting a surge from SAR 32.1 million in 2022 to SAR 118.7 million by 2028, reflecting a robust 9.8% CAGR. So, what's driving this exciting growth? Let's explore the key factors fueling this journey.
A Perfect Blend for Success:
- Tourism on the Rise: Kuwait's flourishing tourism sector is creating a strong demand for rental cars, providing both business and leisure travelers with convenient transportation options.
- Technology Takes the Wheel: Integration of online booking platforms, mobile apps, and GPS systems is enhancing customer experience and making car rental and leasing services more accessible and efficient.
- Embracing Sustainability: As the global automotive industry shifts gears towards eco-friendly solutions, companies in Kuwait are exploring adding electric or hybrid vehicles to their fleets, catering to environmentally conscious customers.
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Market Landscape: Diverse Offerings, Fierce Competition
The Kuwaiti car rental and leasing market features a mix of international and local players, each vying for a share of the growing pie. Major global players like Automak and Behbehani Motors co-exist with local companies like Al Mulla Rental & Leasing and Mustafa Karam Co, catering to specific customer preferences. This healthy competition drives innovation in service offerings and pricing strategies, ultimately benefiting consumers.
Key Trends Shaking Up the Industry:
- Short-Term Rentals Gain Traction: Rapid urbanization and changing consumer preferences are fueling the demand for short-term car rentals, particularly in urban areas where car ownership might not be practical.
- Subscription Services Emerge: Offering flexibility and affordability, car subscription services are gaining popularity, allowing customers to access a variety of vehicles for a monthly fee.
- Electric Vehicles on the Horizon: As environmental concerns mount, car rental and leasing companies are exploring adding electric vehicles to their fleets, catering to eco-conscious customers and aligning with global trends.
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A Look Ahead: Bright Lights, Smooth Roads
With a projected CAGR of 9.8%, the future of the Kuwait car rental and leasing market is bright. Continued growth in tourism, tech adoption, and a focus on sustainability are expected to further propel this market forward. Companies that adapt to changing consumer preferences and embrace innovation will be well-positioned to thrive in this dynamic landscape.
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For a deeper dive into the lucrative opportunities in the Kuwait car rental and leasing market, access Ken Research's comprehensive report. Explore key player strategies, market segmentation, future trends, and expert insights to make informed investment decisions.
Taxonomy
Kuwait Car Rental & Leasing Market Segmentation
By Type of Services
Spot Rental
Limousine
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By Type of Vehicle
Sedans
SUV/MUV
Luxury/Premium
Panel & Passenger Vans
22-Seater Passenger Buses
Pick-ups & Trucks
Half Lorries
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Kuwait Car Rental & Leasing Market
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The market will grow at a CAGR of 6.4% during 2022-2027 owing to factors such as the Increase in Tourism and Business Travel along with Rising Expatriate Population and Infrastructure Development. The government has set a target of 40 million tourists by 2031, with the tourism sector expected to generate $123 billion in income, as per the UAE Tourism Strategy 2031. The market for taxi aggregators will immediately profit from the growing number of tourists who choose app-based transportation because of its accessibility and convenience.
According to Ken Research estimates, the Philippines Car Rental Market – which is at $~293.0 Mn in 2022 – is forecasted to grow further into a $ ~ 448.7 Mn by 2027, owing to the expansion of the tourism industry, the increase in internet penetration and adoption of smart phones in the country.
According to Ken Research estimates, due to the impact of COVID-19, there has been a decrease in tourism resulting in a reduction in demand for car rentals and car rental prices in Vietnam. The Vietnam car rental market is expected to grow at a 16.7% CAGR during 2022-2027F, driven by Increasing Internet Penetration Rate, Tourism and Urbanization.
Belgium Car Rental market has witnessed a steady growth in the 2017-2021 period in terms of fleet size & revenue owing to the expansion in the number & size of both local & international players & market size as a result of increase in the number of tourists travelling to Europe. Regarding the future projections, the Belgium Car Rental market is expected to reach US $ ~Mn in 2022P & will grow at an annual growth rate of ~% (CAGR). The user penetration is expected to reach ~% by 2027 & the average revenue per user will be US $ ~ Mn.
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Ankur Gupta, Director Strategy and Growth
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