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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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.
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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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