Kuwait Car Rental and Leasing Market Forecast to 2020 – High Per Capita Income and Demand for Car Leasing to Drive Growth
Kuwait Car Rental and Leasing Market Forecast to 2020 – High Per Capita Income and Demand for Car Leasing to Drive Growth” provides a comprehensive analysis of the Car Rental and Leasing Market in Kuwait. The report covers various aspects such as market size of Kuwait car rental and leasing market on basis of revenues and fleet size, segmentation on the basis of Car Leasing, short term car rental and chauffeur driven car rental, on airport and off airport, regions, mode of booking, purpose of booking, and organizational structure. The report provides insights on vehicle leasing Market in Kuwait, car leasing market size and segmentation by industry verticals, term of contracts and vehicle type for car leasing market in Kuwait. The report also entails the market share and strategies of the major players in the Kuwait car rental and leasing market along with the Government rules and regulations governing the market. An analysis of the future Car Rental Market of Kuwait is provided on the basis of revenue and fleet size over next five years.
Kuwait is an open economy and has one of the highest valued currencies in the world. The country is home to nearly 10% of the world’s oil reserves and petroleum accounts for nearly half of GDP and 95% of export revenues and government income in the country. This has been one of the major growth drivers for car rental companies in the country. Al-Mullah, Al Sayer and Safeena are some of the major car rental companies in the Kuwait car rental market apart from foreign players such as Hertz, Sixt, Europcar, Avis and others that have their rental stations across the country. Inclination in the price levels, lower oil prices, increased government investment on tourism and increasing competition among vehicle rental companies have been some of the rationales for rise in car rental business in the country. The car rental fleets in the country recorded a compound annual growth rate of 5.7% and passenger car sales in Kuwait has grown at a CAGR of 5.6% over the years 2010-2015.
Most of the off-airport car rental is dominated by the long term car leasing and hence only a limited revenue of chauffeur driven cars is obtained through the off airport car rental. On the other hand, Chauffeur driven car rental market has been dominated by the on-airport car rental since most of the people who arrive at the airport opt for the chauffeur driven cars.
Kuwait has one of the best road systems among the Middle East countries with widely available car rental facilities in the country. In 2015, around ~% of the revenues of the car rental companies have been generated through the rental of luxury cars that comprises of limousine services along with large sized cars such as Ford Lincoln, Lexus ES 350 and others. Around ~% of the revenues were generated from medium sized cars in the country in 2015. Expats and tourist that prefer to rent cars for duration of 3 months-6 months usually prefer to rent small sized cars such as Hyundai Veloster, Mitsubishi Mirage, Nissan Micra and others.
A major part of the population in Kuwait comprises of work expatriates that usually prefer to rent and change their cars on a frequent basis due to the culture of Kuwaiti society that encourages people to recurrently change their vehicles so they will always be driving a new car of the newest model.
The car rental market in Kuwait is expected to reach USD 292.2 million by 2020 in terms of revenues and ~ in terms of the fleet size. It is also expected that the growth would be led by the car leasing market covering more than ~% of the market.
Key Topics Covered in the Report
- The market size of the Kuwait Car Rental Market on the basis of Revenue and by fleet size, 2010-2015
- Market segmentation of Kuwait Car Rental Market by Business Segment, 2010-2015
- Market segmentation of Kuwait Car Rental Market by Chauffeur driven on airport or off airport, 2015
- Market segmentation of Kuwait Car Rental Market by booking method, 2015
- Market segmentation of Kuwait Car Rental Market by Car Trips, 2015
- Market segmentation of Kuwait Car Rental Market by Major Cities, 2015
- Market segmentation of Kuwait Car Rental Market by Organized/Unorganized, 2015
- Market segmentation of Kuwait Car Leasing Market by Industry Verticals, 2015
- Market segmentation of Kuwait Car Leasing Market by Contract Term, 2015
- Market segmentation of Kuwait Car Leasing Market by Car Type, 2015
- Trends and Developments in Kuwait Car Rental Market
- Government Regulations in Kuwait Car Rental Market
- Traveler’s Profile by age and gender in Kuwait Car Rental Market
- Competitive Landscape of Major Players in Kuwait Car Rental Market
- Market Share of Major Players in Kuwait Car Rental Market, 2015
- Future Outlook of Kuwait Car Rental Market, 2016-2020
- Macro Economic Variables affecting Kuwait Car Rental Market, 2010-2020
Ankur Gupta, Head Marketing & Communications