Dublin, March 25, 2024 (GLOBE NEWSWIRE) -- The "Kuwait Car Rental & Leasing Market Outlook to 2027" report has been added to ResearchAndMarkets.com's offering.
Kuwait car rental & leasing market has been influenced by the country's economic development and increasing tourism. The growth & size of the market is linked to factors like GDP growth, disposable income levels, and the overall economic health of the country. Car rental & leasing in Kuwait features a mix of international and local players. Major global car rental companies often operate in Kuwait with local companies that cater to specific customer preferences. The competition among these players may drive innovations in service offerings and pricing strategies.
Kuwait makes efforts to boost its tourism sector and this has had a positive impact on the car rental and leasing market. Tourists who visit Kuwait for business or leisure purposes often rely on rental cars for transportation, contributing to the demand in this sector. The Kuwaiti government imposes some regulations on the car rental and leasing industry to ensure safety standards, fair business practices, and environmental considerations. Companies operating in the market should comply with these regulations to avoid legal issues. Companies in Kuwait car renting space may form partnerships or collaborations with airlines, hotels, or travel agencies to expand their reach and provide bundled services to customers.
Kuwait Car Rental & leasing market includes both international & local players. Major international players have a presence in Kuwait along with other local businesses that cater to the domestic market. Many car rental and leasing services have started using online platforms and mobile apps for reservations, payments, and communication with customers.
Market Analysis
The demand for rental cars often coincides with the growth of tourism industry. As Kuwait attracts more tourists, either for business or leisure, the need for rental cars increases.
Rapid urbanization and population growth in urban areas is boosting the demand for short-term car rentals as people look for convenient transportation solutions.
Infrastructure projects and improvements in transportation networks being undertaken in the region can lead to increased demand for car rental services, especially for businesses and individuals involved in these projects.
Shifts in consumer preferences which includes preference for on-demand and flexible transportation solutions, is likely to drive growth in the car rental market.
Integration of technology like online booking platforms, mobile apps, and GPS systems, can enhance the customer experience and make car rental and leasing services more accessible and efficient.
Key Trends by Market Segment
By Type of Services: Kuwait Car Rental & Leasing market is segmented into Spot Rental & Limousine segments. Out of these, Spot Rental services has the dominant share of about 95%. Spot rentals may be more cost-effective for some users, especially if they only need a vehicle for a brief period. Long-term leasing might be more expensive in such cases. These may be more prevalent in certain seasons, events, or holidays when there's an increased demand for short-term transportation. This could include holiday seasons, festivals, or other special occasions.
By Type of Vehicle: In 2022, types of vehicles were segmented into Sedan, SUV/MUV, Luxury, Panel & Passenger Vans, 22-Seater Passenger Buses, Pick Up & Trucks & Half Lorries. Out of these, Sedans have been the dominating segment with 24% of market share. Sedans offer a comfortable and spacious interior which makes them suitable for both short trips and longer journeys. This can be appeal individuals or families renting or leasing cars for various purposes.
Competitive Landscape
Major Players in Kuwait Car Leasing & Rental Market
Amongst the leading players, AutoMak has been the leading provider of advanced and cost-effective transport solutions in Kuwait and the MENA region. In FY'22, the total fleet size was at 10,000 units.
Al Mulla Rental & Leasing includes a massive rental and leasing operation entity known as Araba. They offer short term rental, long term leasing as well as chaueffer driven cars.
Al Sager leasing is another leading company which is a highly reputable ISO-9001-2008 certified company providing a dedicated approach to the car rental market in Kuwait.
Mustafa Karam Co is a dealer of Suzuki in the country. It maintains a presence of over 70 years in Kuwait providing transportation and vehicle leasing in Kuwait with a dynamic set-up. It contains a major holding in government projects in the field of Construction and Oil, Ministries and Militaries etc
Behbehani Motors Company was established in 1957 to represent Volkswagen and Porsche brands. It established the car rental divison in 2002 & offers a wide range of car fleet working. BehBehani motors is the major auto player in the industry.
A selection of companies mentioned in this report includes:
- Automak
- Al Mulla Rental & Leasing
- Al Sayer Leasing
- Mustafa Karam Co.
- BehBahani Motors
- KGL Car Rental
- Mutawa Al Kazi
Future Outlook
The market will grow at a CAGR of 9.8% during 2022-2027 due to increasing tourism industry & improvements in transportation.
As the global automotive industry moves towards sustainability, there might be an increase in demand for electric vehicles. Car rental and leasing companies in Kuwait may explore adding electric or hybrid vehicles to their fleets to cater to environmentally conscious customers.
Integrating technology like mobile apps for booking and payment, GPS navigation, and smart car features, could become more prevalent. This will enhance customer experience and operational efficiency for car rental and leasing services.
Car subscription services which offer customers the flexibility to use different vehicles for a monthly fee are expected to become more popular. This model provides users with the convenience of having a car without the long-term commitment of ownership.
With changing consumer behaviors and preferences, an increased demand for short-term or hourly rental services is likely, especially in urban areas where people may prefer not to own a car but occasionally need one.
Key Topics Covered
1. Executive Summary
1.1 Executive Summary for Kuwait Car Rental & Leasing Market Outlook to 2027
2. Kuwait Car Rental & Leasing Market Overview and Genesis
2.1 Ecosystem of Major Companies in Kuwait Car Rental & Leasing Market
2.2 Business Cycle and Genesis of Kuwait Car Rental & Leasing Market
2.2 Value Chain Analysis of Kuwait Car Rental & Leasing Industry
2.3 Import-Export Analysis of Kuwait Car Rental & Leasing Market
3. Kuwait Car Rental & Leasing Market Size, 2022
3.1 Kuwait Car Rental & Leasing Market Size, In Revenues & Fleet Size, 2017-2022
4. Kuwait Car Rental & Leasing Market Segmentations, 2022
4.1 Kuwait Car Rental & Leasing Market Segmentation (in Volume) By Type of Services, 2017 & 2022
4.2 Qatar Automotive Lubricants Market Segmentation, By Type of Vehicles, 2017 & 2022
4.3 Qatar Automotive Lubricants Market Segmentation, By Region, 2017 & 2022
5. Industry Analysis of Kuwait Car Rental & Leasing Market
5.1 Growth Drivers in Kuwait Car Rental & Leasing Market
5.2 Bottlenecks and Challenges in Kuwait Car Rental & Leasing Market
5.3 Trends and Developments in Kuwait Car Rental & Leasing Market
5.4 Rules and Regulations for Kuwait Car Rental & Leasing Market
5.5 Impact of COVID-19 on Kuwait Car Rental & Leasing Industry
6. End User Analysis of Kuwait Car Rental & Leasing Market
6.1 Recent Developments in Kuwait Car Rental & Leasing Industry
6.2 Automotive Sector Overview
6.3 Evolution of Electric Mobility in Kuwait
6.4 Roadmap of Electric Mobility in Kuwait
6.5 Industrial Sector Overview
6.6 Decision Making Parameters of Automotive Lubricant-End Users in Kuwait Car Rental & Leasing Market
6.7 Decision Making Parameters of Industrial Lubricant-End Users in Kuwait Car Rental & Leasing Market
7. Competition Framework
7.1 Competition Scenario in Kuwait Car Rental & Leasing Market
7.2 Cross Comparison of Major Players in Kuwait Car Rental & Leasing Market
7.3 Kuwait Car Rental & Leasing Market Players in Gartner Magic Quadrant
7.4 Vender Evaluation and Selection Process in Kuwait Car Rental & Leasing Market
7.5 Factors Affecting Vendor Selection Process
8. Future Outlook and Market Size for Kuwait Car Rental & Leasing Market, 2022-2027
8.1 Future Market Sizing of Kuwait Car Rental & Leasing Market, 2022-2027
9. Future Segmentations for Kuwait Car Rental & Leasing Market, 2022-2027
9.1 Kuwait Car Rental & Leasing Market Segmentation (in Volume) By Type of Services, 2022 & 2027
9.2 Kuwait Car Rental & Leasing Market Segmentation, By Type of Vehicle, 2022 & 2027
9.3 Kuwait Car Rental & Leasing Market Segmentation, By Region, 2022 & 2027
10. Analyst Recommendations
10.1 Analyst Recommendations
11. Research Methodology
11.1 Market Definitions and Assumptions
11.2 Abbreviations
11.3 Market Sizing Approach - Kuwait Car Rental & Leasing Market
11.4 Consolidated Research Approach
11.5 Sample Size Inclusion
11.6 Primary Research Approach
11.7 Limitations and Future Conclusions
11.8 Correlation Matrix
For more information about this report visit https://www.researchandmarkets.com/r/r0y50i
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