Kuwait Vehicle Leasing Market is Expected to Grow at a CAGR of more than 9% from 2018-2023: Ken Research

• Growth in end user industries, advancement in technology platforms for better fleet management and client servicing through value added services, increasing number of players in long term vehicle leasing industry and revival of oil prices will majorly account for the growth of Kuwait vehicle leasing market in upcoming years.
• It is anticipated that Oil & Gas sector and Government sector will account for majority of the share in revenue by 2023.
• Private sector investments and introduction of incentives for foreign investor to start their businesses in the country is expected to increase the demand for vehicle leasing in the country.

Kuwait vehicle leasing industry is expected to grow at a moderate growth rate during the forecasted period on the back of strong economic activity, growth in end user industries such as Construction, Oil & Gas and other sectors. During the forecasted period, vehicle leasing companies are expected to upgrade their IT platform to deliver better customer service experience, flexibility and security to the customer and for better fleet management. Focus on value added services such as 24*7 repairs and maintenance, comprehensive insurance coverage, shorter delivery time and other services is expected to increase the market revenue in forecasted period.

With slump in Oil and Gas sector in the past few years, the vehicle leasing industry have been increasingly focusing on non-oil sectors such as FMCG, Telecom, Healthcare, Logistics, Construction to boost their revenue and expand market share. It will also help them to reduce dependence on the Oil & Gas sector’s growth. Under the Kuwait National Development Plan's, positioning Kuwait as a global hub for the petrochemical industry and increasing direct foreign investment by 300% will induce further growth in the economy and will increase the demand for vehicle leasing in the country.

The vehicle leasing companies are also expected to increase the number of fleets as to meet the increased demand from end users such as travel companies, logistics and construction sector and to support their expansion plans to regions which are still undeveloped specifically northern region.

With the presence of large number of government offices, large MNC’S and rising capital inflows in South and Central Region seems to be a promising region for car leasing companies in future. However, owing to government plans to boost infrastructure and economic activity in Northern region, the region becomes quite promising and is anticipated to have higher CAGR during the forecasted period for vehicle leasing companies to focus upon, according to the Analyst at Ken Research.

Analysts at Ken Research in their latest publication “Kuwait Vehicle Leasing Market Outlook to 2023 - By Type of Vehicle (SUV/MUV, Sedan, Pickups and Luxury Segment) and By End Users (Oil & Gas, Government, Construction, Logistics and Transportation and Others) suggests that demand for long term leasing services in the country will grow at a positive growth rate owing to growth in end user industry, emergence of new establishments and growing workforce, coupled with car leasing service providers focusing on expanding their service portfolio and increasing their fleet size.

For more information on the research report, please refer to below link:
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/kuwait-vehicle-leasing-market/175021-100.html

Key Segments Covered

By Type of Fleet:
• SUV/MUV
• Sedan
• Luxury Segment
• Pickups

By End User Sectors:
• Oil and Gas
• Government
• Construction
• Logistics and Transportation
• Others (FMCG, ITES, Telecom, Financial Institutions, Healthcare, Individuals and related industries)

By Type of Vendors:
• Vehicle Dealer
• Vehicle Leaser

By Type of Regions
• Southern Region
• Northern Region
• Central Region

Key Target Audience
• Vehicle Leasing Companies
• Vehicle Dealers
• Car Rental Companies
• Government Bodies
• Industry Associations
• Venture Capitalist/Investors

Related Reports:
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Contact Us:
Ankur Gupta
Ken Research Pvt Ltd, Head Marketing
Ankur@kenresearch.com
+91-9015378249

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