Market Size of Kuwait Used Car Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.55 Billion |
| Market Size (2029) | USD 2.26 Billion |
| CAGR (2024 - 2029) | 6.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Kuwait Used Car Market Analysis
The Kuwait Used Car Market size is estimated at USD 1.55 billion in 2024, and is expected to reach USD 2.26 billion by 2029, growing at a CAGR of 6.5% during the forecast period (2024-2029).
Over the medium term, factors such as the quality of used cars, the large number of expatriates, and demand for new and luxury cars are expected to stand as primary driving factors of the market.
Due to the increasing digitization and the ability of companies to provide immersive purchase experiences remotely, the used car market is expected to witness significant growth. Furthermore, the rise in the value-added service offering and the variety of finance providers offering credit for used cars will also contribute to the growth of the used car market in the region.
Additional factors driving market expansion include rising disposable income levels, rising consumer demand for luxury automobiles, shorter car ownership durations, expanding import-export, and a growing inclination among two-wheeler owners to upgrade to tiny and compact cars.
The market is attracting significant investment through the online sales channel, which is gradually improving. With rising internet and smartphone penetration, online booking is expected to grow rapidly. A similar scenario is anticipated to take place during the forecast period.
Kuwait Used Car Industry Segmentation
A used car is a pre-owned vehicle that has previously had one or more retail owners. These cars are sold through a variety of outlets through independent dealers, online sales channels, and others.
The Kuwait used car market is segmented into vehicle type, vendor type, and fuel type. Based on the vehicle type, the market is segmented into hatchbacks, sedans, sports utility vehicles, and multi-purpose vehicles. Based on the vendor type, the market is segmented into organized and unorganized. Based on the fuel type, the market is segmented into gasoline, diesel, electric, and others.
For each segment, the market sizing and forecasts have been done based on the value (USD).
| Vehicle Type | |
| Hatchback | |
| Sedan | |
| Sport Utility Vehicles (SUVs) | |
| Multi-Purpose Vehicles (MUVs) |
| Vendor Type | |
| Organized | |
| Unorganized |
| Fuel Type | |
| Gasoline | |
| Diesel | |
| Electric | |
| Other Fuel Types |
Kuwait Used Car Market Size Summary
The Kuwait used car market is poised for significant growth over the forecast period, driven by factors such as the increasing quality of used cars, a substantial expatriate population, and a rising demand for new and luxury vehicles. The market is experiencing a transformation due to the surge in digitalization, which allows companies to offer immersive remote purchase experiences. This shift is further supported by the expansion of value-added services and a variety of financing options available for used car purchases. The market's growth is also fueled by rising disposable incomes, a growing preference for luxury automobiles, and a trend towards shorter car ownership durations. The expanding import-export activities and a shift from two-wheelers to compact cars are additional contributors to the market's expansion.
The SUV segment leads the market in terms of value, driven by its appeal as a family car with off-road capabilities and spacious interiors. The popularity of SUVs, particularly among younger consumers, is a key factor in the segment's growth. The availability of both luxurious and affordable SUV models caters to a wide range of consumers, offering exceptional value in the context of the middle-class economy. While the organized sector of the used car market is dominated by a few major players, the majority remains unorganized, presenting challenges in aftermarket services. However, the rise of multi-brand and independent dealerships, which are enhancing their digital presence and offering comprehensive services, is expected to drive further growth. Key players in the market, such as Alsayer Group Holding and YallaMotor.com, are leading this expansion, with online sales channels anticipated to grow significantly.
Kuwait Used Car Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Online Sales Channel Witnessed Significant Market Growth
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1.2 Market Restraints
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1.2.1 Trust And Transparency In Used Car Remained A Key Challenge For Consumers
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value - USD)
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2.1 Vehicle Type
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2.1.1 Hatchback
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2.1.2 Sedan
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2.1.3 Sport Utility Vehicles (SUVs)
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2.1.4 Multi-Purpose Vehicles (MUVs)
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2.2 Vendor Type
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2.2.1 Organized
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2.2.2 Unorganized
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2.3 Fuel Type
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2.3.1 Gasoline
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2.3.2 Diesel
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2.3.3 Electric
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2.3.4 Other Fuel Types
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Kuwait Used Car Market Size FAQs
How big is the Kuwait Used Car Market?
The Kuwait Used Car Market size is expected to reach USD 1.55 billion in 2024 and grow at a CAGR of 6.5% to reach USD 2.26 billion by 2029.
What is the current Kuwait Used Car Market size?
In 2024, the Kuwait Used Car Market size is expected to reach USD 1.55 billion.
