Kuwait Vehicle Leasing Market Growth will be Led by Growth in End User Industries and Surging Competition Among Players: Ken Research

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Rising corporate travel activity, growth in end user industries and increasing importance of workforce mobility will be the major growth drivers of Kuwait vehicle leasing market in the coming years.

Kuwait vehicle leasing industry is relatively concentrated among the top 5 players in the industry during 2018. In terms of revenue, the Kuwait vehicle leasing market grew robustly from the previous year majorly owing to growth in Oil and Gas and logistics & transportation sector. The vehicle leasing market has grown over the years with the growth in the number of players in the industry backed up with increasing preference for leasing a vehicle rather than owing the fleet by companies. The growing number of small and large businesses in the construction and logistics sector in the country has also surged the demand for long term vehicle leasing services in Kuwait.

The report titled “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, Telecom and Electrical and Others)” by Ken Research suggested that better value added services, shorter delivery period, lower annual payments, wide portfolio of vehicles, lower upfront cash outlay, comprehensive insurance coverage, negligible registration cost and better technology interface for customers will majorly contribute to the overall revenue growth of Kuwait vehicle leasing market in next 5 years till 2023.

Increasing competition in the market has raised the quality of services offered by vehicle leasing companies in the country, which has attracted more number of customers. The long term car rental market/vehicle leasing market has witnessed increasing presence of multinational companies growing their presence in untapped markets/regions and consistently focusing on increasing their fleet size with focus on adding value added service into their service portfolio. Over the years, industry has witnessed cut-thought competition owing to short profit margins which has resulted in the companies to improve their service portfolios. Car dealers which operate into long term leasing, manage to provide lease contracts at a relatively lower price compared to car rental companies. Major target end users for car dealers are government sector which are highly price conscious. Car rental companies, on the other hand charges a higher price but offer specialized services to their customers such as On-road assistance, Insurance coverage and other services which car dealers fails to offer. Growth in IT, Telecom, Travel, FMCG industries has also led to greater demand for number of vehicle leased and as well to extend their existing vehicle leasing agreements with increase in number and type of fleet.

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

Time Period Captured in the Report:-

2013-2018 – Historical Period

2018-2023 – Future Forecast

Companies Covered:-

Automak, Aayan Auto, Al Sayer, Al Mulla, Sefeena, KGL, Autolease, Rasameel Autolease, Hertz, Apatchi Osoulhouse, Apatchi, Autolease, Mutawa Alkazi Company, Automall Vehicle Rental, Value Plus, Mustafa Karam Co and Others.

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