Kuwait: Passenger Car Market 2024

Passenger Car Market Size in Kuwait

The Kuwaiti passenger car market skyrocketed to $X in 2021, growing by 16% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a pronounced descent. Passenger car consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Passenger Car Exports

Exports from Kuwait

In 2021, shipments abroad of passenger cars decreased by -46.9% to X units, falling for the sixth year in a row after four years of growth. Over the period under review, exports showed a sharp reduction. The pace of growth was the most pronounced in 2013 when exports increased by 40% against the previous year. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, passenger car exports dropped rapidly to $X in 2021. Overall, exports showed a significant decrease. The pace of growth was the most pronounced in 2013 with an increase of 44%. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The Netherlands (X units), Oman (X units) and Angola (X units) were the main destinations of passenger car exports from Kuwait, together comprising 37% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +70.2%), while the other leaders experienced a decline.

In value terms, Oman ($X), the Netherlands ($X) and Angola ($X) constituted the largest markets for passenger car exported from Kuwait worldwide, with a combined 20% share of total exports.

In terms of the main countries of destination, the Netherlands, with a CAGR of +73.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, growing by 8.2% against the previous year. In general, export price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, passenger car export price increased by +60.2% against 2015 indices. The most prominent rate of growth was recorded in 2019 when the average export price increased by 8.2%. The export price peaked in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Nigeria ($X per unit), while the average price for exports to Bulgaria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (+28.5%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Kuwait

In 2021, approx. X units of passenger cars were imported into Kuwait; growing by 14% on 2020. Over the period under review, imports, however, showed a deep setback. The most prominent rate of growth was recorded in 2017 when imports increased by 32%. Over the period under review, imports attained the maximum at X units in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, passenger car imports skyrocketed to $X in 2021. Overall, imports, however, saw a noticeable downturn. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United Arab Emirates (X units) was the main supplier of passenger car to Kuwait, with a 99% share of total imports. It was followed by Oman (X units), with a 3.2% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates totaled -2.8%.

In value terms, the United Arab Emirates ($X) constituted the largest supplier of passenger cars to Kuwait, comprising 94% of total imports. The second position in the ranking was held by Oman ($X), with a 4.2% share of total imports.

From 2012 to 2021, the average annual growth rate of value from the United Arab Emirates amounted to -2.9%.

Import Prices by Country

In 2021, the average passenger car import price amounted to $X per unit, with an increase of 2.3% against the previous year. Over the period under review, import price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +7.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, passenger car import price increased by +54.4% against 2017 indices. The growth pace was the most rapid in 2015 an increase of 73% against the previous year. The import price peaked in 2021 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Oman ($X per unit), while the price for the United Arab Emirates totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+22.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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