The global vehicle leasing market expects to rise broadly by 2028. The report observes that the car leasing market in Kuwait stood at USD two-digit billion in 2021 and can show a CAGR of one-digit between 2022 and 2028. The rapid-paced urbanization and the increased number of smart cities expects to push the market for automotive leasing services globally.
Market Revealed a Negative Growth Rate; COVID-19 Shows to Shutdown of Operations.
Per our research, the market showed a negative growth rate of about 2020. Elements such as the imposition of lockdown across various countries led to the halting of several industrial operations in Kuwait. This led to several Vehicle Leasing Markets In Kuwait shutting down, impacting the overall market growth. However, in the previous quarter of the year, the phased resumption of industrial actions directed companies to crawl back to normality. The market projects to produce to its pre-pandemic levels in two years.
Increasing Number of Smart Cities to Increase Growth
The World Health Organization (WHO) estimates that about 50% of the global population lives in urban areas and expects a steady rise by 2025. The increasing transition towards urban areas owing to more suitable employment prospects and improved lifestyles has directed governments to embrace several smart Car Rental Industry Kuwait. This expects to move the market for smart mobility solutions as the rising number of cars will probably lead to congestion issues across cities. Therefore, this anticipates to contribute to the global car leasing market growth in the upcoming years.
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Major Car Rental/Leasing Companies in Kuwait Focus on Investment
The market constitutes small, medium, and large companies seeking to possess a stronghold. The major companies are funding R&D moves to create innovative car leasing market solutions amid the client’s increased global market. Moreover, additional key players are embracing organic and inorganic growth processes to hold their spot in the fiercely competitive global marketplace during the foreseeable future.
Kuwait Vehicle Leasing Market projects to increment particularly in the estimated period, 2018-2023. The average leasing cost is supposed to diminish in the country with rising serious contention. The vehicle leasing organizations’ net revenues are diminishing over the next 5 years because organizations are additionally captivated by cost war. The SUV/MUV segment will see an expansion in their portion of armada over the determined period, 2018-2023, because of the expansion in client inclination attributable to advantages, for example, functionality for off-road driving substantial built and space for more passengers or freight. The northern region will notice an increased growth rate as the government of Kuwait intends to grow the area in terms of infrastructure and economic actions, enable the building of new businesses, and attract foreign investments in the region.
- Aayan Auto,
- Al Mulla, Sefeena,
- Rasameel Autolease,
- Apatchi Osoulhouse,
- Apatchi, Autolease,
- Mutawa Alkazi Company,
- Automall Vehicle Rental,
- Value Plus,
- Mustafa Karam Co, and Others
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Ankur Gupta, Head Marketing & Communications