Market share of leading car brands Kuwait 2023
In 2023, the best-selling car brand in Kuwait was Toyota with a market share of 32.6 percent of new car sales. It was followed by Nissan with a share of about 8.2 percent of new car sales.
GCC automotive overview
The automotive sector in the Gulf Cooperation Council (GCC) region has recognized worldwide importance. It has been growing over the years and it is viewed as a promising opportunity for both mass-market and premium vehicle producers. The premium vehicle market is more pronounced in Saudi Arabia and the United Arab Emirates (UAE) with brands such as Mercedes, Range Rover, and Porsche , but it also remains an important market for Japanese and Korean automakers. The COVID-19 pandemic that broke out in the world during the first quarter of 2020 hindered the growth of the sales of new cars in the region. However, consumers started purchasing used cars as an efficient way to reduce spending during a period of uncertainty and financial distress. The aftermarket of cars in the GCC region had already been growing before the pandemic, but it is even more likely to grow during the current circumstances.
Kuwait automobile sector overview
Kuwait had the highest vehicle ownership rate per one thousand persons in the Middle East and North Africa (MENA) region in 2016, with the number of cars exceeding 1.6 million. Its automotive market is recognized by the low cost of fuel and the demand for large vehicles. It had a fleet size of more than 1.7 million passenger cars, and 350 thousand commercial cars in 2018. The demand for passenger cars has been increasing due to the improved economic situation and increased per capita income. In 2020, Kuwait’s vehicle market was hit by the pandemic and by the fall in oil prices in international markets. This has greatly impacted the economy as it highly depends on the revenue from its oil industry.
