Kuwaiti Vehicles Market in 2024 posted minimal growth of just 0.3%. Ford edged past Kia to claim 3rd spot, but the standout performer was Jetour, moving several spots closer to Top 10.
Economic Environment
Kuwait’s economy will remain in recession in 2024, with GDP contracting 2.8% due to OPEC+ production cuts, before rebounding by 2.6% in 2025. The non-oil sector is recovering, projected to grow 2.0% in 2024, while inflation is moderating to 3.0% amid easing demand pressures. Lower oil prices and production have weakened Kuwait’s fiscal and external balances, with the fiscal deficit widening to 6.6% of GDP in FY2024/25.
The current account surplus is set to shrink further to 27.2% of GDP. Despite slowing credit growth, banks remain well-capitalized with strong liquidity buffers. Downside risks remain high due to oil dependence and global volatility, underscoring the need for economic diversification. Policymakers are urged to strengthen fiscal planning, cut subsidies, and expand non-oil revenues through corporate taxes and VAT adoption.
Automotive Industry Trend and Outlook
In line with the regional trend, Kuwait’s EV sector remains small but is rapidly expanding, growing 212.8% in 2024. It is forecasted to scale up in the next decade, backed by strong government support.
Toyota and Mercedes led the market, but competition became more dynamic as brands like Lynk & Co and BYD climbed several sports up the rankings.
Overall, the Kuwaiti vehicle market stagnated, rising just 0.3% in 2024, with negative growth persisting for most of the year.
Looking at full-year data for 2024 brand-wise, Toyota was still the leader despite reporting a 13.9% loss in registrations from the prior year. Nissan lagged far behind in second, up 1.8%. Ford -up 1 spot- secured 3rd position with a 10.8% growth year-on-year volume.
Outside of the Top 10 in 11th, Jetour reported the most impressive growth, up 580.1%.
Looking at specific models the Toyota Land Cruiser was still the best seller despite losing 29.7% in year-on-year volume, followed by the Ford Territory, up 16.2%.
Medium-Term Market Trend
The development of the domestic car market in Kuwait had a gold era over a decade ago, when strong economic growth, high oil prices and high worker immigration pushed the market up for years until reaching the 2014 all-time record with 162,719.
Then, the economy started struggling with the fall of oil price in the international market and public spending was cut while taxes increases. The car market start struggling and declined for 3 consecutive years. When in 2018 and 2019 a shy recovery was in place, the arrival of the pandemic pushed sales down at the last 15 years record-low of 88.000.
However, since early 2021 the economic recovery sustained consumers demand and the market is recovering.
The Kuwaiti Vehicles Market in 2023 grew 17.1% from the previous year, totalling 140,519.
Tables with sales figures
In the tables below we report sales for the top 10 models.
