Kuwaiti Vehicles Market in September 2023 grows for the 8th month of the year, with 10,125 new registrations (+1.1%). YTD figures at 94,652 are up 10.7% from the previous year.
Market Trend and Outlook
The Kuwaiti Vehicles Market in September 2023 grows for the 8th month of the year, with 10,125 new registrations (+1.1%). YTD figures at 94,652 are up 10.7% from the previous year.
Looking at cumulative data up to September 2023 brand-wise, the leader Toyota at 30,713 sales is back above 32% market share and reports a 3.4% growth in registrations from the prior year. Nissan lags far behind in second, rising 1 spot with 7,157 sales (+50.6%).
Chevrolet falls 1 spot into 3rd with 6,690 new registrations and a 1.1% loss year-on-year volume.
Looking at specific models the Toyota Land Cruiser becomes the new best seller rising 1 spot and 79.7% in year-on-year volume, followed by the Toyota Camry up 28.8%.
Medium-Term Market Trend
The development of the domestic car market in Kuwait had a gold era over a decade ago, when the strong economic growth, high oil price and high workers immigration pushed the market up for years until reaching the 2014 all-time record with 162,719.
Then, the economy started struggling for the fall of oil price in the international market and the 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 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.
Tables with sales figures
In the tables below we report sales for top 10 Brands and top 10 models.