Kuwait 2024. Car Passenger Market Merely 3.1% Positive

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Kuwaiti Vehicles Market in 2024 is marginally up. Sales throughout March reached 11,104 units (-5.4%). Sales in Q1 up to 32,129 (+3.1%).

Market Trend and Outlook

The Kuwaiti Vehicles Market in March lost 5.4% while accumulating 11,104 registrations. Sales in Q1 reached 32,129 units (+3.1%).

Looking at cumulative data up to March 2024 brand-wise, the leader Toyota at 9,963 sales is back above 31.0% market share and reports a 3.1% growth in registrations from the prior year. Nissan lags far behind in second with 2,965 sales (-2.0%).

Kia rises 1 spot into 3rd with 1,884 new registrations and a 6.3% growth year-on-year volume.

Looking at specific models the Toyota Land Cruiser is the best seller despite losing 0.7% in year-on-year volume, followed by the Toyota Camry down 0.8%.

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 top 10 Brands and top 10 models.

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