Showing posts with label Kuwait Vehicle Leasing Companies. Show all posts
Showing posts with label Kuwait Vehicle Leasing Companies. Show all posts

Tuesday, December 18, 2018

Kuwait Vehicle Leasing Market Research Report: Ken Research

How Kuwait Vehicle Leasing Market is Positioned?
The vehicle leasing business in Kuwait was started in 1970’s by Al Sayer in a small room of the Kuwait Sheraton Hotel to cater to the requirements of the people for the need of transportation, and then by Al Mulla group in 1976.
Over the years, the Kuwait vehicle leasing market has evolved with changing market/economic conditions, entry of new players such as Sefeena in 1989, Aayan in 1999, and Automak and KGL in 2002. Today, the market is highly competitive with companies competing with each other to increase their market share. The lease prices of all companies are in line with one another and if a company introduces any new service, it is swiftly replicated by the rest of the companies in the market. The market share in terms of fleet and revenue is concentrated with few major companies such as Automak, Aayan Auto, Al Sayer, Al Mulla, KGL and Sefeena.
The market size was estimated at USD ~ million in 2013 which grew to USD ~ million in 2018 at a CAGR of ~%.  The market has not experienced any major deviations, considering the decrease in oil prices that started in 2014 and the revival of oil prices that began in 2016. The Kuwait National Development Plan has been the major reason that the market did not fall. The plan is aimed to develop the country in all aspects such as economical, social, and infrastructural. That required massive spending for construction and expansion. This plan acted as a catalyst for growth in the vehicle leasing market.
Kuwait Vehicle Leasing Market Segmentation
By Vendor Type
This segmentation focuses on share of market on the basis of fleet size by companies whose primary operations are from vehicle leasing and vehicle selling. As of 2018, the vehicle leasing companies had captured the majority of the market share of about ~% due to their willingness and ability to lease, service, maintain, and repair the vehicles from various brands. The vehicle dealing companies have a market share of ~% in terms of fleet as of 2018.
By End User
Oil and Gas have accounted for about ~% of the fleet demand mainly because the country’s economy depends on oil, and it is the largest sector in the country which spends a lot on vehicle leasing for the purpose of employee mobility. The government and military sector that included the ministries of Kuwait such as ministry of public works, ministry of education, accounted for ~% of the overall market in terms of fleet as of 2018. The construction sector constituted for about ~% of the demand and used vehicles meant for transportation of employees and cargo.
By Geographical Regions
Kuwait is divided into 3 regions namely Northern, Central, and Southern. In 2018, Southern region accounted for about ~% in terms of fleet size due to presence of oil and construction industries. Central region accounted for about ~% of the fleet size owing to presence of various branches, headquarters of companies in the region, and as well as presence of residential areas in the region, and the remaining ~% of the fleet was accounted in Northern region.
By Duration
As of 2018, the vehicles in Kuwait are leased for different periods such as, for one year lease which contributed around ~% in the overall market in terms of fleet size, two year lease which contributed ~% share in the market. The lease prices as of 2018 were considerably higher for one year and two year lease period as compared to a three year lease, hence their share in the market is low. Three year lease duration has been the most popular as the lease prices are low and the vehicle leasing companies also prefers to lease vehicles for this duration, as it is difficult to sell the vehicle after it has been in use for 4 years or longer.
Competitive Landscape in Kuwait Vehicle Leasing Market
The competition in Kuwait has grown over the years, with new vehicle leasing companies entering the market and with the increase in price transparency in the industry, the lease/contract prices of companies have decreased causing the profit margins to decrease as well. Furthermore, the competition landscape has changed from the time when two companies namely Al-Sayer, (an exclusive dealer of Toyota) and Al Mulla had the majority of the market share. Additionally, with the emergence of companies such as Automak, Autolease (KAICO), and Aayan Auto, the competition evolved from price war strategy (that was once employed by various companies in order to gain market share by providing vehicles at a lower lease installment) to being competitive pricing strategy with core focus on consumer satisfaction by providing value added services. Besides the price factor, consumers are giving utmost importance to services such as vehicle portfolio/variants, routine service and maintenance facility of the vehicle, road side assistance, comprehensive insurance, and replacement vehicle, if necessary. Another factor that consumers look upon, is how streamlined the process of leasing is. The delivery time of the vehicle has to be decreased to minimum and reduction in the number of required documents would also increase the customer satisfaction.
Key Segments Covered
By Type of Fleet:-
SUV/MUV
Sedan
Luxury Segment
Pickups
By End User Sectors:-
Oil and Gas
Government
Construction
Logistics and Transportation
Others (FMCG, ITES, Telecom, Financial Institutions, Healthcare, Individuals and related industries)
By Type of Vendors:-
Vehicle Dealer
Vehicle Leaser
By Type of Regions:-
Southern Region
Northern Region
Central Region
Key Target Audience:-
Vehicle Leasing Companies
Vehicle Dealers
Car Rental Companies
Government Bodies
Industry Associations
Venture Capitalist/Investors
Time Period Captured in the Report:-
2013-2018 – Historical Period
2018-2023 – Future Forecast
Companies Covered:-
Automak, Aayan Auto, Al Sayer, Al Mulla, Sefeena, KGL, Autolease, Rasameel Autolease, Hertz, Apatchi Osoulhouse, Apatchi, Autolease, Mutawa Alkazi Company, Automall Vehicle Rental, Value Plus, Mustafa Karam Co and Others.
For more information on the research report, refer to below link:-
Related Reports:-
Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249

Monday, December 17, 2018

Kuwait Vehicle Leasing Market Growth will be Led by Growth in End User Industries and Surging Competition Among Players: Ken Research


Rising corporate travel activity, growth in end user industries and increasing importance of workforce mobility will be the major growth drivers of Kuwait vehicle leasing market in the coming years.
Kuwait vehicle leasing industry is relatively concentrated among the top 5 players in the industry during 2018. In terms of revenue, the Kuwait vehicle leasing market grew robustly from the previous year majorly owing to growth in Oil and Gas and logistics & transportation sector. The vehicle leasing market has grown over the years with the growth in the number of players in the industry backed up with increasing preference for leasing a vehicle rather than owing the fleet by companies. The growing number of small and large businesses in the construction and logistics sector in the country has also surged the demand for long term vehicle leasing services in Kuwait.
The report titled Kuwait Vehicle Leasing Market Outlook to 2023- By Type of Vehicle (SUV/MUV, Sedan, Pickups and Luxury Segment) and By End Users (Oil & Gas, Government, Construction, Logistics and Transportation, Telecom and Electrical and Others)  by Ken Research suggested that better value added services, shorter delivery period, lower annual payments, wide portfolio of vehicles, lower upfront cash outlay, comprehensive insurance coverage, negligible registration cost and better technology interface for customers will majorly contribute to the overall revenue growth of Kuwait vehicle leasing market in next 5 years till 2023.
Increasing competition in the market has raised the quality of services offered by vehicle leasing companies in the country, which has attracted more number of customers. The long term car rental market/vehicle leasing market has witnessed increasing presence of multinational companies growing their presence in untapped markets/regions and consistently focusing on increasing their fleet size with focus on adding value added service into their service portfolio. Over the years, industry has witnessed cut-thought competition owing to short profit margins which has resulted in the companies to improve their service portfolios. Car dealers which operate into long term leasing, manage to provide lease contracts at a relatively lower price compared to car rental companies. Major target end users for car dealers are government sector which are highly price conscious. Car rental companies, on the other hand charges a higher price but offer specialized services to their customers such as On-road assistance, Insurance coverage and other services which car dealers fails to offer. Growth in IT, Telecom, Travel, FMCG industries has also led to greater demand for number of vehicle leased and as well to extend their existing vehicle leasing agreements with increase in number and type of fleet.
Key Segments Covered:-
By Type of Fleet:
SUV/MUV
Sedan
Luxury Segment
Pickups
By End User Sectors:-
Oil and Gas
Government
Construction
Logistics and Transportation
Others (FMCG, ITES, Telecom, Financial Institutions, Healthcare, Individuals and related industries)
By Type of Vendors:-
Vehicle Dealer
Vehicle Leaser
By Type of Regions:-
Southern Region
Northern Region
Central Region
Key Target Audience:-
Vehicle Leasing Companies
Vehicle Dealers
Car Rental Companies
Government Bodies
Industry Associations
Venture Capitalist/Investors
Time Period Captured in the Report:-
2013-2018 – Historical Period
2018-2023 – Future Forecast
Companies Covered:-
Automak, Aayan Auto, Al Sayer, Al Mulla, Sefeena, KGL, Autolease, Rasameel Autolease, Hertz, Apatchi Osoulhouse, Apatchi, Autolease, Mutawa Alkazi Company, Automall Vehicle Rental, Value Plus, Mustafa Karam Co and Others.
Keywords:-
Car Leasing Market In Kuwait
Kuwait Car Leasing Market Research Report
Market Research Report For Kuwait Car Leasing Market
Vehicle Leasing Market In Kuwait
Kuwait Vehicle Leasing Companies
Car Rental Industry Kuwait
Pricing Vehicle Leasing In Kuwait
Kuwait Vehicle Leasing Market Size
Kuwait Car Rental Leasing Future Growth
Future Kuwait Car Rental/Leasing
Major Companies In Car Leasing Market In Kuwait
Automak Car Rental Leasing Market Share In Kuwait
Industry Research Report For Kuwait Vehicle Leasing Market
Industry Research Report For Kuwait Car Leasing Market
For more information on the research report, refer to below link:-
Related Reports:-
Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249