Kuwait Auto Market kept momentum in the first half 2015 despite strong energy sector revenues cut with sales at the best level ever. Toyota improved the market share near 40%. The Prado was the best-selling model.
On 12 October, Kuwait’s oil minister reiterated OPEC’s current strategy of squeezing out non-OPEC producers who face higher production costs by keeping global energy prices low. The minister expressed optimism for Kuwait’s, as well as OPEC’s, energy revenues, stating that such producers were beginning to exit the market, and an increase in global economic activity is expected in 2016.
Low oil prices combined with Kuwait’s near-capacity oil production have resulted in a sharp drop in revenues in a country where oil accounts for over 70% of exports and 60% of the country’s GDP. So far, the decline in oil prices has not impacted Kuwait as much as other countries, however, global energy dynamics have shifted in recent years, and it is unclear whether Kuwait can count on oil revenues to the same extent in the future.
Starting the 2015, the vehicles market in Kuwait was expected to end the run started in the 2010 that had generated three all-time records in a row during the 2012-2014, The sharp fall of the oil price in the international market was expected to hit a country that base 70% of GDP on the energy sector and the reflect over the automotive sector should have been immediate and potentially sharp.
However, the revenue reduction was not balanced in the short with the country expanding budget deficit to sustain domestic economy and consumer’s demand kept growing with more and new people visiting cars showrooms to buy a new car.
As reported by the Kuwait Authority for Transportation, the result was very positive for the car market with first half 2015 sales at 82.895, up 2.6% albeit a weak first quarter.
Despite with a lower market share than in the others country of the Gulf, Toyota is the market leader with 30.720 sales in the first half (+12.8%) with share at 37.2%. Behind, Nissan with 12.4% and Hyundai with 6.2%.
The best-selling model in the first half has been the Toyota Prado with 9.805 sales (+21.3%) followed by the Toyota Camry with 5.02 (+66.4%) and the Toyota Hilux with 4.660, down -18.9% in the transition between old and new generation.
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|Rank 2015||Rank 2014||Model||I Half 2015||I Half 2014||Var||Share 2015||Share 2014|
|4||7||Toyota Land Cruiser||2.875||2.412||19,2%||3,5%||3,0%|