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Kuwait Autos Report Q3 2011
Business Monitor International, June 2011, Pages: 52
Business Monitor International's Kuwait Autos Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Kuwait's automotive industry.
The Kuwaiti auto market is expected to show steady growth through 2011 and into the future, according to the latest forecasts from BMI. Sales in 2010 came in at an estimated 119,315 units – a figure which is expected to hit 124,026 for 2011. This would mean that the Kuwaiti auto market has recovered from the effects of the global financial crisis and regional debt crisis to exceed 2008's sales figures. The Kuwaiti market is expected to grow significantly over the coming five years, with 24.3% sales growth expected by 2015. This represents an important opportunity for investors and auto firms alike, which may be seeking to expand sales in more established markets.
The Kuwaiti economy is still expected to grow steadily. The country has managed to avoid much of the political upheaval which has swept across the Arab world – including the Gulf – since the overthrow of the Tunisian government at the beginning of 2011. It is expected that Kuwait will remain politically stable and that Kuwaiti firms are likely to benefit from the massive stimulus program in Saudi Arabia which is being used to try and suppress unrest through economic improvements. Concerns about inflation still remain but the Kuwaiti government has a broad range of tools available to tackle these issues and it is unlikely that any significant macro problems will affect the Kuwaiti auto industry over the course of 2011.
The Mini model produced and sold by BMW is making significant inroads into the Middle Eastern car market, according to BMW’s global importer vice president, Graham Grieve. The firm said that it expects to sell 600 Minis across the Middle East in 2011 with 210 of the sales in the first quarter of the year. The car's success is somewhat unexpected due to the tendency for consumers in the region to prefer large cars and SUVs. Kuwait saw a 54% jump in sales for the Mini, a figure which compares with 178% in Dubai and 76% growth in Abu Dhabi.
In early May 2011, the Kuwaiti traffic police launched one of their toughest crackdowns on improper road use. Over the course of a single weekend the police seized 403 vehicles from drivers who had been speeding, driving recklessly or committing other traffic violations. During the course of the operation just under 7,000 fines were also issued by the police. The campaign covered each of the six provinces in the country and comes as the government becomes increasingly determined to improve road safety in the small Gulf state.
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