Research firm forecasts significant surge in Kuwait’s car rental and leasing market

Research firm forecasts significant surge in Kuwait’s car rental and leasing market

KUWAIT CITY, Feb 11: A specialized economic report from an international research firm has forecasted a significant upsurge in Kuwait’s car rental and leasing market predicting a compound annual growth rate of approximately 9.8% between 2022 and 2027, citing various factors contributing to this expansion, notably tourism and advancements in technology such as the convenience …

<p>The post Research firm forecasts significant surge in Kuwait’s car rental and leasing market first appeared on ARAB TIMES - KUWAIT NEWS.</p>KUWAIT CITY, Feb 11: A specialized economic report from an international research firm has forecasted a significant upsurge in Kuwait’s car rental and leasing market predicting a compound annual growth rate of approximately 9.8% between 2022 and 2027, citing various factors contributing to this expansion, notably tourism and advancements in technology such as the convenience of renting via applications, reports Al-Seyassah daily. According to the market study conducted by the Ken Company, the car rental market is anticipated to reach $268 million by 2027, up from $168 million in 2022. This reflects a compound annual growth rate of 9.8%, compared to the 7.6% growth rate witnessed between 2017 and 2022, with revenues reaching $116 million in 2022. The report attributes the projected growth to