Passenger Cars - Morocco

Morocco

Revenue in the Passenger Cars market is projected to reach €4.6bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.26%, resulting in a projected market volume of €4.7bn by 2029.
The market's largest segment is SUVs with a projected market volume of €1.2bn in 2024.
Passenger Cars market unit sales are expected to reach 159.80k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to €29.42k in 2024.
With a vehicle unit sales share of 28.0% in 2024, Chevrolet is expected to have one of the highest market share in the selected region.
The value market share of the make Volkswagen in the selected region is expected to stand at 23.1% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (€555bn in 2024).

Key regions: United States, Germany, Europe, China, India

Marché

Marque

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Passenger Cars market in Morocco has been experiencing steady growth in recent years. Customer preferences have shifted towards more fuel-efficient and environmentally-friendly vehicles, leading to an increased demand for hybrid and electric cars.

Additionally, there has been a growing trend towards compact and SUV models, as they offer a combination of practicality and versatility. Moroccan customers are becoming more conscious about their carbon footprint and are seeking vehicles that are more fuel-efficient. This shift in customer preferences can be attributed to a global trend towards sustainability and environmental consciousness.

As a result, hybrid and electric cars have gained popularity in the Moroccan market. These vehicles offer lower emissions and reduced fuel consumption, making them an attractive option for environmentally-conscious consumers. In addition to the focus on fuel efficiency, Moroccan customers are also showing a preference for compact and SUV models.

Compact cars are popular due to their affordability and practicality, making them suitable for urban environments with limited parking space. On the other hand, SUVs are favored for their spaciousness and versatility, making them ideal for families and outdoor activities. The local special circumstances in Morocco have also contributed to the development of the Passenger Cars market.

The government has implemented initiatives to promote the use of electric vehicles, such as tax incentives and subsidies. These incentives have encouraged consumers to consider electric cars as a viable option, further driving the growth of the market. Furthermore, the improving infrastructure for electric vehicles, including the expansion of charging stations across the country, has made it more convenient for consumers to own and operate electric cars.

This has contributed to the increased adoption of electric vehicles in Morocco. Underlying macroeconomic factors have also played a role in the development of the Passenger Cars market in Morocco. The country's economic growth and rising disposable incomes have increased consumer purchasing power, enabling more individuals to afford cars.

Additionally, low interest rates and favorable financing options have made car ownership more accessible to a wider range of consumers. In conclusion, the Passenger Cars market in Morocco is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The shift towards more fuel-efficient and environmentally-friendly vehicles, along with a preference for compact and SUV models, has driven the demand for cars in the Moroccan market.

The government's initiatives to promote electric vehicles and the improving infrastructure for electric cars have further supported the growth of the market. Overall, the favorable economic conditions and increasing consumer purchasing power have contributed to the development of the Passenger Cars market in Morocco.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).