Passenger Cars - South Africa | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$8.8bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.08%, resulting in a projected market volume of US$8.8bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$4.5bn in 2024.
Passenger Cars market unit sales are expected to reach 306.70k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$28.20k in 2024.
With a vehicle unit sales share of 20.8% in 2024, Volkswagen is expected to have one of the highest market share in the selected region.
The value market share of the make Toyota in the selected region is expected to stand at 14.4% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

The Passenger Cars market in South Africa has been experiencing significant growth in recent years.

Customer preferences: One key factor driving the growth of the Passenger Cars market in South Africa is the increasing demand for more fuel-efficient vehicles. With rising fuel prices and growing environmental concerns, consumers are becoming more conscious of their carbon footprint and are opting for vehicles that offer better fuel efficiency. Additionally, there is a growing trend towards smaller, compact cars that are easier to maneuver in urban areas and have lower maintenance costs.

Trends in the market: Another trend in the Passenger Cars market in South Africa is the rising popularity of SUVs and crossover vehicles. These vehicles offer a combination of space, comfort, and off-road capabilities, making them attractive to a wide range of consumers. As a result, many automakers have expanded their SUV and crossover offerings in the South African market to cater to this growing demand.

Local special circumstances: One of the unique factors influencing the Passenger Cars market in South Africa is the high import tariffs and taxes on vehicles. This has led to higher prices for imported vehicles, making them less affordable for many consumers. As a result, there is a strong preference for locally manufactured vehicles, which are not subject to these import taxes. This has led to the growth of the local automotive industry and the production of more affordable vehicles for the South African market.

Underlying macroeconomic factors: The growth of the Passenger Cars market in South Africa can also be attributed to the improving economic conditions in the country. As the economy continues to recover from the global financial crisis, consumers have more disposable income to spend on big-ticket items like cars. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase new vehicles. In conclusion, the Passenger Cars market in South Africa is experiencing growth due to changing customer preferences, including a demand for more fuel-efficient vehicles and the popularity of SUVs and crossover vehicles. The local special circumstances, such as high import tariffs and taxes, have also contributed to the growth of the local automotive industry. Finally, the improving economic conditions in South Africa have provided consumers with more disposable income and favorable financing options, further driving the growth of the market.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.