Passenger Cars - Burkina Faso | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$22.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.46%, resulting in a projected market volume of US$21.5m by 2029.
The market's largest segment is SUVs with a projected market volume of US$6.8m in 2024.
Passenger Cars market unit sales are expected to reach 850.00vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$24.25k in 2024.
With a vehicle unit sales share of 26.2% in 2024, Chevrolet is expected to have one of the highest market share in the selected region.
The value market share of the make Nissan in the selected region is expected to stand at 24.2% 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 Burkina Faso is experiencing significant growth and development.

Customer preferences: Burkina Faso is a country in West Africa with a growing middle class and an increasing demand for passenger cars. As the economy continues to improve, more people are able to afford cars for personal transportation. Additionally, the country's rapid urbanization has led to increased congestion and a need for more efficient modes of transportation. As a result, customers in Burkina Faso are increasingly looking for affordable and fuel-efficient cars that can navigate the country's challenging road conditions.

Trends in the market: One of the key trends in the passenger cars market in Burkina Faso is the rising popularity of small and compact cars. These vehicles are well-suited for navigating the country's narrow and often unpaved roads. They also offer better fuel efficiency, which is an important consideration for customers in Burkina Faso, where the cost of fuel is relatively high. As a result, car manufacturers are increasingly focusing on producing smaller cars that meet the specific needs and preferences of customers in Burkina Faso. Another trend in the market is the increasing demand for used cars. Many customers in Burkina Faso prefer to purchase used cars due to their affordability. Used cars also offer a wider range of options compared to new cars, allowing customers to find a vehicle that suits their specific needs and budget. This trend has led to the growth of the used car market in Burkina Faso, with a number of dealerships and online platforms offering a wide selection of used cars.

Local special circumstances: Burkina Faso is a landlocked country with limited access to ports and transportation infrastructure. This poses challenges for importing new cars into the country, as it can be costly and time-consuming. As a result, the market for new cars in Burkina Faso is relatively small compared to other countries in the region. However, this has created opportunities for local car dealerships and importers who specialize in sourcing and selling used cars from other countries.

Underlying macroeconomic factors: Burkina Faso has experienced steady economic growth in recent years, which has contributed to the development of the passenger cars market. The country's GDP per capita has been increasing, leading to a rise in disposable income and consumer spending. This has allowed more people to afford cars and has driven the demand for passenger cars in Burkina Faso. In conclusion, the passenger cars market in Burkina Faso is developing due to the increasing demand for affordable and fuel-efficient cars. The rising popularity of small and compact cars, as well as the demand for used cars, are key trends in the market. The local special circumstances, such as limited access to ports and transportation infrastructure, have created opportunities for local car dealerships and importers. The underlying macroeconomic factors, including steady economic growth and increasing disposable income, are driving the development of the passenger cars market in Burkina Faso.

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. The high global inflation rate and consumer worries about inflation have led to fluctuating car purchasing intentions in many markets.