Passenger Cars - Cameroon | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$48.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.15%, resulting in a projected market volume of US$48.5m by 2029.
The market's largest segment is SUVs with a projected market volume of US$15.9m in 2024.
Passenger Cars market unit sales are expected to reach 1.65k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$29.00k in 2024.
With a vehicle unit sales share of 30.9% in 2024, Chevrolet is expected to have one of the highest market share in the selected region.
The value market share of the make Chevrolet in the selected region is expected to stand at 23.0% 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 Cameroon is experiencing significant growth and development.

Customer preferences: Cameroonian customers are increasingly opting for passenger cars as their preferred mode of transportation. This can be attributed to several factors, including the growing middle class and increasing disposable income levels. As a result, there is a rising demand for passenger cars that offer comfort, convenience, and safety features.

Trends in the market: One of the key trends in the Passenger Cars market in Cameroon is the shift towards more fuel-efficient and environmentally friendly vehicles. With the rising concerns about climate change and the need to reduce carbon emissions, customers are becoming more conscious of the environmental impact of their vehicles. This has led to a growing demand for hybrid and electric cars in the market. Another trend in the market is the increasing popularity of compact and subcompact cars. These smaller vehicles are more affordable and easier to maneuver in the congested urban areas of Cameroon. Additionally, they offer better fuel efficiency, which is a key consideration for customers in a country where fuel prices are relatively high.

Local special circumstances: Cameroon has a unique geography and infrastructure, which influences the preferences and choices of customers in the Passenger Cars market. The country has a diverse terrain, ranging from urban areas to rural regions with challenging road conditions. As a result, customers in Cameroon often prioritize vehicles that are rugged and capable of handling different terrains. This has led to a higher demand for SUVs and off-road vehicles in the market.

Underlying macroeconomic factors: Several macroeconomic factors are driving the growth of the Passenger Cars market in Cameroon. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income levels. This, in turn, has led to a rise in consumer spending on durable goods, including passenger cars. Furthermore, the government of Cameroon has implemented policies and initiatives to promote the automotive industry. This includes reducing import tariffs on vehicles, which has made passenger cars more affordable and accessible to a wider population. Additionally, the government has also introduced incentives for the production and purchase of electric vehicles, further driving the demand for such vehicles in the market. In conclusion, the Passenger Cars market in Cameroon is witnessing significant growth and development. Customer preferences are shifting towards fuel-efficient and compact vehicles, driven by factors such as rising disposable income levels and environmental concerns. The local special circumstances, including the diverse geography and infrastructure of Cameroon, influence the choice of vehicles in the market. Additionally, underlying macroeconomic factors, such as economic growth and government policies, are 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.