Passenger Cars - Cuba | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$203.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -3.33%, resulting in a projected market volume of US$171.4m by 2029.
The market's largest segment is SUVs with a projected market volume of US$64.1m in 2024.
Passenger Cars market unit sales are expected to reach 4.50k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$38.77k in 2024.
With a vehicle unit sales share of 31.6% in 2024, Renault is expected to have one of the highest market share in the selected region.
The value market share of the make Audi in the selected region is expected to stand at 31.7% 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 Cuba has been experiencing significant development in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Cuban Passenger Cars market have shifted towards more modern and technologically advanced vehicles.

Cuban consumers are increasingly looking for cars that offer advanced safety features, fuel efficiency, and connectivity options. This change in preferences can be attributed to the growing influence of global trends and the desire for a more comfortable and convenient driving experience. One of the key trends in the Cuban Passenger Cars market is the increasing demand for electric and hybrid vehicles.

As the global push for sustainable transportation gains momentum, Cuban consumers are also becoming more environmentally conscious. The government's efforts to promote the use of electric vehicles through incentives and infrastructure development have further contributed to the rising popularity of these vehicles. Another trend in the Cuban Passenger Cars market is the growing popularity of SUVs and crossovers.

These vehicles offer a combination of comfort, versatility, and off-road capabilities, which are well-suited to the country's diverse terrain. Additionally, SUVs and crossovers are perceived as status symbols and are often associated with a higher social status, driving their demand among Cuban consumers. Local special circumstances also play a significant role in shaping the Passenger Cars market in Cuba.

The country's unique economic and political situation has resulted in limited access to imported vehicles, leading to a high demand for used cars. The import restrictions have created a market for second-hand vehicles, which are often imported from other countries. This has created opportunities for local businesses and individuals involved in the import and sale of used cars.

Underlying macroeconomic factors also influence the development of the Passenger Cars market in Cuba. Economic growth, income levels, and consumer confidence are important drivers of car sales. As the Cuban economy continues to grow and consumer purchasing power increases, more individuals are able to afford cars, leading to a higher demand in the market.

Additionally, government policies and regulations related to vehicle ownership, taxes, and financing options also impact the market dynamics. In conclusion, the Passenger Cars market in Cuba is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for modern and technologically advanced vehicles, including electric and hybrid cars, is on the rise.

SUVs and crossovers are also gaining popularity among Cuban consumers. The limited access to imported vehicles has created a market for used cars, while economic growth and government policies are driving overall car sales in the country.

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.