Executive Cars - Algeria

Algeria

Highlights

Revenue in the Executive Cars market is projected to reach US$130m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.50%, resulting in a projected market volume of US$140m by 2029.
Executive Cars market unit sales are expected to reach 3.5k vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$40k.
From an international perspective it is shown that the most revenue will be generated China (US$63bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Executive Cars market in Algeria is experiencing steady growth due to increasing customer preferences for luxury and high-performance vehicles.

Customer preferences: Algerian consumers are increasingly drawn to executive cars for their prestige, comfort, and advanced features. These vehicles are often seen as a symbol of status and success, appealing to individuals who desire a luxurious and sophisticated driving experience. Furthermore, the demand for executive cars is driven by the growing middle class in Algeria, who are increasingly able to afford these high-end vehicles.

Trends in the market: One of the key trends in the Executive Cars market in Algeria is the rising popularity of SUVs. Algerian consumers are increasingly opting for SUVs due to their spacious interiors, off-road capabilities, and commanding presence on the road. This trend is in line with the global shift towards SUVs, as they provide a versatile and practical option for both urban and rural environments. Additionally, the market is witnessing a shift towards electric and hybrid executive cars, as consumers are becoming more environmentally conscious and seeking vehicles with lower carbon emissions.

Local special circumstances: Algeria's unique geographical landscape and diverse climate contribute to the demand for executive cars. The country's vast desert regions and challenging terrain make SUVs a popular choice for Algerian consumers, as they offer better performance and handling in such conditions. Additionally, the extreme temperatures experienced in Algeria require vehicles with advanced climate control systems and robust air conditioning, further driving the demand for executive cars with superior comfort features.

Underlying macroeconomic factors: The growth of the Executive Cars market in Algeria is also influenced by several macroeconomic factors. The country's improving economic conditions, driven by increased oil and gas revenues, have resulted in a higher disposable income among Algerian consumers. This has allowed individuals to allocate a larger portion of their budget towards luxury goods, including executive cars. Furthermore, the government's efforts to diversify the economy and attract foreign investments have contributed to a more favorable business environment, attracting international car manufacturers to establish a presence in Algeria and offer a wider range of executive car models. In conclusion, the Executive Cars market in Algeria is experiencing growth due to increasing customer preferences for luxury and high-performance vehicles, the rising popularity of SUVs, and the shift towards electric and hybrid cars. The unique local circumstances, such as the challenging terrain and extreme temperatures, further contribute to the demand for executive cars with superior performance and comfort features. Additionally, the country's improving economic conditions and government initiatives to attract foreign investments have created a favorable business environment, supporting 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).