Executive Cars - Angola

Angola

Highlights

Revenue in the Executive Cars market is projected to reach US$4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.50%, resulting in a projected market volume of US$3m by 2029.
Executive Cars market unit sales are expected to reach 95.0vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$38k.
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 Angola is experiencing significant growth and development. Customer preferences are shifting towards more luxurious and high-end vehicles, driving the demand for executive cars in the country. This trend can be attributed to several factors, including an increase in disposable income, changing lifestyles, and a growing middle class.

Customer preferences: Angolan consumers are increasingly seeking out executive cars that offer superior comfort, advanced technology, and high performance. They are willing to pay a premium for vehicles that provide a luxurious driving experience and showcase their social status. This shift in preferences can be seen as a reflection of the country's economic growth and the desire for a more sophisticated lifestyle.

Trends in the market: One of the key trends in the Executive Cars market in Angola is the growing demand for SUVs and crossovers. These vehicles offer a combination of luxury, versatility, and off-road capabilities, making them highly desirable for Angolan consumers. SUVs and crossovers are seen as status symbols and are often associated with success and wealth. This trend is in line with the global market, where SUVs have gained popularity in recent years. Another trend in the market is the increasing focus on sustainability and eco-friendly options. As consumers become more conscious of their environmental impact, there is a growing demand for hybrid and electric executive cars in Angola. This trend is driven by both environmental concerns and the desire to be seen as socially responsible.

Local special circumstances: The Executive Cars market in Angola is also influenced by local special circumstances. One of the unique factors in Angola is the presence of a large expatriate community. Many expatriates working in the country prefer to drive executive cars, contributing to the demand for luxury vehicles. Additionally, Angola's oil-rich economy has created a wealthy elite who have a strong affinity for high-end cars.

Underlying macroeconomic factors: The development of the Executive Cars market in Angola is supported by several underlying macroeconomic factors. Angola has experienced significant economic growth in recent years, driven by its oil exports and increased foreign investment. This has led to a rise in disposable income and an expanding middle class, who are able to afford executive cars. Furthermore, the government has implemented policies to attract foreign investment and promote economic diversification, which has further boosted consumer confidence and spending power. In conclusion, the Executive Cars market in Angola is witnessing growth and development due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The demand for luxury vehicles, particularly SUVs and crossovers, is on the rise as consumers seek a more sophisticated lifestyle. Additionally, the presence of a large expatriate community and Angola's oil-rich economy contribute to the demand for executive cars. The country's strong economic growth and government policies aimed at attracting investment have also played a significant role in driving the market forward.

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).