Executive Cars - Mauritius

Mauritius

Highlights

Revenue in the Executive Cars market is projected to reach US$15m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.36%, resulting in a projected market volume of US$15m by 2029.
Executive Cars market unit sales are expected to reach 248.0vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$60k.
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 Mauritius has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In Mauritius, customers have shown a strong preference for executive cars due to their luxurious features, advanced technology, and superior performance. These cars are seen as a status symbol and are often associated with success and prestige. Customers value the comfort, safety, and reliability that executive cars offer, making them a popular choice in the market. Additionally, the increasing urbanization and improved road infrastructure in Mauritius have contributed to the demand for executive cars, as customers seek vehicles that can navigate the city streets with ease.

Trends in the market: One of the key trends in the Executive Cars market in Mauritius is the growing demand for electric and hybrid vehicles. As the global focus on sustainability and environmental conservation increases, customers in Mauritius are also becoming more conscious of their carbon footprint. This has led to a shift towards eco-friendly transportation options, with many customers opting for electric or hybrid executive cars. In response to this trend, car manufacturers have been introducing more electric and hybrid models into the market, providing customers with a wider range of options to choose from. Another trend in the market is the increasing popularity of luxury SUVs. SUVs have gained traction in Mauritius due to their versatility, spaciousness, and rugged design. Customers appreciate the elevated driving position and the ability to navigate different terrains, making luxury SUVs a preferred choice for both urban and rural areas. Car manufacturers have recognized this trend and have been introducing new luxury SUV models to cater to the growing demand.

Local special circumstances: Mauritius is known for its high import duties and taxes on vehicles, which has a significant impact on the Executive Cars market. These additional costs make executive cars more expensive for customers, limiting the affordability for some segments of the population. However, despite the higher prices, there is still a strong demand for executive cars among affluent individuals and business professionals who prioritize luxury and performance.

Underlying macroeconomic factors: The growth of the Executive Cars market in Mauritius is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and purchasing power. As a result, more customers are able to afford executive cars and are willing to invest in high-end vehicles. In conclusion, the Executive Cars market in Mauritius is developing due to changing customer preferences, including a demand for electric and hybrid vehicles and luxury SUVs. The local special circumstances, such as high import duties and taxes, also play a role in shaping the market. Additionally, the underlying macroeconomic factors, such as economic growth and increased purchasing power, contribute to 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).