Executive Cars - Morocco

Morocco

Highlights

Revenue in the Executive Cars market is projected to reach US$453m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.40%, resulting in a projected market volume of US$462m by 2029.
Executive Cars market unit sales are expected to reach 8.9k vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$52k.
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 Morocco has experienced significant growth in recent years, driven by changing customer preferences and favorable local circumstances.

Customer preferences: Moroccan customers have shown a growing preference for executive cars due to their luxurious features, advanced technology, and status symbol. These cars are often seen as a symbol of success and social status. Additionally, the increasing number of high-net-worth individuals in Morocco has contributed to the demand for executive cars. Customers are willing to pay a premium for these vehicles, as they offer a higher level of comfort and prestige compared to regular cars.

Trends in the market: One of the key trends in the Executive Cars market in Morocco is the increasing demand for electric and hybrid executive cars. As the global automotive industry shifts towards sustainability, Moroccan customers are also embracing environmentally-friendly vehicles. The government has introduced incentives and subsidies to promote the adoption of electric and hybrid cars, which has further fueled the demand for executive cars in this category. Manufacturers are responding to this trend by introducing a wider range of electric and hybrid executive cars in the market. Another trend in the market is the growing popularity of SUVs in the executive segment. Moroccan customers are increasingly opting for SUVs due to their spacious interiors, higher driving position, and off-road capabilities. SUVs offer a combination of luxury, comfort, and versatility, making them an attractive choice for executive car buyers. Manufacturers have recognized this trend and are expanding their SUV offerings in the Moroccan market.

Local special circumstances: Morocco's strategic location as a gateway to Africa and its stable political environment have attracted foreign investment in the automotive sector. Several global automotive manufacturers have established production facilities in Morocco, which has led to an increase in the availability of executive cars in the market. This has also resulted in competitive pricing and a wider range of options for customers.

Underlying macroeconomic factors: Morocco's economy has been growing steadily, with a focus on diversification and industrialization. This has led to an increase in disposable income and a growing middle class, which has fueled the demand for executive cars. Additionally, the government has implemented policies to support the automotive industry, such as tax incentives and investment in infrastructure. These factors have created a favorable business environment for the Executive Cars market in Morocco. In conclusion, the Executive Cars market in Morocco is experiencing growth due to changing customer preferences, including a demand for electric and hybrid vehicles and SUVs. The favorable local circumstances, such as foreign investment and government support, have also contributed to the market's development. With the continued economic growth and increasing consumer demand, the Executive Cars market in Morocco is expected to continue its upward trajectory.

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).