Executive Cars - South Africa

South Africa

Highlights

Revenue in the Executive Cars market is projected to reach US$142m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.76%, resulting in a projected market volume of US$148m by 2029.
Executive Cars market unit sales are expected to reach 2.5k vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$59k.
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 South Africa is experiencing significant growth and development.

Customer preferences: Customers in South Africa have shown a strong preference for executive cars, which are known for their luxurious features, advanced technology, and superior performance. These cars are often seen as a status symbol and are favored by affluent individuals who value comfort and prestige. Additionally, executive cars are popular among business professionals who require a vehicle that reflects their professional image and provides a comfortable and luxurious driving experience.

Trends in the market: One of the key trends in the Executive Cars market in South Africa is the increasing demand for electric and hybrid executive cars. As environmental concerns and fuel efficiency become more important, customers are seeking vehicles that are more sustainable and eco-friendly. This trend is driven by both consumer demand and government initiatives to reduce carbon emissions. As a result, automotive manufacturers are introducing more electric and hybrid options in their executive car lineup to cater to this growing market segment. Another trend in the market is the integration of advanced technology and connectivity features in executive cars. South African consumers are increasingly looking for vehicles that offer seamless integration with their smartphones and other devices. Features such as Bluetooth connectivity, voice recognition, and advanced infotainment systems are becoming standard in executive cars. Additionally, customers are also interested in advanced safety features such as adaptive cruise control, lane-keeping assist, and autonomous emergency braking.

Local special circumstances: One of the unique factors influencing the Executive Cars market in South Africa is the country's road infrastructure. South Africa has a diverse range of road conditions, including well-maintained highways and rough rural roads. As a result, customers in South Africa are looking for executive cars that can handle different terrains and provide a comfortable driving experience in all conditions. This has led to an increased demand for executive SUVs and crossover vehicles, which offer a higher ground clearance and better off-road capabilities.

Underlying macroeconomic factors: The development of the Executive Cars market in South Africa can be attributed to several underlying macroeconomic factors. Firstly, the country's growing middle class and increasing disposable income have resulted in a higher demand for luxury goods, including executive cars. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase executive cars. Furthermore, South Africa's improving economic stability and political environment have also contributed to the growth of the Executive Cars market. These factors have boosted consumer confidence and encouraged investment in the automotive industry. As a result, automotive manufacturers have increased their presence in the country and introduced new models to cater to the growing demand for executive cars. In conclusion, the Executive Cars market in South Africa is experiencing significant growth and development. Customer preferences for luxury, advanced technology, and sustainability are driving the market. The integration of advanced technology and the demand for vehicles that can handle different terrains are key trends in the market. The country's road infrastructure and underlying macroeconomic factors such as a growing middle class and favorable financing options are also contributing to the market's development.

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).