Passenger Cars - Jamaica | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$94.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -3.10%, resulting in a projected market volume of US$80.9m by 2029.
The market's largest segment is SUVs with a projected market volume of US$55.1m in 2024.
Passenger Cars market unit sales are expected to reach 2.60k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$31.45k in 2024.
With a vehicle unit sales share of 25.5% in 2024, GMC is expected to have one of the highest market share in the selected region.
The value market share of the make GMC in the selected region is expected to stand at 38.3% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

The Passenger Cars market in Jamaica has experienced significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in Jamaica have shifted towards smaller, more fuel-efficient vehicles, reflecting a global trend towards sustainability and environmental consciousness.

Additionally, the rising popularity of electric and hybrid cars has also influenced customer choices in the Passenger Cars market. Trends in the market show an increasing demand for compact cars and SUVs in Jamaica. Compact cars offer fuel efficiency and affordability, making them a popular choice among consumers.

SUVs, on the other hand, provide a combination of space, comfort, and versatility, appealing to families and individuals with active lifestyles. This trend is in line with the global market, where compact cars and SUVs are gaining popularity due to their practicality and versatility. Local special circumstances in Jamaica have also contributed to the development of the Passenger Cars market.

The country's road infrastructure has improved over the years, making it more conducive for private vehicle ownership. This, coupled with the increasing urbanization and rising disposable incomes, has led to a higher demand for Passenger Cars. Additionally, Jamaica's tourism industry plays a significant role in driving the demand for rental cars, further boosting the Passenger Cars market.

Underlying macroeconomic factors have also played a crucial role in the development of the Passenger Cars market in Jamaica. The country's stable economic growth and low inflation rate have increased consumer confidence and purchasing power. This has allowed more individuals to afford cars, leading to an increase in vehicle ownership.

Furthermore, favorable government policies and incentives, such as tax breaks for electric vehicles, have also contributed to the growth of the market. In conclusion, the Passenger Cars market in Jamaica is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for smaller, fuel-efficient vehicles, as well as SUVs, has been on the rise, reflecting global market trends.

Improved road infrastructure, increasing urbanization, and rising disposable incomes have also contributed to the growth of the market. Furthermore, stable economic growth and government incentives have played a crucial role in increasing consumer confidence and purchasing power. Overall, the Passenger Cars market in Jamaica is expected to continue its upward trajectory in the coming years.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.