Large Cars - Angola

Angola

Highlights

Revenue in the Large Cars market is projected to reach US$24m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.42%, resulting in a projected market volume of US$23m by 2029.
Large Cars market unit sales are expected to reach 572.0vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$42k.
From an international perspective it is shown that the most revenue will be generated China (US$106bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Large Cars market in Angola has been experiencing significant growth in recent years.

Customer preferences: Angolan customers have shown a strong preference for large cars, particularly SUVs and luxury sedans. This can be attributed to a number of factors, including the desire for spacious and comfortable vehicles, as well as the perception of large cars as a status symbol. Additionally, the rough and uneven road conditions in many parts of Angola make larger, more rugged vehicles a practical choice for many consumers.

Trends in the market: One of the key trends in the Large Cars market in Angola is the increasing demand for SUVs. This can be seen as part of a global trend, as SUVs have become increasingly popular worldwide due to their versatility and higher driving position. In Angola, the demand for SUVs is further driven by the need for vehicles that can handle challenging road conditions. Luxury sedans are also in high demand, particularly among affluent consumers who value comfort and prestige.

Local special circumstances: Angola's economic growth in recent years has contributed to the increasing demand for large cars. As the country's economy has improved, more consumers have been able to afford the higher price tags associated with these vehicles. Additionally, Angola's oil wealth has created a class of wealthy individuals who are willing to spend on luxury cars. The country's growing middle class is also a key driver of the market, as more people are able to afford larger, more expensive vehicles.

Underlying macroeconomic factors: The growth of the Large Cars market in Angola can be attributed to a combination of factors. The country's improving economy and rising disposable incomes have made large cars more affordable for a larger segment of the population. Additionally, Angola's infrastructure development has led to improved road conditions in many areas, making large cars a more practical choice for consumers. Finally, the country's increasing urbanization has also contributed to the growth of the market, as more people are moving to cities and requiring vehicles for commuting and transportation purposes. In conclusion, the Large Cars market in Angola is experiencing significant growth, driven by customer preferences for spacious and comfortable vehicles, as well as the perception of large cars as a status symbol. The increasing demand for SUVs and luxury sedans reflects global trends, while the country's economic growth, improving road conditions, and urbanization are key underlying factors 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).