Luxury Cars - Iraq

Iraq

Highlights

Revenue in the Luxury Cars market is projected to reach US$31m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.39%, resulting in a projected market volume of US$32m by 2029.
Luxury Cars market unit sales are expected to reach 315.0vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$102k.
From an international perspective it is shown that the most revenue will be generated United States (US$7bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Luxury Cars market in Iraq has been experiencing significant growth in recent years.

Customer preferences: Customers in Iraq have shown a growing interest in luxury cars, with a particular preference for high-end brands such as Mercedes-Benz, BMW, and Audi. This can be attributed to the desire for status and prestige among the affluent population. Luxury cars are seen as a symbol of success and wealth, and owning one is often considered a status symbol. Additionally, customers in Iraq value the advanced features and technology that luxury cars offer, such as advanced safety systems, luxurious interiors, and cutting-edge infotainment systems.

Trends in the market: One of the key trends in the luxury car market in Iraq is the increasing demand for SUVs. SUVs have gained popularity due to their versatility, spaciousness, and ruggedness. They are well-suited for the challenging road conditions in Iraq and provide a sense of security and comfort. Luxury SUVs from brands like Range Rover and Porsche have seen a surge in sales as customers seek both luxury and practicality in their vehicles. Another trend in the market is the rise of electric and hybrid luxury cars. As the global push for sustainability and environmental consciousness grows, customers in Iraq are also showing interest in eco-friendly luxury cars. Brands like Tesla and BMW, with their electric and hybrid offerings, have gained traction in the market. This trend is expected to continue as more customers prioritize sustainability and look for luxury cars that align with their values.

Local special circumstances: The luxury car market in Iraq is also influenced by local special circumstances. The country has seen an increase in oil revenues in recent years, leading to a rise in disposable income among the affluent population. This has created a favorable environment for luxury car sales, as more individuals can afford to purchase high-end vehicles. Additionally, the government has implemented policies to encourage foreign investment, which has attracted luxury car manufacturers to enter the Iraqi market. This has led to a wider range of luxury car options for customers in Iraq.

Underlying macroeconomic factors: The growth of the luxury car market in Iraq can be attributed to several underlying macroeconomic factors. The stability and growth of the Iraqi economy have played a significant role in driving consumer confidence and purchasing power. Additionally, the country's young and growing population, coupled with a rising middle class, has contributed to the increasing demand for luxury cars. As more individuals enter the affluent segment of society, the market for luxury cars is expected to continue expanding.

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).