Luxury Cars - Morocco

Morocco

Highlights

Revenue in the Luxury Cars market is projected to reach US$150m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.36%, resulting in a projected market volume of US$152m by 2029.
Luxury Cars market unit sales are expected to reach 1.4k vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$111k.
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 Morocco has been experiencing significant growth in recent years.

Customer preferences: Moroccan consumers have shown a growing interest in luxury cars, with a particular preference for high-end European brands. The demand for luxury cars is driven by a desire for status and prestige, as well as the perception of luxury cars as a symbol of success and wealth. Moroccan consumers value the quality, craftsmanship, and advanced features offered by luxury cars, and are willing to pay a premium for these attributes.

Trends in the market: One of the key trends in the luxury cars market in Morocco is the increasing popularity of SUVs. Moroccan consumers are attracted to the spaciousness, versatility, and ruggedness of SUVs, which make them suitable for both urban and off-road driving. Luxury SUVs from brands such as Range Rover, Mercedes-Benz, and BMW are particularly sought after in the Moroccan market. Another trend in the market is the growing demand for electric and hybrid luxury cars. Moroccan consumers are becoming more environmentally conscious and are increasingly looking for sustainable transportation options. Luxury car manufacturers have responded to this demand by introducing electric and hybrid models that combine luxury and performance with reduced emissions.

Local special circumstances: Morocco's growing middle class and improving economy have contributed to the increasing demand for luxury cars. As disposable incomes rise, more Moroccans are able to afford luxury cars and are willing to invest in these high-end vehicles. Additionally, the government has implemented policies to attract foreign investment and promote economic growth, which has further boosted consumer confidence and purchasing power.

Underlying macroeconomic factors: Morocco's stable political environment and strategic location have made it an attractive market for luxury car manufacturers. The country serves as a gateway to both Europe and Africa, allowing luxury car brands to expand their reach and tap into a larger customer base. Furthermore, Morocco has made significant investments in infrastructure development, including the expansion of highways and the construction of new cities, which has improved accessibility and created new opportunities for luxury car sales. In conclusion, the Luxury Cars market in Morocco is experiencing growth due to the preferences of Moroccan consumers for high-end European brands, the increasing popularity of SUVs, and the growing demand for electric and hybrid luxury cars. The country's improving economy, stable political environment, and strategic location have also contributed to the growth of the market. With these favorable conditions, the luxury cars market in Morocco 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).