Luxury Cars - Southern Africa

Southern Africa

Highlights

Revenue in the Luxury Cars market is projected to reach US$83m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.95%, resulting in a projected market volume of US$92m by 2029.
Luxury Cars market unit sales are expected to reach 787.0vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$116k.
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 Southern Africa is experiencing significant growth and development, driven by various factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Luxury Cars market in Southern Africa are shifting towards vehicles that offer both luxury and sustainability.

Consumers are increasingly seeking out luxury cars that are environmentally friendly, with a focus on electric and hybrid models. This preference is driven by a growing awareness of climate change and a desire to reduce carbon emissions. Additionally, customers in Southern Africa are also looking for luxury cars that offer advanced technology features, superior comfort, and exceptional performance.

In terms of trends, the Luxury Cars market in Southern Africa is witnessing a rise in the popularity of SUVs and crossovers. These vehicles offer a combination of luxury, practicality, and versatility, making them highly appealing to consumers in the region. SUVs and crossovers also provide a sense of safety and security, which is particularly important in Southern Africa where road conditions can be challenging.

Another trend in the Luxury Cars market in Southern Africa is the increasing demand for customization options. Customers in the region are seeking unique and personalized luxury cars that reflect their individual tastes and preferences. This trend is driven by a desire for exclusivity and the need to stand out from the crowd.

Local special circumstances also play a role in the development of the Luxury Cars market in Southern Africa. The region has a growing middle class with increasing disposable income, which has led to a rise in luxury car ownership. Additionally, Southern Africa is home to a number of affluent individuals and high-net-worth individuals who have a strong appetite for luxury goods, including luxury cars.

Underlying macroeconomic factors, such as economic growth and stability, also contribute to the development of the Luxury Cars market in Southern Africa. As the economy in the region continues to grow, more individuals are able to afford luxury cars. Furthermore, favorable government policies and incentives for the automotive industry, such as tax breaks and subsidies for electric vehicles, are driving the growth of the luxury car market.

In conclusion, the Luxury Cars market in Southern Africa is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards environmentally friendly vehicles, the popularity of SUVs and crossovers, the demand for customization options, the growing middle class, and favorable government policies are all contributing to the expansion of the luxury car market in the region.

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).