Passenger Cars - Madagascar | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$31.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.39%, resulting in a projected market volume of US$35.6m by 2029.
The market's largest segment is SUVs with a projected market volume of US$10.2m in 2024.
Passenger Cars market unit sales are expected to reach 1.16k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$29.71k in 2024.
With a vehicle unit sales share of 34.1% in 2024, Volkswagen is expected to have one of the highest market share in the selected region.
The value market share of the make Volkswagen in the selected region is expected to stand at 27.8% 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 Madagascar has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Madagascar, customers have shown a growing preference for passenger cars due to their convenience, comfort, and status symbol. As the economy has improved and disposable incomes have increased, more people are opting for private transportation. Additionally, the rising urban population and congestion in cities have led to a shift away from public transportation towards personal vehicles.

Trends in the market: One of the key trends in the Passenger Cars market in Madagascar is the increasing demand for fuel-efficient and environmentally friendly vehicles. With rising concerns about climate change and the need to reduce carbon emissions, customers are seeking cars with better fuel efficiency and lower environmental impact. This trend is driven by both regulatory requirements and consumer awareness of the importance of sustainability. Another trend in the market is the growing popularity of crossover SUVs. These vehicles offer a combination of the features of traditional SUVs and passenger cars, providing customers with a versatile and practical option. The demand for crossover SUVs is driven by their spacious interiors, higher driving position, and off-road capabilities.

Local special circumstances: Madagascar has a unique geography and infrastructure, which has a significant impact on the Passenger Cars market. The country's road network is still developing, with many areas lacking proper infrastructure. As a result, customers in Madagascar prefer vehicles that are durable, reliable, and capable of navigating challenging terrains. This preference has led to an increased demand for SUVs and pickup trucks, which can handle rough roads and off-road conditions.

Underlying macroeconomic factors: The growth of the Passenger Cars market in Madagascar is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an expansion of the middle class and an increase in disposable incomes. As a result, more people can afford to purchase passenger cars, driving the demand in the market. Additionally, favorable government policies and incentives have played a role in the growth of the market. The government has implemented measures to promote the automotive industry, including tax breaks and subsidies for the purchase of new vehicles. These policies have made passenger cars more affordable and accessible to a wider range of customers. In conclusion, the Passenger Cars market in Madagascar is experiencing growth due to changing customer preferences, emerging trends such as fuel efficiency and crossover SUVs, local special circumstances like challenging terrains, and underlying macroeconomic factors including economic growth and government incentives. As the market continues to evolve, it is expected that these factors will shape the future direction of the Passenger Cars market in Madagascar.

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.