Passenger Cars - Malawi | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$67.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -3.41%, resulting in a projected market volume of US$56.5m by 2029.
The market's largest segment is SUVs with a projected market volume of US$29.1m in 2024.
Passenger Cars market unit sales are expected to reach 1.57k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$38.06k in 2024.
With a vehicle unit sales share of 37.2% in 2024, Chevrolet is expected to have one of the highest market share in the selected region.
The value market share of the make Mercedes-Benz in the selected region is expected to stand at 26.2% 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 Malawi has been experiencing steady growth in recent years.

Customer preferences: Customers in Malawi have shown a growing preference for passenger cars due to their convenience and comfort. As the country's economy continues to improve, more people are able to afford cars, leading to an increase in demand. Additionally, customers are increasingly looking for fuel-efficient and environmentally friendly vehicles, reflecting global trends in the automotive industry.

Trends in the market: One of the key trends in the Malawian Passenger Cars market is the growing popularity of compact and subcompact cars. These smaller vehicles are well-suited for navigating the country's narrow and congested roads. They also tend to be more affordable and fuel-efficient, making them attractive options for budget-conscious consumers. Another trend in the market is the rising demand for SUVs and crossover vehicles. These larger vehicles offer a higher seating position and more cargo space, which appeals to customers who value practicality and versatility. SUVs also provide better off-road capabilities, which is important in a country with diverse terrain.

Local special circumstances: Malawi's road infrastructure is still developing, with many roads in need of repair and expansion. This poses challenges for car owners, as they need vehicles that can withstand rough road conditions. As a result, there is a growing demand for cars with good suspension systems and durable tires.

Underlying macroeconomic factors: The Malawian economy has been growing steadily, with increased investment and improved business conditions. This has led to a rise in disposable income and consumer spending, which in turn has fueled the demand for passenger cars. Additionally, the government has implemented policies to promote the automotive industry, such as reducing import duties on vehicles and providing incentives for local car assembly. In conclusion, the Passenger Cars market in Malawi is experiencing growth due to customer preferences for convenience and comfort, as well as the country's improving economy. The trends in the market, such as the popularity of compact cars and SUVs, reflect global preferences and local circumstances. The demand for cars that can withstand rough road conditions is also a unique factor in the Malawian market. Overall, the underlying macroeconomic factors, including increased disposable income and government support, are driving the growth of the Passenger Cars market in Malawi.

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. The high global inflation rate and consumer worries about inflation have led to fluctuating car purchasing intentions in many markets.