Medium Cars - Burkina Faso

Burkina Faso

Revenue in the Medium Cars market is projected to reach US$5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.71%, resulting in a projected market volume of US$4m by 2029.
Medium Cars market unit sales are expected to reach 232.0vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$19k.
From an international perspective it is shown that the most revenue will be generated in China (US$89,320m in 2024).

Key regions: India, United States, Germany, China, Europe

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Analyst Opinion

The Medium Cars market in Burkina Faso is experiencing significant growth and development.

Customer preferences: Burkinabe customers are increasingly opting for medium-sized cars due to their versatility and affordability. These cars offer a balance between fuel efficiency and space, making them suitable for both urban and rural areas. Additionally, medium cars are often seen as a status symbol, providing a sense of prestige and social standing to their owners.

Trends in the market: One of the key trends in the Medium Cars market in Burkina Faso is the increasing demand for vehicles with advanced safety features. Customers are becoming more conscious about their safety on the road and are willing to invest in cars that offer features such as anti-lock braking systems, airbags, and electronic stability control. This trend is driven by a combination of factors, including rising disposable incomes, improved road infrastructure, and growing awareness about road safety. Another trend in the market is the shift towards more eco-friendly options. As Burkina Faso aims to reduce its carbon footprint and promote sustainable development, there is a growing demand for hybrid and electric medium cars. These vehicles offer lower emissions and reduced fuel consumption, making them an attractive choice for environmentally conscious customers. The government is also supporting this trend by providing incentives and subsidies for the purchase of electric vehicles.

Local special circumstances: Burkina Faso has a rapidly urbanizing population, with a significant portion of the population residing in cities. This urbanization trend has led to increased demand for personal transportation, especially in urban areas where public transportation options may be limited. Medium cars are well-suited for navigating the congested city streets and offer a practical solution for daily commuting.

Underlying macroeconomic factors: Burkina Faso has been experiencing steady economic growth in recent years, which has resulted in an expanding middle class with higher purchasing power. This has contributed to the increased demand for medium cars as more individuals can afford to purchase and maintain these vehicles. Additionally, the government's efforts to improve the country's road infrastructure have made owning a car a more viable option for many Burkinabe. In conclusion, the Medium Cars market in Burkina Faso is witnessing growth and development driven by customer preferences for versatile and affordable vehicles, trends towards advanced safety features and eco-friendly options, local circumstances of urbanization, and underlying macroeconomic factors such as economic growth and improved road infrastructure.

Methodology

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).