Medium Cars - Cameroon

Cameroon

Highlights

Revenue in the Medium Cars market is projected to reach US$6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.03%, resulting in a projected market volume of US$6m by 2029.
Medium Cars market unit sales are expected to reach 250.0vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$24k.
From an international perspective it is shown that the most revenue will be generated China (US$89bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Medium Cars market in Cameroon has been experiencing significant growth in recent years.

Customer preferences: Cameroonian customers have shown a growing preference for medium-sized cars due to their versatility and practicality. Medium cars offer a good balance between fuel efficiency and interior space, making them suitable for both urban commuting and longer trips. Additionally, medium cars often come equipped with advanced safety features and modern technology, which appeal to customers looking for a comfortable and connected driving experience.

Trends in the market: One of the key trends in the medium cars market in Cameroon is the increasing demand for vehicles with lower emissions. As environmental awareness grows, customers are seeking more fuel-efficient and eco-friendly options. This trend is driven by both government regulations and consumer preferences. Manufacturers have responded by introducing hybrid and electric models, which are gaining popularity among Cameroonian customers. Another trend in the market is the rise of online car sales platforms. With the increasing availability of internet access and the convenience it offers, more customers are turning to online platforms to research and purchase medium cars. This trend has been further accelerated by the COVID-19 pandemic, as customers have become more comfortable with online shopping and contactless transactions.

Local special circumstances: Cameroon's road infrastructure is diverse, ranging from well-maintained highways to rough and unpaved roads in rural areas. This poses unique challenges for medium car manufacturers, as customers require vehicles that can handle different road conditions. As a result, medium cars with higher ground clearance and robust suspension systems are in high demand in Cameroon. Additionally, the cost of fuel in Cameroon is relatively high compared to some other countries in the region. This has led customers to prioritize fuel efficiency when choosing a medium car. Manufacturers have responded by introducing models with smaller engines and improved fuel economy.

Underlying macroeconomic factors: Cameroon's economy has been growing steadily in recent years, with rising disposable incomes and a growing middle class. This has increased the purchasing power of Cameroonian customers, enabling them to afford medium cars. The country's stable political environment and improving infrastructure have also contributed to the growth of the medium cars market. Furthermore, the government of Cameroon has implemented policies to support the automotive industry, such as reducing import duties on vehicles and promoting local manufacturing. These measures have attracted foreign investment and stimulated the growth of the medium cars market. In conclusion, the Medium Cars market in Cameroon is experiencing growth due to customer preferences for versatile and practical vehicles, as well as the increasing demand for lower-emission and fuel-efficient options. Online car sales platforms have also gained traction, driven by the convenience of internet access and the impact of the COVID-19 pandemic. Local circumstances, such as diverse road conditions and high fuel costs, influence customer preferences. The underlying macroeconomic factors, including a growing economy and government support for the automotive industry, contribute to the overall development of the medium cars market in Cameroon.

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).