Medium Cars - Iraq

Iraq

Highlights

Revenue in the Medium Cars market is projected to reach US$176m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.17%, resulting in a projected market volume of US$175m by 2029.
Medium Cars market unit sales are expected to reach 8.3k vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$21k.
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 Iraq is developing at a steady pace, driven by customer preferences for spacious and comfortable vehicles, as well as the country's improving economic conditions.

Customer preferences: In Iraq, customers have a strong preference for medium cars due to their spacious interiors and comfortable seating. Medium cars are often chosen by families and individuals who prioritize comfort and convenience during their daily commutes. Additionally, the relatively affordable price range of medium cars makes them a popular choice among the middle-class population in Iraq.

Trends in the market: One of the key trends in the Medium Cars market in Iraq is the increasing demand for fuel-efficient vehicles. As the country continues to face challenges in terms of fuel availability and prices, customers are becoming more conscious of their fuel consumption. This has led to a growing demand for medium cars that offer better fuel efficiency, allowing customers to save on fuel costs in the long run. Another trend in the market is the integration of advanced technology features in medium cars. Customers in Iraq are increasingly seeking vehicles that offer modern amenities such as touchscreen infotainment systems, advanced safety features, and connectivity options. Car manufacturers are responding to this trend by equipping their medium car models with these advanced features, providing customers with a more enjoyable and convenient driving experience.

Local special circumstances: Iraq has a unique set of circumstances that influence the Medium Cars market. The country has a relatively young population, with a significant portion of the population being under the age of 30. This demographic trend has contributed to the growing demand for medium cars, as younger consumers are entering the workforce and seeking affordable and reliable transportation options. Furthermore, Iraq has experienced a period of relative stability and economic growth in recent years. This has resulted in an increase in disposable income and consumer spending power, which has further fueled the demand for medium cars. As more Iraqis are able to afford cars, the market for medium cars is expected to continue growing.

Underlying macroeconomic factors: The Medium Cars market in Iraq is influenced by several macroeconomic factors. The stability of the country's political situation and security conditions play a crucial role in shaping consumer confidence and willingness to make big-ticket purchases such as cars. Additionally, the availability and affordability of financing options impact the purchasing power of customers. The overall economic growth of Iraq, as well as changes in government policies and regulations related to the automotive industry, also have a significant impact on the Medium Cars market. A favorable economic environment, coupled with supportive policies, can drive investment in the automotive sector and encourage the growth of the market. In conclusion, the Medium Cars market in Iraq is developing due to customer preferences for spacious and comfortable vehicles, along with improving economic conditions in the country. The increasing demand for fuel-efficient vehicles and the integration of advanced technology features are key trends in the market. The local special circumstances, such as the young population and improving stability, contribute to the growth of the market. Additionally, macroeconomic factors such as political stability, financing options, and government policies play a crucial role in shaping the Medium Cars market in Iraq.

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).