Medium Cars - Morocco

Morocco

Highlights

Revenue in the Medium Cars market is projected to reach US$1bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.33%, resulting in a projected market volume of US$1bn by 2029.
Medium Cars market unit sales are expected to reach 46.5k vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$25k.
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 Morocco is experiencing significant growth and development.

Customer preferences: Moroccan customers have shown a strong preference for medium-sized cars due to their versatility and practicality. These cars offer a balance between fuel efficiency, affordability, and interior space, making them suitable for both urban and rural environments. Additionally, medium cars often come equipped with advanced safety features and technology, which appeal to Moroccan consumers who prioritize safety and convenience.

Trends in the market: One of the key trends in the Medium Cars market in Morocco is the increasing demand for electric and hybrid vehicles. As the government and consumers become more conscious of environmental issues, there is a growing interest in sustainable transportation options. Electric and hybrid medium cars offer lower emissions and reduced fuel consumption, making them attractive to environmentally-conscious customers. This trend is also supported by government incentives and subsidies for electric vehicle purchases. Another trend in the market is the rising popularity of crossover medium cars. These vehicles combine the features of a traditional sedan with the higher ground clearance and rugged appearance of an SUV. Crossovers provide Moroccan consumers with the best of both worlds, offering the comfort and handling of a sedan, while also providing the versatility and space of an SUV. This trend reflects the changing preferences of customers who are seeking more versatile and adaptable vehicles.

Local special circumstances: Morocco's strategic location at the crossroads of Europe and Africa has created a unique market for medium cars. The country serves as an important hub for trade and commerce, attracting both domestic and international businesses. As a result, there is a high demand for medium cars among professionals and business owners who require reliable and comfortable transportation for their daily activities. Additionally, the country's growing tourism industry has also contributed to the demand for medium cars, as tourists often prefer to rent or hire these vehicles for their travel needs.

Underlying macroeconomic factors: Morocco's stable economic growth and rising middle class have played a significant role in the development of the Medium Cars market. With increased disposable income, more Moroccans are able to afford medium-sized cars, leading to higher demand. Additionally, the government's efforts to improve infrastructure and expand road networks have made car ownership more convenient and accessible for the population. These factors, combined with favorable financing options and competitive pricing from manufacturers, have contributed to the growth of the Medium Cars market in Morocco. In conclusion, the Medium Cars market in Morocco is witnessing growth and development driven by customer preferences for practical and versatile vehicles, the increasing demand for electric and hybrid cars, the popularity of crossover models, and the country's unique market dynamics. Factors such as Morocco's strategic location, growing tourism industry, stable economic growth, and rising middle class have also played a significant role in shaping the market.

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).