Medium Cars - Tunisia

Tunisia

Revenue in the Medium Cars market is projected to reach US$265m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.08%, resulting in a projected market volume of US$280m by 2029.
Medium Cars market unit sales are expected to reach 11.3k vehicles 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 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 Tunisia is experiencing steady growth due to several factors.

Customer preferences: Customers in Tunisia have shown a growing preference for medium-sized cars due to their versatility and practicality. Medium cars offer a balance between fuel efficiency and interior space, making them suitable for both urban and long-distance driving. Additionally, medium cars are often more affordable than larger vehicles, making them an attractive option for budget-conscious consumers.

Trends in the market: One of the key trends in the Medium Cars market in Tunisia is the increasing demand for eco-friendly vehicles. With growing concerns about environmental sustainability, more consumers are opting for hybrid or electric medium cars. This trend is driven by both government incentives and consumer awareness of the benefits of eco-friendly vehicles. As a result, car manufacturers are expanding their offerings of hybrid and electric medium cars to cater to this growing demand. Another trend in the market is the integration of advanced technology features in medium cars. Tunisian consumers are increasingly seeking cars with advanced safety features, connectivity options, and infotainment systems. Car manufacturers are responding to this demand by equipping medium cars with features such as lane departure warning, adaptive cruise control, and smartphone integration. These technological advancements enhance the driving experience and provide added convenience for consumers.

Local special circumstances: Tunisia has a growing middle class population, which is driving the demand for medium cars. As incomes rise, more consumers are able to afford medium cars, leading to an increase in sales. Additionally, Tunisia has a relatively young population, with a significant portion of the population being in the working-age group. This demographic factor contributes to the demand for medium cars as young professionals often prefer these vehicles for their practicality and affordability.

Underlying macroeconomic factors: The Tunisian economy has been experiencing steady economic growth in recent years, which has had a positive impact on the Medium Cars market. As the economy expands, consumers have more disposable income, allowing them to make larger purchases such as medium cars. Additionally, the government has implemented policies to support the automotive industry, including tax incentives and subsidies, which have further boosted the market. In conclusion, the Medium Cars market in Tunisia is developing due to customer preferences for versatile and practical vehicles, the increasing demand for eco-friendly cars, the integration of advanced technology features, the growing middle class population, and the positive macroeconomic factors.

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).