Mini Cars - Iraq | Statista Market Forecast

Mini Cars - Iraq

Iraq

Highlights

Revenue in the Mini Cars market is projected to reach US$33m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.23%, resulting in a projected market volume of US$33m by 2029.
Mini Cars market unit sales are expected to reach 2.2k vehicles in 2029.
The volume weighted average price of Mini Cars market in 2024 is expected to amount to US$15k.
From an international perspective it is shown that the most revenue will be generated China (US$7bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Mini Cars market in Iraq has been experiencing significant growth in recent years.

Customer preferences: Customers in Iraq have shown a strong preference for Mini Cars due to their compact size, fuel efficiency, and affordability. Mini Cars are well-suited for navigating the crowded streets of Iraqi cities and are also popular among younger drivers and urban dwellers. Additionally, the rising cost of fuel in Iraq has made fuel efficiency a key consideration for car buyers, further driving the demand for Mini Cars.

Trends in the market: One of the key trends in the Mini Cars market in Iraq is the increasing popularity of electric and hybrid Mini Cars. As the global trend towards sustainability and environmental consciousness gains momentum, Iraqi consumers are also becoming more interested in eco-friendly transportation options. The government's push for cleaner and greener vehicles has also contributed to the growing demand for electric and hybrid Mini Cars in the country. Another trend in the market is the introduction of advanced technology features in Mini Cars. Iraqi consumers are increasingly looking for Mini Cars that offer advanced safety features, connectivity options, and infotainment systems. This trend is driven by the desire for a more comfortable and convenient driving experience, as well as the influence of global automotive trends.

Local special circumstances: Iraq faces unique challenges that have influenced the development of the Mini Cars market. The country has a relatively young population, with a significant portion of the population below the age of 30. This younger demographic is more likely to prefer smaller and more affordable vehicles, making Mini Cars a popular choice. Additionally, the ongoing security concerns in Iraq have led to a shift in consumer preferences towards smaller and more maneuverable vehicles. Mini Cars are seen as safer and easier to navigate in crowded and potentially dangerous situations.

Underlying macroeconomic factors: The Mini Cars market in Iraq is also influenced by macroeconomic factors. The country has experienced economic growth in recent years, leading to an increase in disposable income and purchasing power among consumers. This has allowed more Iraqis to afford Mini Cars, contributing to the market's growth. Furthermore, the government has implemented policies to support the automotive industry, including reducing import tariffs on vehicles. This has made Mini Cars more affordable for consumers and has also attracted foreign automakers to invest in the Iraqi market. In conclusion, the Mini Cars market in Iraq is growing due to customer preferences for compact, fuel-efficient, and affordable vehicles. The increasing popularity of electric and hybrid Mini Cars, the introduction of advanced technology features, the unique local circumstances, and the underlying macroeconomic factors all contribute to the market's development.

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).