Minivans - Morocco

Morocco

Highlights

Revenue in the Minivans market is projected to reach US$251m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.50%, resulting in a projected market volume of US$257m by 2029.
Minivans market unit sales are expected to reach 9.1k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$28k.
From an international perspective it is shown that the most revenue will be generated China (US$42bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Minivans market in Morocco is experiencing significant growth and development. Customer preferences for spacious and versatile vehicles, coupled with local special circumstances and underlying macroeconomic factors, have contributed to this trend.

Customer preferences: Moroccan customers have shown a strong preference for minivans due to their spacious interiors and versatile seating arrangements. These vehicles are popular among large families and those who require ample cargo space. Additionally, minivans are often chosen for their comfort and convenience, making them a preferred choice for long journeys or road trips.

Trends in the market: One of the key trends in the Moroccan minivans market is the increasing demand for hybrid and electric models. As environmental concerns and fuel efficiency become more important to customers, automakers are introducing hybrid and electric minivans to cater to this demand. These vehicles offer lower emissions and reduced fuel consumption, making them an attractive option for eco-conscious customers. Another trend in the market is the incorporation of advanced technology and safety features in minivans. Moroccan customers are increasingly seeking vehicles that offer the latest connectivity options, entertainment systems, and driver-assistance features. Automakers are responding to this demand by equipping their minivans with state-of-the-art technology, enhancing the overall driving experience and safety.

Local special circumstances: Morocco's growing tourism industry has contributed to the demand for minivans in the country. Tour operators and transportation companies require vehicles that can accommodate large groups of tourists and their luggage. Minivans provide the ideal solution, offering ample seating capacity and cargo space. This trend is expected to continue as Morocco remains a popular tourist destination.

Underlying macroeconomic factors: Morocco's stable economic growth and rising disposable incomes have played a significant role in the development of the minivans market. As more households have the financial means to purchase vehicles, the demand for minivans has increased. Additionally, government initiatives to promote the automotive industry and attract foreign investment have resulted in the expansion of manufacturing facilities, leading to a wider range of minivan models available in the market. In conclusion, the Minivans market in Morocco is witnessing growth and development driven by customer preferences for spacious and versatile vehicles, the incorporation of advanced technology and safety features, the country's growing tourism industry, and underlying macroeconomic factors such as stable economic growth and rising disposable incomes. With the increasing demand for hybrid and electric models, as well as the continued focus on technological advancements, the minivans market in Morocco is expected to thrive in the coming years.

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).