Passenger Cars - Morocco | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$5.1bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.38%, resulting in a projected market volume of US$5.2bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$1.3bn in 2024.
Passenger Cars market unit sales are expected to reach 159.80k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$32.06k in 2024.
With a vehicle unit sales share of 28.0% in 2024, Chevrolet is expected to have one of the highest market share in the selected region.
The value market share of the make Volkswagen in the selected region is expected to stand at 23.1% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

The Passenger Cars market in Morocco has been experiencing steady growth in recent years. Customer preferences have shifted towards more fuel-efficient and environmentally-friendly vehicles, leading to an increased demand for hybrid and electric cars.

Additionally, there has been a growing trend towards compact and SUV models, as they offer a combination of practicality and versatility. Moroccan customers are becoming more conscious about their carbon footprint and are seeking vehicles that are more fuel-efficient. This shift in customer preferences can be attributed to a global trend towards sustainability and environmental consciousness.

As a result, hybrid and electric cars have gained popularity in the Moroccan market. These vehicles offer lower emissions and reduced fuel consumption, making them an attractive option for environmentally-conscious consumers. In addition to the focus on fuel efficiency, Moroccan customers are also showing a preference for compact and SUV models.

Compact cars are popular due to their affordability and practicality, making them suitable for urban environments with limited parking space. On the other hand, SUVs are favored for their spaciousness and versatility, making them ideal for families and outdoor activities. The local special circumstances in Morocco have also contributed to the development of the Passenger Cars market.

The government has implemented initiatives to promote the use of electric vehicles, such as tax incentives and subsidies. These incentives have encouraged consumers to consider electric cars as a viable option, further driving the growth of the market. Furthermore, the improving infrastructure for electric vehicles, including the expansion of charging stations across the country, has made it more convenient for consumers to own and operate electric cars.

This has contributed to the increased adoption of electric vehicles in Morocco. Underlying macroeconomic factors have also played a role in the development of the Passenger Cars market in Morocco. The country's economic growth and rising disposable incomes have increased consumer purchasing power, enabling more individuals to afford cars.

Additionally, low interest rates and favorable financing options have made car ownership more accessible to a wider range of consumers. In conclusion, the Passenger Cars market in Morocco is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The shift towards more fuel-efficient and environmentally-friendly vehicles, along with a preference for compact and SUV models, has driven the demand for cars in the Moroccan market.

The government's initiatives to promote electric vehicles and the improving infrastructure for electric cars have further supported the growth of the market. Overall, the favorable economic conditions and increasing consumer purchasing power have contributed to the development of the Passenger Cars market in Morocco.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.