Small Cars - Angola

Angola

Highlights

Revenue in the Small Cars market is projected to reach US$25m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.87%, resulting in a projected market volume of US$24m by 2029.
Small Cars market unit sales are expected to reach 1.6k vehicles in 2029.
The volume weighted average price of Small Cars market in 2024 is expected to amount to US$16k.
From an international perspective it is shown that the most revenue will be generated China (US$13bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Small Cars market in Angola has been experiencing significant growth in recent years.

Customer preferences: Angolan customers have shown a strong preference for small cars due to their affordability, fuel efficiency, and compact size. Small cars are particularly popular in urban areas where parking spaces are limited and traffic congestion is common. Additionally, the rising cost of fuel has made fuel efficiency a top priority for many consumers, further driving the demand for small cars.

Trends in the market: One of the key trends in the Angolan Small Cars market is the increasing availability of affordable small car models from both domestic and international manufacturers. This has made small cars more accessible to a wider range of consumers, contributing to the market's growth. In addition, technological advancements have led to the introduction of more advanced features in small cars, such as advanced safety systems and connectivity options, which have further boosted their appeal.

Local special circumstances: Angola's infrastructure and road conditions present unique challenges for car owners. The country has a large number of unpaved roads, which can be difficult to navigate with larger vehicles. Small cars, with their compact size and maneuverability, are better suited for these conditions. Furthermore, the high import taxes imposed on larger vehicles make small cars a more affordable option for many Angolan consumers.

Underlying macroeconomic factors: The growth of the Small Cars market in Angola is also influenced by several macroeconomic factors. The country has experienced steady economic growth in recent years, which has increased disposable income levels and allowed more consumers to enter the car market. Additionally, Angola has a young population with a growing middle class, who are increasingly looking to purchase their own vehicles. These factors have contributed to the rising demand for small cars in the country. In conclusion, the Small Cars market in Angola is experiencing significant growth due to customer preferences for affordability, fuel efficiency, and compact size. The increasing availability of affordable small car models, technological advancements, and the unique local circumstances of Angola's infrastructure and road conditions have also contributed to this growth. Furthermore, underlying macroeconomic factors such as steady economic growth and a growing middle class have increased the demand for small cars in the country.

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).