Small Cars - Cameroon

Cameroon

Highlights

Revenue in the Small Cars market is projected to reach US$7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.14%, resulting in a projected market volume of US$7m by 2029.
Small Cars market unit sales are expected to reach 420.0vehicles in 2029.
The volume weighted average price of Small Cars market in 2024 is expected to amount to US$17k.
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 Cameroon has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Cameroonian customers have shown a growing preference for small cars due to their affordability, fuel efficiency, and compact size. Small cars are seen as practical vehicles for navigating the country's narrow and congested urban roads. Additionally, the rising cost of living has led customers to prioritize cost-saving measures, making small cars an attractive option.

Trends in the market: One notable trend in the Small Cars market in Cameroon is the increasing demand for electric and hybrid vehicles. As global concerns about climate change and environmental sustainability grow, Cameroonian consumers are becoming more conscious of their carbon footprint. This has led to a shift towards cleaner and more fuel-efficient vehicles, including small electric and hybrid cars. Another trend in the market is the rise of digital platforms for car sales and rentals. Online marketplaces and mobile apps have made it easier for customers to compare prices, browse available models, and make purchases or bookings. This has not only increased convenience for customers but has also expanded the reach of small car sellers, allowing them to tap into a larger customer base.

Local special circumstances: Cameroon's rapid urbanization and population growth have contributed to the demand for small cars. As more people move to cities, the need for compact and maneuverable vehicles has increased. Moreover, the country's inadequate public transportation infrastructure has made car ownership a necessity for many individuals and families. Small cars provide an affordable and practical transportation solution in this context.

Underlying macroeconomic factors: The economic stability and gradual improvement in living standards in Cameroon have also played a role in the growth of the Small Cars market. As disposable incomes increase, more people are able to afford car ownership. Additionally, the government's efforts to improve road infrastructure and expand access to credit have made it easier for individuals to purchase small cars. In conclusion, the Small Cars market in Cameroon is witnessing growth due to changing customer preferences, emerging trends such as the demand for electric vehicles and online platforms, local special circumstances like urbanization and inadequate public transportation, and underlying macroeconomic factors such as economic stability and improved living standards.

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).