Small Cars - Chad | Statista Market Forecast

Small Cars - Chad

Chad

Highlights

Revenue in the Small Cars market is projected to reach US$22m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.66%, resulting in a projected market volume of US$22m 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$14k.
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 Chad has been experiencing significant growth in recent years, driven by changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Chad have shifted towards smaller, more fuel-efficient vehicles.

This is partly due to rising fuel prices and a growing awareness of the environmental impact of larger vehicles. Customers are also seeking vehicles that are easier to maneuver in congested urban areas and have lower maintenance costs. As a result, there has been a surge in demand for small cars, which offer better fuel efficiency, compact size, and affordability.

Trends in the market further support the growth of the Small Cars segment in Chad. The automotive industry has been focusing on developing smaller, more technologically advanced vehicles to meet the changing needs of customers. This has led to the introduction of innovative features and improved safety standards in small cars, making them more appealing to consumers.

Additionally, the availability of a wide range of models and brands in the Small Cars segment has increased consumer choice and competition in the market. Local special circumstances in Chad, such as the lack of well-developed public transportation infrastructure, contribute to the growth of the Small Cars market. Many people rely on private vehicles for daily commuting, making small cars a practical and cost-effective option for transportation.

The compact size of small cars also makes them suitable for navigating the narrow and congested streets in urban areas. Underlying macroeconomic factors have also played a role in the growth of the Small Cars market in Chad. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and purchasing power.

This has enabled more people to afford personal vehicles, driving the demand for small cars. Additionally, favorable government policies and incentives, such as tax breaks and subsidies for small cars, have further encouraged their adoption. In conclusion, the Small Cars market in Chad is experiencing significant growth due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

The shift towards smaller, more fuel-efficient vehicles, the introduction of innovative features and improved safety standards, the lack of well-developed public transportation infrastructure, and favorable government policies have all contributed to the increasing demand for small cars in Chad.

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).