Small Cars - Cuba | Statista Market Forecast

Small Cars - Cuba

Cuba

Highlights

Revenue in the Small Cars market is projected to reach US$17m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -5.82%, resulting in a projected market volume of US$13m by 2029.
Small Cars market unit sales are expected to reach 487.0vehicles in 2029.
The volume weighted average price of Small Cars 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$13bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: One reason for this growth is the changing preferences of customers in Cuba. As the country continues to open up to the global market, there has been an increase in demand for small cars. Customers are looking for vehicles that are fuel-efficient, affordable, and practical for navigating the narrow streets of Cuban cities. Small cars offer these benefits, making them a popular choice among consumers.

Trends in the market: The trend of small cars becoming more popular in Cuba can also be attributed to the increasing urbanization in the country. As more people move to cities, there is a greater need for compact vehicles that can easily maneuver through traffic and park in limited spaces. Small cars are well-suited for these urban environments, making them a preferred choice for many Cuban consumers. Another trend in the small cars market in Cuba is the rise of electric vehicles. With a growing focus on sustainability and reducing carbon emissions, electric cars have gained traction in the country. The government has implemented incentives and subsidies to promote the adoption of electric vehicles, leading to an increase in their sales. This trend is expected to continue as the infrastructure for electric vehicles improves and more charging stations become available.

Local special circumstances: Cuba's unique economic and political circumstances have also contributed to the development of the small cars market. The country has historically had limited access to foreign goods, including automobiles. However, recent economic reforms have allowed for greater imports, leading to an influx of small cars from international manufacturers. This has provided consumers with more options and has stimulated competition in the market.

Underlying macroeconomic factors: The growth of the small cars market in Cuba can be attributed to several macroeconomic factors. The country has experienced a period of economic stability and growth, which has increased disposable income and consumer purchasing power. As a result, more people are able to afford cars, leading to an increase in demand. Additionally, the Cuban government has implemented policies to encourage foreign investment and improve the business environment. This has attracted international car manufacturers to enter the Cuban market, further driving the growth of the small cars segment. In conclusion, the Small Cars market in Cuba has been growing due to changing customer preferences, urbanization, the rise of electric vehicles, local special circumstances, and underlying macroeconomic factors. As the country continues to open up to the global market and improve its economic conditions, the small cars market is expected to continue its upward trajectory.

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).