Small Cars - Iraq | Statista Market Forecast

Small Cars - Iraq

Iraq

Highlights

Revenue in the Small Cars market is projected to reach US$67m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.05%, resulting in a projected market volume of US$67m by 2029.
Small Cars market unit sales are expected to reach 4.4k vehicles in 2029.
The volume weighted average price of Small Cars market in 2024 is expected to amount to US$15k.
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 Iraq is experiencing significant growth and development in recent years.

Customer preferences: In Iraq, there is a strong demand for small cars due to several factors. Firstly, the high population density in urban areas and limited parking spaces make small cars more practical and convenient for daily commuting. Secondly, the rising fuel prices in the country have led consumers to prioritize fuel efficiency, which is a key characteristic of small cars. Lastly, the affordability of small cars makes them an attractive option for the majority of the population.

Trends in the market: The Small Cars market in Iraq is witnessing a shift towards more technologically advanced and feature-rich vehicles. Consumers are increasingly looking for small cars that offer modern features such as touchscreen infotainment systems, advanced safety features, and connectivity options. This trend is driven by the growing influence of global automotive trends and the desire for a more enhanced driving experience. Another trend in the market is the increasing popularity of electric and hybrid small cars. As the global push for sustainable transportation gains momentum, Iraqi consumers are also showing interest in eco-friendly vehicles. The government's initiatives to promote electric vehicles and reduce carbon emissions have further fueled the demand for electric and hybrid small cars.

Local special circumstances: Iraq has a challenging road infrastructure, especially in rural areas, with poorly maintained roads and limited access to fuel stations. These circumstances have influenced the preferences of consumers in the Small Cars market. Durability and robustness are important factors for Iraqi consumers, as they seek vehicles that can withstand the challenging road conditions.

Underlying macroeconomic factors: The economic stability and improving purchasing power of Iraqi consumers have played a crucial role in the growth of the Small Cars market. As the country recovers from years of conflict and instability, there is a renewed sense of optimism and confidence among consumers. This has translated into increased spending on durable goods such as small cars. Furthermore, the government's efforts to diversify the economy and attract foreign investments have positively impacted the automotive industry. The presence of international automakers and the availability of financing options have made small cars more accessible to a wider range of consumers. In conclusion, the Small Cars market in Iraq is experiencing growth and development due to customer preferences for practical and fuel-efficient vehicles, the demand for technologically advanced features, and the increasing popularity of electric and hybrid cars. The local special circumstances, such as challenging road infrastructure, and the underlying macroeconomic factors, including economic stability and government initiatives, are further driving the market's expansion.

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).