Small Cars - Jordan

Jordan

In Jordan, the Small Cars market is expected to generate a revenue of US$40m by 2024.
It is projected to experience an annual growth rate of 10.31% (CAGR 2024-2028), leading to a market volume of US$59m by 2028.
The unit sales of Small Cars market in the market segment are estimated to reach 3.4k vehicles by 2028.
The volume weighted average price of Small Cars market in 2024 is anticipated to be US$17k.
When considering the international landscape, China is predicted to generate the highest revenue of US$13,380m in 2024.
Despite the increasing popularity of SUVs, small cars remain a popular choice among Jordanian consumers due to their fuel efficiency and affordability.

Key regions: Europe, Worldwide, China, United Kingdom, United States

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Analyst Opinion

The Small Cars market in Jordan has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.

Customer preferences play a crucial role in the growth of the Small Cars market in Jordan. With the rising cost of living and increasing fuel prices, customers are looking for more affordable and fuel-efficient options. Small cars offer a practical solution, as they are generally more affordable and have better fuel efficiency compared to larger vehicles.

Additionally, the compact size of small cars makes them well-suited for navigating the narrow streets and congested traffic in urban areas. Trends in the market have also contributed to the growth of the Small Cars market in Jordan. The global trend towards sustainability and environmental consciousness has influenced consumer choices in the automotive industry.

Small cars are often associated with lower carbon emissions and reduced environmental impact, making them an attractive choice for environmentally-conscious consumers. Furthermore, advancements in technology have made small cars more appealing by offering features and amenities that were once only available in larger vehicles. Local special circumstances in Jordan have further fueled the growth of the Small Cars market.

The country's high population density and limited parking spaces in urban areas make small cars a practical choice for many consumers. Additionally, the government has implemented policies to encourage the adoption of small cars, such as lower taxes and import duties on smaller vehicles. These incentives have made small cars more affordable for consumers, further driving the demand for these vehicles.

Underlying macroeconomic factors have also played a role in the growth of the Small Cars market in Jordan. The country's stable economic growth and increasing disposable income have enabled more consumers to afford cars. Additionally, the availability of financing options and attractive loan terms have made it easier for consumers to purchase small cars.

The overall positive economic climate in Jordan has created a favorable environment for the growth of the automotive industry, including the Small Cars market. In conclusion, the Small Cars market in Jordan has experienced significant growth due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The affordability, fuel efficiency, and practicality of small cars have made them a popular choice among consumers in Jordan.

As the country continues to develop and the automotive industry evolves, it is expected that the Small Cars market will continue to expand.

Methodology

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).