Small Cars - Morocco

Morocco

Revenue in the Small Cars market is projected to reach US$505m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.27%, resulting in a projected market volume of US$512m by 2029.
Small Cars market unit sales are expected to reach 28.5k vehicles in 2029.
The volume weighted average price of Small Cars market in 2024 is expected to amount to US$18k.
From an international perspective it is shown that the most revenue will be generated in China (US$13,290m in 2024).

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

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Analyst Opinion

The Small Cars market in Morocco has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in the Small Cars market have shifted towards more fuel-efficient and environmentally friendly vehicles.

With rising concerns about climate change and increasing fuel prices, Moroccan consumers are opting for smaller cars that offer better fuel economy and lower emissions. Additionally, the compact size of small cars makes them ideal for navigating through narrow streets and congested urban areas in Morocco. One of the key trends in the Small Cars market in Morocco is the increasing demand for electric and hybrid vehicles.

As the government and environmental organizations promote sustainable transportation, more consumers are choosing electric or hybrid small cars as an eco-friendly alternative to traditional gasoline-powered vehicles. This trend is further supported by the availability of government incentives and subsidies for electric vehicle purchases. Another trend in the market is the growing popularity of small SUVs and crossovers.

These vehicles combine the compact size and fuel efficiency of small cars with the versatility and higher seating position of SUVs. Moroccan consumers are attracted to the practicality and style of small SUVs, which offer ample cargo space and a more commanding driving experience. Local special circumstances in Morocco also contribute to the development of the Small Cars market.

The country's rapidly growing urban population and improving infrastructure have led to an increase in the number of cars on the road. As a result, smaller cars are becoming more desirable due to their maneuverability and ease of parking in crowded cities. Underlying macroeconomic factors, such as a growing middle class and increasing disposable income, have also played a role in the development of the Small Cars market in Morocco.

As more individuals enter the middle class and experience rising incomes, they are able to afford personal vehicles. Small cars, with their lower price points and lower maintenance costs, are an attractive option for these consumers. In conclusion, the Small Cars market in Morocco is developing due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Moroccan consumers are increasingly opting for fuel-efficient and environmentally friendly vehicles, including electric and hybrid small cars. The popularity of small SUVs and crossovers is also on the rise. The country's growing urban population, improving infrastructure, and increasing disposable income further contribute to the growth of the Small Cars market.

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).