Small Cars - Togo

Togo

Revenue in the Small Cars market is projected to reach US$2,711k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.52%, resulting in a projected market volume of US$2,924k by 2029.
Small Cars market unit sales are expected to reach 166.0vehicles in 2029.
The volume weighted average price of Small Cars market in 2024 is expected to amount to US$17k.
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 Togo has been experiencing significant growth in recent years.

Customer preferences: Customers in Togo have shown a strong preference for small cars due to their affordability, fuel efficiency, and compact size. Small cars are ideal for navigating the narrow streets and congested traffic in urban areas. Additionally, the lower price point of small cars makes them more accessible to a wider range of consumers in Togo.

Trends in the market: One of the key trends in the Small Cars market in Togo is the increasing demand for electric and hybrid small cars. As global concerns about climate change and environmental sustainability grow, Togolese consumers are becoming more conscious of their carbon footprint and are seeking greener transportation options. The availability of electric and hybrid small cars in the market has expanded, offering consumers a wider range of choices. Another trend in the market is the integration of advanced technology features in small cars. Togolese consumers are increasingly looking for small cars that offer modern features such as touchscreen infotainment systems, smartphone connectivity, and advanced safety features. Car manufacturers are responding to this demand by equipping their small car models with these features, making them more attractive to consumers.

Local special circumstances: One of the unique factors influencing the Small Cars market in Togo is the high import taxes on vehicles. This has led to a significant price difference between locally manufactured small cars and imported small cars. As a result, locally manufactured small cars have become more popular among Togolese consumers due to their lower price point.

Underlying macroeconomic factors: The growing economy of Togo has played a significant role in the development of the Small Cars market. As disposable incomes increase, more consumers are able to afford small cars. Additionally, the government's focus on infrastructure development and urbanization has led to an increase in the demand for small cars, as they are well-suited for navigating the country's expanding road networks. In conclusion, the Small Cars market in Togo is experiencing growth due to customer preferences for affordability and fuel efficiency. The increasing demand for electric and hybrid small cars, as well as the integration of advanced technology features, are key trends in the market. The high import taxes on vehicles and the growing economy of Togo are local special circumstances and underlying macroeconomic factors that are driving the development 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).