Small Cars - Tunisia

Tunisia

Revenue in the Small Cars market is projected to reach US$48m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.43%, resulting in a projected market volume of US$49m by 2029.
Small Cars market unit sales are expected to reach 2.8k 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 Tunisia has been experiencing significant growth in recent years.

Customer preferences: Tunisian customers have shown a strong preference for small cars due to their affordability and fuel efficiency. With rising fuel prices and a desire for more economical transportation options, small cars have become a popular choice among Tunisian consumers. Additionally, small cars are well-suited for navigating the narrow streets and crowded urban areas in Tunisia's cities.

Trends in the market: One of the key trends in the Small Cars market in Tunisia is the increasing demand for electric and hybrid vehicles. As environmental concerns become more prominent, Tunisian consumers are seeking greener alternatives to traditional gasoline-powered cars. The government has also implemented incentives and subsidies for electric and hybrid vehicles, further driving their popularity in the market. Another trend in the market is the growing popularity of compact SUVs. While small cars continue to dominate the market, compact SUVs have gained traction among Tunisian consumers who desire a larger vehicle with more cargo space and a higher driving position. This trend reflects the changing preferences of Tunisian consumers who are looking for versatility and practicality in their vehicles.

Local special circumstances: Tunisia's geographical location as a gateway between Europe and Africa has had a significant impact on the Small Cars market. The country's proximity to Europe has made it easier for international car manufacturers to enter the Tunisian market and offer a wide range of small car options. This has increased competition in the market and provided consumers with more choices. Additionally, Tunisia has a young population with a growing middle class. As more young people enter the workforce and achieve higher disposable incomes, they are able to afford small cars. The desire for personal mobility and independence among the younger generation has contributed to the growth of the Small Cars market in Tunisia.

Underlying macroeconomic factors: The Tunisian economy has been experiencing steady economic growth in recent years, which has had a positive impact on the Small Cars market. As the economy improves, consumer confidence increases, leading to higher spending on durable goods such as cars. The government has also implemented policies to promote economic growth, which has further stimulated consumer spending and contributed to the growth of the Small Cars market. In conclusion, the Small Cars market in Tunisia is growing due to customer preferences for affordable and fuel-efficient vehicles, the increasing demand for electric and hybrid cars, and the popularity of compact SUVs. The country's geographical location, young population, and improving economy have also played a significant role in driving the growth of the 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).