Small Cars - Zimbabwe

Zimbabwe

Highlights

Revenue in the Small Cars market is projected to reach US$30m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 257.70%, resulting in a projected market volume of US$18bn by 2029.
Small Cars market unit sales are expected to reach 1.5m vehicles in 2029.
The volume weighted average price of Small Cars market in 2024 is expected to amount to US$12k.
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 Zimbabwe has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for this growth is the changing customer preferences in the country. Zimbabweans are increasingly looking for affordable and fuel-efficient vehicles that are suitable for urban commuting. Small cars offer the perfect solution for these needs, as they are compact, easy to maneuver in congested city streets, and have lower fuel consumption compared to larger vehicles. Additionally, small cars often come with lower price tags, making them more accessible to a wider range of consumers.

Trends in the market: Another trend driving the growth of the Small Cars market in Zimbabwe is the increasing urbanization in the country. As more people move to cities in search of better job opportunities, the demand for small cars is on the rise. This is because small cars are more practical for navigating through busy city streets and finding parking spaces in crowded areas. Furthermore, the compact size of small cars makes them more suitable for the limited parking spaces available in urban areas.

Local special circumstances: Zimbabwe has also experienced economic challenges in recent years, which has had an impact on the automotive market. The country has faced high inflation rates, currency instability, and limited access to foreign currency. These factors have made it difficult for consumers to afford larger, more expensive vehicles. As a result, many people have turned to small cars as a more affordable option.

Underlying macroeconomic factors: The growth of the Small Cars market in Zimbabwe can also be attributed to the overall economic development in the country. Despite the challenges, Zimbabwe has seen improvements in its economy, with increased foreign investment and a growing middle class. This has led to an increase in disposable income and consumer spending power, which has translated into higher demand for small cars. In conclusion, the Small Cars market in Zimbabwe is experiencing growth due to changing customer preferences, increasing urbanization, economic challenges, and underlying macroeconomic factors. As more people in Zimbabwe seek affordable and fuel-efficient vehicles for urban commuting, the demand for small cars is expected to continue to rise.

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).