Passenger Cars - Southern Africa | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$9.2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.04%, resulting in a projected market volume of US$9.2bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$4.7bn in 2024.
Passenger Cars market unit sales are expected to reach 320.40k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$28.40k in 2024.
With a vehicle unit sales share of 20.1% in 2024, Volkswagen is expected to have one of the highest market share in the selected region.
The value market share of the make Toyota in the selected region is expected to stand at 14.3% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

The Passenger Cars market in Southern Africa is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Southern Africa have shown a strong preference for passenger cars that are fuel-efficient and environmentally friendly. With rising concerns about climate change and the need for sustainable transportation options, there has been a shift towards electric and hybrid vehicles in the region. Additionally, customers also prioritize safety features and advanced technology in their vehicles, such as autonomous driving capabilities and connectivity options.

Trends in the market: One of the key trends in the Southern African Passenger Cars market is the increasing demand for SUVs and crossover vehicles. These vehicles offer a combination of comfort, space, and versatility, making them popular among families and young professionals. The demand for SUVs is driven by the desire for a higher driving position, improved safety features, and the ability to handle various road conditions. Another trend in the market is the growing popularity of online car sales platforms. Customers in Southern Africa are increasingly turning to online platforms to research, compare, and purchase vehicles. This trend is driven by the convenience and transparency offered by online platforms, as well as the ability to access a wider range of vehicle options.

Local special circumstances: One of the key factors influencing the Passenger Cars market in Southern Africa is the high import tariffs and taxes imposed on vehicles. These tariffs can significantly increase the cost of importing vehicles, making them more expensive for customers. As a result, many customers opt for locally manufactured vehicles, which are often more affordable due to lower production costs. This has led to the growth of the local automotive industry in Southern Africa.

Underlying macroeconomic factors: The development of the Passenger Cars market in Southern Africa is also influenced by underlying macroeconomic factors. Economic growth, disposable income levels, and consumer confidence play a significant role in driving demand for passenger cars. As the economy in Southern Africa continues to grow, more individuals and households are able to afford passenger cars, leading to increased demand in the market. Additionally, favorable financing options and low interest rates also contribute to the growth of the market by making cars more affordable for customers. In conclusion, the Passenger Cars market in Southern Africa is experiencing growth and development driven by customer preferences for fuel-efficient and technologically advanced vehicles, as well as the increasing demand for SUVs and online car sales platforms. The high import tariffs and taxes on vehicles, along with underlying macroeconomic factors such as economic growth and disposable income levels, also contribute to the development of the market.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.