Sports Cars - Angola

Angola

Highlights

Revenue in the Sports Cars market is projected to reach US$11m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.97%, resulting in a projected market volume of US$10m by 2029.
Sports Cars market unit sales are expected to reach 121.0vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$88k.
From an international perspective it is shown that the most revenue will be generated United States (US$20bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sports Cars market in Angola has been experiencing significant growth in recent years, driven by customer preferences for luxury and high-performance vehicles.

Customer preferences: Angolan customers have shown a strong preference for sports cars due to their sleek design, powerful engines, and prestige. The desire for luxury and status symbols has fueled the demand for sports cars in the country. Additionally, sports cars are often associated with speed and excitement, appealing to customers who enjoy the thrill of driving.

Trends in the market: One of the key trends in the Sports Cars market in Angola is the increasing popularity of international luxury brands. Customers are drawn to well-known brands such as Ferrari, Lamborghini, and Porsche, which are seen as symbols of wealth and success. These brands offer a wide range of sports car models, catering to different customer preferences and budgets. Another trend in the market is the growing demand for electric sports cars. As global concerns about climate change and environmental sustainability continue to rise, more customers in Angola are looking for sports cars that are eco-friendly and have lower carbon emissions. This trend is in line with the global shift towards electric vehicles and reflects a growing awareness of environmental issues among consumers.

Local special circumstances: Angola's oil-dependent economy has experienced significant growth in recent years, leading to an increase in disposable income among the population. This has allowed more Angolan customers to afford luxury sports cars, driving the demand in the market. Additionally, the country's growing middle class has contributed to the rising popularity of sports cars as a status symbol.

Underlying macroeconomic factors: The Sports Cars market in Angola is influenced by various macroeconomic factors. The stability of the country's economy, including factors such as inflation rates, interest rates, and exchange rates, can impact consumer purchasing power and the affordability of sports cars. Additionally, government policies and regulations related to import duties and taxes on luxury vehicles can also affect the market. In conclusion, the Sports Cars market in Angola is experiencing growth due to customer preferences for luxury and high-performance vehicles. The popularity of international luxury brands and the increasing demand for electric sports cars are key trends in the market. The country's oil-dependent economy, growing middle class, and underlying macroeconomic factors also play a significant role in shaping 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).