Sports Cars - Iraq

Iraq

Highlights

Revenue in the Sports Cars market is projected to reach US$77m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.31%, resulting in a projected market volume of US$78m by 2029.
Sports Cars market unit sales are expected to reach 2.0k vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$39k.
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 Iraq has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In Iraq, there is a growing demand for sports cars among car enthusiasts and individuals who value performance, luxury, and status. Sports cars are seen as a symbol of wealth and success, and owning one is often considered a status symbol. Customers in Iraq are increasingly looking for high-performance vehicles that offer a thrilling driving experience. They are drawn to the sleek designs, powerful engines, and advanced technological features that sports cars offer. Additionally, there is a preference for sports cars that are imported from well-known international brands, as these are seen as more prestigious and of higher quality.

Trends in the market: One of the key trends in the sports cars market in Iraq is the increasing popularity of electric sports cars. As the global automotive industry shifts towards electric vehicles, this trend is also being observed in Iraq. Customers are becoming more conscious of the environmental impact of their vehicles and are opting for electric sports cars that offer high performance while being more environmentally friendly. The availability of charging infrastructure and government incentives for electric vehicles are further driving the demand for electric sports cars in Iraq. Another trend in the market is the rise of luxury sports car rentals. As the cost of purchasing a sports car can be high, many individuals in Iraq are opting to rent these vehicles for special occasions or for a limited period of time. Luxury sports car rental companies are emerging to cater to this demand, offering a wide range of sports cars for rent. This trend allows individuals to experience the thrill of driving a sports car without the long-term commitment of ownership.

Local special circumstances: The political stability in Iraq has improved in recent years, leading to a more conducive environment for businesses to operate. This has attracted international automotive brands to enter the Iraqi market and offer a wider range of sports cars to customers. Additionally, the growing middle class in Iraq has resulted in an increase in disposable income, allowing more individuals to afford sports cars. The relatively low fuel prices in Iraq also make sports cars more affordable to run on a day-to-day basis.

Underlying macroeconomic factors: The improving economic conditions in Iraq, including a stable GDP growth rate and declining inflation, have contributed to the growth of the sports cars market. As the economy strengthens, individuals have more purchasing power and are more willing to invest in luxury items such as sports cars. The government's focus on infrastructure development and diversification of the economy has also had a positive impact on the automotive industry, including the sports cars segment. In conclusion, the sports cars market in Iraq is experiencing growth due to changing customer preferences, including the demand for electric sports cars, and the availability of luxury sports car rentals. The improving political stability, growing middle class, and favorable macroeconomic factors have further contributed 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).