Sports Cars - Kenya

Kenya

In 2024, the projected revenue in the Sports Cars market is expected to reach US$4m.
This market segment is anticipated to demonstrate a compound annual growth rate (CAGR 2024-2028) of 18.71%, resulting in a projected market volume of US$8m by 2028.
By 2028, it is expected that unit sales in the Sports Cars market will reach 87.0vehicles.
The volume weighted average price of Sports Cars market in 2024 is projected to amount to US$93k.
From an international perspective, it is evident that United States will generate the highest revenue in this market segment, amounting to US$32,260m in 2024.
Kenya's growing middle class is fueling a demand for sports cars, with luxury brands like Porsche and Ferrari becoming increasingly popular in the country.

Key regions: United Kingdom, Europe, United States, Germany, Worldwide

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Analyst Opinion

The Sports Cars market in Kenya has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Kenyan consumers have shown a growing interest in sports cars, seeking vehicles that combine performance, style, and luxury. The desire for speed and prestige has fueled the demand for sports cars among the affluent population. Additionally, the younger generation has been increasingly drawn to sports cars as a symbol of status and success.

Trends in the market: One of the key trends in the Kenyan sports cars market is the rising popularity of electric and hybrid sports cars. As the global automotive industry shifts towards sustainability and environmental consciousness, Kenyan consumers are also embracing these eco-friendly alternatives. The availability of charging infrastructure and government incentives for electric vehicles have further contributed to the growth of this segment. Another trend in the market is the increasing customization options for sports cars. Kenyan consumers are looking for unique and personalized vehicles that reflect their individual style and preferences. This trend has led to the rise of aftermarket customization services, where customers can modify their sports cars according to their specific requirements.

Local special circumstances: Kenya's growing economy and rising middle class have played a significant role in the development of the sports cars market. As disposable incomes increase, more consumers are able to afford luxury vehicles, including sports cars. The expanding urban population and improved road infrastructure have also contributed to the demand for sports cars, as consumers seek vehicles that provide an exhilarating driving experience.

Underlying macroeconomic factors: Kenya's strong economic growth, stable political environment, and favorable business climate have attracted foreign investment and stimulated consumer spending. This has created a conducive environment for the sports cars market to thrive. Additionally, government initiatives to promote the automotive industry and reduce import duties on vehicles have further supported the growth of the market. In conclusion, the Sports Cars market in Kenya has been witnessing significant growth due to changing customer preferences, emerging trends, and local special circumstances. The demand for sports cars is driven by a desire for speed, prestige, and luxury, with an increasing interest in electric and hybrid models. The growing economy, rising middle class, and improved road infrastructure have also contributed to the development 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).