SUVs - Morocco | Statista Market Forecast

SUVs - Morocco

Morocco

Highlights

Revenue in the SUVs market is projected to reach US$1bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.41%, resulting in a projected market volume of US$1bn by 2029.
SUVs market unit sales are expected to reach 35.5k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to US$37k.
From an international perspective it is shown that the most revenue will be generated United States (US$333bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The SUVs market in Morocco has been experiencing significant growth in recent years.

Customer preferences: Moroccan customers have shown a strong preference for SUVs due to their versatility and practicality. SUVs offer ample space for passengers and cargo, making them suitable for both urban and rural environments. Additionally, SUVs are perceived as vehicles that provide a sense of safety and security on the road.

Trends in the market: One major trend in the SUVs market in Morocco is the increasing demand for compact SUVs. These smaller-sized SUVs are more fuel-efficient and easier to maneuver in congested city streets. As urbanization continues to increase in Morocco, compact SUVs have become popular choices for customers looking for a balance between size and practicality. Another trend in the market is the growing popularity of electric SUVs. With the global shift towards sustainability and environmental consciousness, Moroccan consumers are becoming more interested in electric vehicles. The government of Morocco has also implemented initiatives to promote the adoption of electric vehicles, including tax incentives and the development of charging infrastructure. This has contributed to the rising demand for electric SUVs in the country.

Local special circumstances: Morocco's geographical diversity and varying road conditions have also influenced the popularity of SUVs. The country has a mix of urban areas, mountainous regions, and desert landscapes. SUVs are well-suited for navigating these diverse terrains, making them a practical choice for Moroccan customers.

Underlying macroeconomic factors: The overall economic growth in Morocco has also played a role in the development of the SUVs market. As the country's economy continues to grow, disposable incomes have increased, allowing more consumers to afford SUVs. Additionally, the availability of financing options and competitive pricing from manufacturers have made SUVs more accessible to a wider range of customers. In conclusion, the SUVs market in Morocco is experiencing growth due to customer preferences for versatile and practical vehicles, as well as the increasing popularity of compact and electric SUVs. The country's geographical diversity and economic growth have also contributed to the rising demand for SUVs.

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).