Passenger Cars - Tanzania | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$63.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.52%, resulting in a projected market volume of US$64.6m by 2029.
The market's largest segment is SUVs with a projected market volume of US$25.7m in 2024.
Passenger Cars market unit sales are expected to reach 1.77k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$36.13k in 2024.
With a vehicle unit sales share of 34.4% in 2024, Volkswagen is expected to have one of the highest market share in the selected region.
The value market share of the make Volkswagen in the selected region is expected to stand at 23.8% 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 Tanzania is experiencing significant growth and development in recent years.

Customer preferences: Tanzanian customers have shown a strong preference for passenger cars due to their convenience and reliability. The rising middle class in the country has led to an increase in disposable income, allowing more people to afford passenger cars. Additionally, the desire for status and prestige has also contributed to the growing demand for passenger cars, as they are seen as a symbol of success and social status.

Trends in the market: One of the key trends in the Tanzanian passenger cars market is the increasing demand for fuel-efficient vehicles. With rising fuel prices and growing concerns about environmental sustainability, customers are opting for cars that offer better fuel efficiency. This trend is also driven by government regulations and incentives that promote the use of eco-friendly vehicles. Another trend in the market is the growing popularity of SUVs and crossover vehicles. These vehicles offer a combination of style, comfort, and versatility, making them appealing to Tanzanian customers. The demand for SUVs is also fueled by the country's rugged terrain and the need for vehicles that can handle off-road conditions.

Local special circumstances: Tanzania's infrastructure and road network have been improving in recent years, which has contributed to the growth of the passenger cars market. Better roads and transportation systems have made it easier for people to travel and commute, increasing the need for personal vehicles.

Underlying macroeconomic factors: Tanzania's economy has been growing steadily, with a rising GDP and increasing foreign investment. This has led to an expansion of the middle class and an increase in purchasing power. As a result, more Tanzanians are able to afford passenger cars, leading to a higher demand in the market. In conclusion, the Passenger Cars market in Tanzania is experiencing growth and development due to customer preferences for convenience and status, as well as the increasing demand for fuel-efficient and versatile vehicles. The improving infrastructure and macroeconomic factors in the country have also contributed to the expansion 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.