Passenger Cars - Zambia | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$56.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.53%, resulting in a projected market volume of US$55.4m by 2029.
The market's largest segment is SUVs with a projected market volume of US$22.8m in 2024.
Passenger Cars market unit sales are expected to reach 1.52k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$35.65k in 2024.
With a vehicle unit sales share of 28.6% in 2024, Toyota is expected to have one of the highest market share in the selected region.
The value market share of the make Toyota in the selected region is expected to stand at 25.4% 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 Zambia is experiencing significant growth and development.

Customer preferences: Zambian customers have shown a strong preference for passenger cars with fuel-efficient engines and affordable prices. This is primarily due to the rising fuel prices in the country and the need for cost-effective transportation options. Additionally, customers in Zambia also value safety features and reliability in their vehicles, as they prioritize the well-being of their families and the durability of their cars.

Trends in the market: One of the major trends in the Passenger Cars market in Zambia is the increasing demand for compact and small-sized cars. This can be attributed to the growing urbanization in the country, with more people moving to cities and towns where parking spaces are limited. Compact cars offer better maneuverability and are easier to park in congested areas. Furthermore, the lower price point of these vehicles makes them more accessible to a wider range of customers. Another trend in the market is the rising popularity of electric and hybrid cars. While still in the early stages of adoption, Zambian customers are becoming more environmentally conscious and are looking for greener alternatives. Electric and hybrid cars offer reduced emissions and lower fuel consumption, aligning with the country's efforts to reduce its carbon footprint. The government has also implemented policies and incentives to promote the use of electric vehicles, further driving the demand for these cars.

Local special circumstances: Zambia has a growing middle class population, which has contributed to the increasing demand for passenger cars. As more individuals and families move up the income ladder, they are able to afford personal vehicles for their daily transportation needs. This has led to a higher number of first-time car buyers in the market, as well as an increased demand for used cars. Additionally, the government of Zambia has implemented policies to support the growth of the automotive industry. This includes reducing import duties and taxes on vehicles, making them more affordable for consumers. The government has also invested in infrastructure development, such as road expansions and improvements, to enhance the overall transportation network in the country.

Underlying macroeconomic factors: The growth and development of the Passenger Cars market in Zambia can be attributed to several underlying macroeconomic factors. Firstly, the country's stable economic growth has led to an increase in disposable income, allowing more people to afford cars. Secondly, the expansion of the financial sector in Zambia has made it easier for individuals to access car loans and financing options, further driving the demand for passenger cars. Lastly, the availability of a wide range of car models and brands in the market has provided customers with more choices and options to suit their preferences and budgets. In conclusion, the Passenger Cars market in Zambia is experiencing growth and development driven by customer preferences for fuel-efficient and affordable cars, as well as the increasing demand for compact and electric vehicles. The country's growing middle class population, government policies, and favorable macroeconomic factors 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.