Passenger Cars - Zimbabwe | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$418.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 256.90%, resulting in a projected market volume of US$242.7bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$172.0m in 2024.
Passenger Cars market unit sales are expected to reach 8.47m vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$28.96k in 2024.
With a vehicle unit sales share of 19.8% in 2024, Hyundai is expected to have one of the highest market share in the selected region.
The value market share of the make Mercedes-Benz in the selected region is expected to stand at 31.6% 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 Zimbabwe has witnessed significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Zimbabwean Passenger Cars market have shifted towards more fuel-efficient and environmentally friendly vehicles.

This is largely due to increasing awareness about the impact of vehicle emissions on the environment and the rising cost of fuel. Customers are now opting for smaller, more compact cars with better fuel efficiency and lower carbon emissions. Additionally, there is a growing preference for vehicles with advanced safety features and technology, such as autonomous driving capabilities and connected car services.

Trends in the Zimbabwean Passenger Cars market include the rise of electric vehicles (EVs) and the increasing popularity of SUVs. EVs are gaining traction in the market as customers seek cleaner and more sustainable modes of transportation. The government has also introduced incentives and subsidies to promote the adoption of EVs, further driving their demand.

On the other hand, SUVs have become a popular choice among consumers due to their versatility, spaciousness, and perceived safety. This trend is in line with the global shift towards SUVs, which offer a higher seating position and better visibility. Local special circumstances in Zimbabwe have influenced the development of the Passenger Cars market.

The country has experienced economic challenges in recent years, including currency instability and inflation. As a result, customers have become more price-sensitive and are seeking affordable options in the Passenger Cars market. This has led to an increase in demand for used cars, as they are often more affordable than new vehicles.

Additionally, the availability of financing options and flexible payment plans has made it easier for customers to purchase cars. Underlying macroeconomic factors have also played a role in the development of the Zimbabwean Passenger Cars market. The country's improving economic stability and growing middle class have contributed to an increase in disposable income and consumer purchasing power.

This has led to a rise in car ownership and a higher demand for Passenger Cars. Furthermore, the government's efforts to improve infrastructure, such as road networks and charging stations for EVs, have created a more conducive environment for the growth of the Passenger Cars market. In conclusion, the Passenger Cars market in Zimbabwe is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

The shift towards fuel-efficient and environmentally friendly vehicles, the rise of EVs and SUVs, the demand for affordable options, and the country's improving economic stability are all contributing to the growth 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.