Passenger Cars - Iraq

Iraq

Revenue in the Passenger Cars market is projected to reach US$1,059.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 10.15%, resulting in a projected market volume of US$1,559.0m by 2028.
The market's largest segment is SUVs with a projected market volume of US$401.3m in 2024.
Passenger Cars market unit sales are expected to reach 52.36k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$29.94k in 2024.
With a vehicle unit sales share of 28.5% 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 28.9% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (US$558bn in 2024).

Key regions: United States, Germany, Europe, China, India

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Region comparison

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Analyst Opinion

The Passenger Cars market in Iraq has been experiencing significant growth in recent years. Customer preferences in the market are shifting towards more fuel-efficient and environmentally friendly vehicles.

This trend is in line with global market trends, as consumers worldwide are becoming increasingly conscious of the impact of their purchasing decisions on the environment. Additionally, there are several local special circumstances in Iraq that are contributing to the growth of the Passenger Cars market. Customer preferences in the Passenger Cars market in Iraq are influenced by a variety of factors.

One of the key factors is the increasing concern for fuel efficiency. As the cost of fuel continues to rise, consumers are looking for cars that offer better mileage and lower fuel consumption. This is particularly important in Iraq, where fuel prices are relatively high compared to other countries in the region.

Additionally, customers in Iraq are also becoming more conscious of the environmental impact of their vehicles and are opting for cars that emit lower levels of greenhouse gases. In line with global trends, there is a growing demand for electric and hybrid vehicles in the Passenger Cars market in Iraq. These vehicles offer lower emissions and reduced fuel consumption, making them an attractive option for environmentally conscious consumers.

The government of Iraq has also introduced initiatives to promote the use of electric vehicles, such as tax incentives and subsidies, which have further fueled the demand for these vehicles. Another trend in the Passenger Cars market in Iraq is the increasing popularity of SUVs and crossovers. These vehicles offer a combination of style, comfort, and practicality, making them a preferred choice for many consumers.

The demand for SUVs and crossovers is driven by factors such as the need for larger vehicles to accommodate growing families and the desire for a higher driving position and better visibility on the road. Local special circumstances in Iraq are also contributing to the growth of the Passenger Cars market. One such circumstance is the improving security situation in the country.

As security conditions stabilize, more people are venturing out and purchasing cars for personal use. This has led to an increase in car ownership and a subsequent boost in the Passenger Cars market. Underlying macroeconomic factors, such as improving economic conditions and rising disposable incomes, are also driving the growth of the Passenger Cars market in Iraq.

As the economy continues to recover from years of conflict and instability, consumers have more purchasing power and are able to afford cars. This has led to an increase in demand for Passenger Cars in the country. In conclusion, the Passenger Cars market in Iraq is experiencing significant growth due to shifting customer preferences towards fuel-efficient and environmentally friendly vehicles, the increasing popularity of SUVs and crossovers, improving security conditions, and underlying macroeconomic factors such as improving economic conditions and rising disposable incomes.

These trends and special circumstances are driving the growth of the Passenger Cars market in Iraq and are expected to continue shaping the market in the coming years.

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).