Passenger Cars - Ivory Coast

Ivory Coast

Revenue in the Passenger Cars market is projected to reach US$106.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 12.54%, resulting in a projected market volume of US$171.5m by 2028.
The market's largest segment is SUVs with a projected market volume of US$40.9m in 2024.
Passenger Cars market unit sales are expected to reach 5,574.00vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$30.62k in 2024.
With a vehicle unit sales share of 21.3% in 2024, Renault 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 28.2% 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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Analyst Opinion

The Passenger Cars market in Ivory Coast has been experiencing significant growth in recent years.

Customer preferences: Customers in Ivory Coast have shown a strong preference for passenger cars, as they provide a convenient and comfortable mode of transportation. The demand for passenger cars has been driven by factors such as increasing urbanization, rising disposable incomes, and improving infrastructure. Additionally, customers in Ivory Coast have a preference for smaller and more fuel-efficient cars, as they are more affordable and cost-effective to operate.

Trends in the market: One of the key trends in the Passenger Cars market in Ivory Coast is the increasing popularity of SUVs and crossovers. These vehicles offer a combination of style, comfort, and versatility, making them attractive to customers in Ivory Coast. The demand for SUVs and crossovers has been driven by factors such as changing consumer preferences, increasing disposable incomes, and improving road infrastructure. Another trend in the market is the growing demand for electric and hybrid vehicles. Customers in Ivory Coast are becoming more environmentally conscious and are looking for greener alternatives to traditional gasoline-powered cars. The government of Ivory Coast has also implemented policies and incentives to promote the adoption of electric and hybrid vehicles, further driving the demand in the market.

Local special circumstances: Ivory Coast has a growing middle class population, which has led to an increase in consumer spending and purchasing power. This has resulted in a higher demand for passenger cars, as more people are able to afford them. Additionally, the government of Ivory Coast has implemented policies to promote the automotive industry, such as reducing import duties on vehicles and providing subsidies for electric and hybrid vehicles. These initiatives have further stimulated the growth of the Passenger Cars market in Ivory Coast.

Underlying macroeconomic factors: The growth of the Passenger Cars market in Ivory Coast can be attributed to several underlying macroeconomic factors. Firstly, Ivory Coast has experienced strong economic growth in recent years, which has resulted in an increase in disposable incomes and consumer spending. This has translated into higher demand for passenger cars. Secondly, the improving infrastructure in Ivory Coast, including the expansion of road networks and the construction of new highways, has made it easier for people to travel and commute. This has increased the need for personal transportation, leading to a higher demand for passenger cars. In conclusion, the Passenger Cars market in Ivory Coast is growing due to customer preferences for convenient and comfortable transportation, the increasing popularity of SUVs and crossovers, the demand for electric and hybrid vehicles, the growing middle class population, government initiatives to promote the automotive industry, and strong macroeconomic factors such as economic growth and improving infrastructure.

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).