Passenger Cars - Jordan

Jordan

Revenue in the Passenger Cars market is projected to reach US$284.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.21%, resulting in a projected market volume of US$435.6m by 2028.
The market's largest segment is SUVs with a projected market volume of US$134.7m in 2024.
Passenger Cars market unit sales are expected to reach 14.78k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$29.27k in 2024.
With a vehicle unit sales share of 35.1% in 2024, Suzuki is expected to have one of the highest market share in the selected region.
The value market share of the make BMW in the selected region is expected to stand at 26.1% 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 Jordan is witnessing steady growth and development.

Customer preferences: Customers in Jordan have a strong preference for passenger cars, which can be attributed to several factors. Firstly, there is a growing urban population in the country, leading to increased demand for personal transportation. Additionally, the relatively low fuel prices in Jordan make owning a car an affordable option for many individuals. Moreover, the cultural significance of owning a car as a status symbol also contributes to the preference for passenger cars in the country.

Trends in the market: One of the key trends in the Passenger Cars market in Jordan is the increasing demand for electric vehicles (EVs). This trend is in line with the global shift towards sustainable and eco-friendly transportation solutions. The government of Jordan has been actively promoting the adoption of EVs through various incentives and subsidies, which has led to a growing number of EVs on the roads. Additionally, the advancements in EV technology and the expanding charging infrastructure in the country have also contributed to the increasing popularity of EVs among consumers. Another trend in the market is the rising demand for compact and fuel-efficient cars. With the increasing fuel prices worldwide, customers in Jordan are becoming more conscious of their fuel consumption. As a result, there is a growing demand for smaller cars that offer better fuel efficiency. This trend is driven by both economic and environmental factors, as customers seek to save on fuel costs and reduce their carbon footprint.

Local special circumstances: One of the unique aspects of the Passenger Cars market in Jordan is the strong preference for SUVs and crossover vehicles. This can be attributed to the country's rugged terrain and the desire for a vehicle that can handle off-road conditions. SUVs and crossovers offer a higher ground clearance and better handling on uneven surfaces, making them popular choices among Jordanian consumers.

Underlying macroeconomic factors: The growth and development of the Passenger Cars market in Jordan can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced a stable economic growth in recent years, leading to an increase in disposable income among consumers. This has resulted in higher purchasing power and an increased demand for passenger cars. Furthermore, the government of Jordan has implemented several policies to support the automotive industry, including the reduction of import duties on vehicles and the establishment of free trade agreements with other countries. These policies have encouraged foreign investment in the sector and have contributed to the growth of the Passenger Cars market. In conclusion, the Passenger Cars market in Jordan is experiencing steady growth and development. Customer preferences for passenger cars, especially electric vehicles and compact fuel-efficient cars, are driving the market trends. The strong preference for SUVs and crossover vehicles is a unique aspect of the market in Jordan. The underlying macroeconomic factors, such as stable economic growth and government policies, are also contributing to the growth of the market.

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).