Large Cars - Iraq

Iraq

Revenue in the Large Cars market is projected to reach US$118m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 10.63%, resulting in a projected market volume of US$177m by 2028.
Large Cars market unit sales are expected to reach 5.1k vehicles in 2028.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$35k.
From an international perspective it is shown that the most revenue will be generated in China (US$106,900m in 2024).

Key regions: China, Europe, Worldwide, United States, United Kingdom

Market

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Region comparison

Currency

Analyst Opinion

The Large Cars market in Iraq has been experiencing steady growth in recent years. Customer preferences in Iraq have shifted towards larger vehicles, driven by a desire for comfort and prestige.

Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the Large Cars market in Iraq. Customer preferences in Iraq have played a significant role in the growth of the Large Cars market. Iraqi consumers have shown a strong preference for larger vehicles due to their spacious interiors and enhanced safety features.

The demand for large cars has also been influenced by the desire for prestige and status, as these vehicles are often associated with wealth and success. As a result, automakers have responded to this demand by introducing a wide range of large car models in the Iraqi market. Trends in the market have also contributed to the growth of the Large Cars segment in Iraq.

The increasing urbanization and improving infrastructure in major cities have made large cars more practical and convenient for daily commuting. Additionally, the availability of financing options and competitive pricing strategies by automakers have made large cars more affordable for a wider range of consumers. This has further fueled the demand for large cars in Iraq.

Local special circumstances have played a role in the development of the Large Cars market in Iraq. The country's vast oil reserves and relatively stable economy have contributed to a growing middle class with increased purchasing power. This has allowed more consumers to afford large cars, leading to a higher demand in the market.

Furthermore, the presence of oil-related industries and international companies in Iraq has created a demand for large cars for corporate use, further boosting the market. Underlying macroeconomic factors have also influenced the growth of the Large Cars market in Iraq. The stability of oil prices, which is a major source of revenue for the country, has provided a favorable economic environment for consumers to invest in large cars.

Additionally, the government's efforts to improve infrastructure and promote economic development have created a positive business environment, attracting foreign investment and boosting consumer confidence. These factors have contributed to the overall growth and development of the Large Cars market in Iraq. In conclusion, the Large Cars market in Iraq has experienced steady growth due to customer preferences for larger vehicles, trends in the market, local special circumstances, and underlying macroeconomic factors.

As the country continues to develop and the economy strengthens, the demand for large cars is expected to further increase in Iraq.

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).