Led by South Africa, Africa Passenger Car Market to Surpass $ 19 Billion by 2023
Poor public transportation
system coupled with growing disposable income to fuel demand for passenger cars
across the African continent until 2023
According to TechSci Research report, “Africa
Passenger Car Market By Vehicle Type, By Engine Capacity, By Fuel Type, By
Country, Competition Forecast & Opportunities, 2013 - 2023”, the
market for passenger cars in Africa is projected to cross $ 19 billion by 2023
on account of rising disposable income across the region. Moreover, expanding product
portfolio of various passenger car manufacturers and poor public transportation
system across various major countries in the region is further expected to boost
Africa passenger car market over the next five years. With more than one-third
of the volume share, hatchbacks dominated Africa passenger car market in 2017,
followed by sedan and SUV segments. SUV segment is expected to grow at a brisk
pace during the forecast period owing to increasing spending potential of the
region’s expanding middle and upper-middle class coupled with rising
inclination towards SUVs.
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In 2017, the region’s passenger car market was witnessed
to be largely concentrated in South Africa, Egypt and Morocco, with a
cumulative volume share of over 75%. Algeria was the fourth most prominent market
in Africa passenger car market in 2017. Rising presence of various leading
automobile companies such as Toyota, Honda, Volkswagen, Hyundai, Nissan,
Renault, Ford, etc., and their continuing research and development to
manufacture technologically advanced as well as efficient passenger cars coupled
with their expanding product portfolio in the African continent is anticipated
to intensify competition in the passenger car market across the region over the
course of next five years.
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As several advanced features are being incorporated in the
premium passenger cars, they are also being consistently brought in the
economical passenger car segment as well. which is expected to result in a brisk
growth of such passenger cars across the continent in the coming years. “With stabilizing
economies and growing disposable income, demand for passenger car is likely to
increase across Africa until 2023. Furthermore, increasing demand for efficient
and affordable passenger car for transportation purposes is boosting demand for
such cars across the region. In addition, growing preference for passenger cars
running on higher capacity engines is also expected to positively influence Africa
passenger car market in the coming years.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Africa Passenger Car
Market By Vehicle Type, By Engine Capacity, By Fuel Type, By Country,
Competition Forecast & Opportunities, 2013 - 2023” has analyzed the potential
of passenger car market
across the African continent, and provides statistics and information on market
sizes, shares and trends. The report will suffice in providing the intending
clients with cutting-edge market intelligence and help them in taking sound
investment decisions. Besides, the report also identifies and analyzes emerging
trends along with essential drivers and key challenges faced by Africa
passenger car market.
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