Africa: Passenger Car Market 2024

Passenger Car Market Size in Africa

The African passenger car market expanded to $X in 2023, growing by X% against the previous year. In general, consumption, however, continues to indicate a mild downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2023, consumption stood at a somewhat lower figure.

Passenger Car Production in Africa

In value terms, passenger car production fell modestly to $X in 2023 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2023, production remained at a lower figure.

Passenger Car Exports

Exports in Africa

For the third year in a row, Africa recorded growth in overseas shipments of passenger cars, which increased by X% to X units in 2023. Total exports indicated buoyant growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure in 2023 and are likely to see gradual growth in the near future.

In value terms, passenger car exports rose remarkably to $X in 2023. Total exports indicated a strong increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of X%. The level of export peaked in 2023 and is expected to retain growth in the immediate term.

Exports by Country

Morocco represented the largest exporter of passenger cars in Africa, with the volume of exports amounting to X units, which was near X% of total exports in 2023. It was distantly followed by South Africa (X units), achieving a X% share of total exports.

Morocco was also the fastest-growing in terms of the passenger cars exports, with a CAGR of X% from 2012 to 2023. South Africa (X%) illustrated a downward trend over the same period. While the share of Morocco (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of South Africa (X p.p.) displayed negative dynamics.

In value terms, the largest passenger car supplying countries in Africa were Morocco ($X) and South Africa ($X).

Morocco, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

The export price in Africa stood at $X per unit in 2023, flattening at the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2013 an increase of X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2017; however, from 2018 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was South Africa ($X per unit), while Morocco amounted to $X per unit.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by South Africa (X%).

Passenger Car Imports

Imports in Africa

In 2023, approx. X units of passenger cars were imported in Africa; growing by X% compared with 2022 figures. In general, imports, however, recorded a perceptible reduction. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. The volume of import peaked at X units in 2012; however, from 2013 to 2023, imports failed to regain momentum.

In value terms, passenger car imports rose notably to $X in 2023. Over the period under review, imports, however, continue to indicate a slight curtailment. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, South Africa (X units), distantly followed by Zimbabwe (X units), Morocco (X units), Libya (X units), Egypt (X units), Kenya (X units) and Botswana (X units) represented the main importers of passenger cars, together generating X% of total imports. Nigeria (X units), Tunisia (X units), Zambia (X units), Ghana (X units), Algeria (X units) and Ethiopia (X units) held a minor share of total imports.

Imports into South Africa decreased at an average annual rate of X% from 2012 to 2023. At the same time, Zambia (X%), Botswana (X%), Zimbabwe (X%), Ethiopia (X%), Kenya (X%), Morocco (X%) and Egypt (X%) displayed positive paces of growth. Moreover, Zambia emerged as the fastest-growing importer imported in Africa, with a CAGR of X% from 2012-2023. Tunisia experienced a relatively flat trend pattern. By contrast, Ghana (X%), Libya (X%), Nigeria (X%) and Algeria (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Zimbabwe, Botswana, Morocco, Kenya, Zambia and Egypt increased by X, X, X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest passenger car importing markets in Africa were South Africa ($X), Morocco ($X) and Nigeria ($X), with a combined X% share of total imports. Egypt, Algeria, Tunisia, Ethiopia, Libya, Ghana, Kenya, Zambia, Zimbabwe and Botswana lagged somewhat behind, together accounting for a further X%.

Ethiopia, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in Africa amounted to $X per unit, remaining relatively unchanged against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of X%. Over the period under review, import prices attained the peak figure at $X per unit in 2014; however, from 2015 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per unit), while Zimbabwe ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Algeria (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform