MENA: Passenger Car Market 2024

Passenger Car Market Size in MENA

For the third consecutive year, the MENA's passenger car market recorded decline in sales value, which decreased by -11.8% to $X in 2021. Overall, consumption continues to indicate a noticeable downturn. The pace of growth was the most pronounced in 2018 with an increase of 8.4% against the previous year. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Passenger Car Production in MENA

In value terms, passenger car production declined significantly to $X in 2021 estimated in export price. Over the period under review, production showed a precipitous decrease. The most prominent rate of growth was recorded in 2018 with an increase of 77%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Passenger Car Exports

Exports in MENA

In 2021, after two years of decline, there was growth in overseas shipments of passenger cars, when their volume increased by 0.7% to X units. Over the period under review, exports, however, saw a sharp downturn. The growth pace was the most rapid in 2014 with an increase of 17%. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, passenger car exports stood at $X in 2021. Total exports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -16.9% against 2018 indices. The pace of growth was the most pronounced in 2017 when exports increased by 24% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Turkey was the main exporter of passenger cars in MENA, with the volume of exports reaching X units, which was near 60% of total exports in 2021. It was distantly followed by Morocco (X units), generating a 35% share of total exports. The United Arab Emirates (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Morocco (with a CAGR of +23.6%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Turkey ($X) remains the largest passenger car supplier in MENA, comprising 64% of total exports. The second position in the ranking was taken by Morocco ($X), with a 28% share of total exports.

In Turkey, passenger car exports increased at an average annual rate of +5.2% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Morocco (+19.7% per year) and the United Arab Emirates (-0.4% per year).

Export Prices by Country

The export price in MENA stood at $X per unit in 2021, increasing by 6.6% against the previous year. In general, the export price showed a significant expansion. The most prominent rate of growth was recorded in 2013 when the export price increased by 4,463% against the previous year. Over the period under review, the export prices attained the maximum in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while Morocco ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.7%), while the other leaders experienced mixed trends in the export price figures.

Passenger Car Imports

Imports in MENA

In 2021, the amount of passenger cars imported in MENA expanded modestly to X units, surging by 4.7% against the year before. In general, imports, however, recorded a noticeable decline. The volume of import peaked at X units in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, passenger car imports skyrocketed to $X in 2021. Over the period under review, imports, however, recorded a slight downturn. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates (X units) and Saudi Arabia (X units) represented roughly 42% of total imports in 2021. Turkey (X units) took the next position in the ranking, followed by Israel (X units), Oman (X units) and Iraq (X units). All these countries together took near 32% share of total imports. Morocco (X units), Libya (X units), Kuwait (X units), Algeria (X units), Tunisia (X units) and Lebanon (X units) took a little share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the United Arab Emirates (with a CAGR of +3.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Turkey ($X) appeared to be the countries with the highest levels of imports in 2021, together comprising 53% of total imports. Israel, Kuwait, Oman, Iraq, Morocco, Algeria, Tunisia, Libya and Lebanon lagged somewhat behind, together accounting for a further 35%.

Israel, with a CAGR of +6.5%, recorded the highest rates of growth with regard to the value of imports, among 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 2021, the import price in MENA amounted to $X per unit, surging by 19% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.6%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Kuwait ($X per unit), while Libya ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Algeria (+9.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform