Morocco: Passenger Car Market 2024

Passenger Car Market Size in Morocco

In 2021, the Moroccan passenger car market decreased by -4% to $X, falling for the fourth year in a row after two years of growth. In general, consumption saw a noticeable descent. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Passenger Car Production in Morocco

In value terms, passenger car production fell modestly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a mild slump. The pace of growth was the most pronounced in 2016 when the production volume increased by 39%. Passenger car production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Passenger Car Exports

Exports from Morocco

In 2021, approx. X units of passenger cars were exported from Morocco; picking up by 18% compared with the previous year. In general, exports posted a significant expansion. The growth pace was the most rapid in 2013 when exports increased by 90% against the previous year. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, passenger car exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2013 when exports increased by 79%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

France (X units) was the main destination for passenger car exports from Morocco, accounting for a 49% share of total exports. Moreover, passenger car exports to France exceeded the volume sent to the second major destination, Italy (X units), fivefold. Spain (X units) ranked third in terms of total exports with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to France totaled +22.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+30.4% per year) and Spain (+33.2% per year).

In value terms, France ($X) remains the key foreign market for passenger cars exports from Morocco, comprising 49% of total exports. The second position in the ranking was held by Italy ($X), with a 9.3% share of total exports. It was followed by Spain, with an 8.5% share.

From 2012 to 2021, the average annual growth rate of value to France stood at +18.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+24.9% per year) and Spain (+30.4% per year).

Export Prices by Country

The average passenger car export price stood at $X per unit in 2021, with an increase of 20% against the previous year. Overall, the export price, however, showed a noticeable decrease. The most prominent rate of growth was recorded in 2016 an increase of 33% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to the UK ($X per unit) and Germany ($X per unit), while the average price for exports to Egypt ($X per unit) and Romania ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+2.8%), while the prices for the other major destinations experienced mixed trend patterns.

Passenger Car Imports

Imports into Morocco

In 2021, overseas purchases of passenger cars increased by 41% to X units for the first time since 2018, thus ending a two-year declining trend. Over the period under review, total imports indicated noticeable growth from 2012 to 2021: its volume increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -19.1% against 2018 indices. Over the period under review, imports reached the peak figure at X units in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, passenger car imports surged to $X in 2021. In general, total imports indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

France (X units), Turkey (X units) and Spain (X units) were the main suppliers of passenger car imports to Morocco, with a combined 42% share of total imports. Germany, the Czech Republic, Romania, the UK, India, Slovakia, Hungary, Slovenia, South Korea and Italy lagged somewhat behind, together accounting for a further 48%.

From 2012 to 2021, the biggest increases were recorded for Hungary (with a CAGR of +32.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car suppliers to Morocco were Germany ($X), France ($X) and Spain ($X), with a combined 41% share of total imports. These countries were followed by Turkey, the Czech Republic, the UK, Slovakia, Hungary, Romania, India, Italy, South Korea and Slovenia, which together accounted for a further 46%.

Among the main suppliers, Hungary, with a CAGR of +43.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average passenger car import price amounted to $X per unit, increasing by 10% against the previous year. Overall, the import price saw a relatively flat trend pattern. 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 supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Slovenia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hungary (+8.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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