March 4, 2021, 12:56 a.m. EST

Africa Automotive Market Share, Size Global Growth Analysis, Trends, Industry Analysis, Key Players and Value,Opportunity Forecast to 2024

Global Africa Automotive Market report provides the latest information on the present and the future industry trends, allowing the readers to identify the products and services, hence driving the revenue growth and profitability.

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Mar 04, 2021 (The Expresswire) -- Global Africa Automotive Market research report provides a Point-by-Point In-Depth analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.

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Africa Automotive Market Size competition is assessed by top manufacturers, with production, price, revenue (value), and market share for each manufacturer. It offers a complete evaluation of every area including the volume of the global Africa Automotive market in that area in the estimated duration. This well-drafted report entails the existing market status, historical data, and projection outlook. A detailed segmentation analysis of the market is done on regions, types, and applications in the report. The report tracks primary trends that decide future growth prospects in the global market.

Africa Automotive Market Share Report Overview includes major players of the global Africa Automotive Market Forecast covered in the research study, research scope, Market segments by type, Market segments by application, years considered for the research study, and objectives of the report.The research report explores the Africa Automotive market across the globe shows industry summary, definition, and scope along with major regions and countries. The research report provides a detailed study on each and every aspect of Africa Automotive Market. Furthermore, the research study classifies the market based on product types, application and end user industries of Africa Automotive.

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The Africa automotive market is expected to register a CAGR of about 7.48% over the forecast period. This market is the most underdeveloped automobile market in the world. Apart from South Africa and other small countries, the Africa automotive market is one of the slow growing markets, globally. The major reasons for this limited growth have been the extremely low-average income and the lack of a sizeable middle-class population. Also, the extremely high lending rates have made ownership of a car restricted only to the wealthy and prosperous. Ghana, a promising market, has a car loan interest rate of nearly 26%. This makes taking out a car loan an expensive proposition, which is derailing the automotive market in the country. Even the biggest economy of Africa, Nigeria has a loan interest rate of about 12%.

Market Opportunities in Africa

The African market has great growth prospects. The market is expected to offer high returns to players who are willing to seriously enter the region. Mahindra and Mahindra Group of India, primarily a maker of sports utility vehicles, has set up a manufacturing facility in Ghana to serve the West African market, due to the rising middle-class population in the region. Post-2020, the Africa automotive market is expected to become a luxury and start being a necessity.

The level of infrastructure is also increasing in Africa, which is likely to aid the automotive market of the region. West Africa is expected to drive the growth till 2023, whereas Ghana and Nigeria are expected to be the key players. Ghana aims to become a developed country by 2030, and even if the target is met halfway, the Ghanaian automotive market is anticipated to grow at a tremendous pace, as the economic growth is directly proportional to the growth of automotive markets. The economies of Kenya and Tanzania are also undergoing rapid growth, moreover, the automobile industries in these countries are expected to witness good growth rates.

The North Africa automotive market has been majorly affected by the unrest and has contracted since 2010. The Egyptian market, in particular, has a significant growth potential and is expected to fuel up the Northern African market over the forecast period. The passenger vehicles segment is likely to grow at the fastest rate in Africa, with increasing number of middle-class population aspiring and seeking to own a vehicle. Local auto brands have a good presence in the African market, which can offer strong marketing prospects and significant market shares to the global giants.

Key Developments in the Market

April 2018: Nissan planned to start assembling vehicles in Kenya, bolstering government plans to develop a regional auto-manufacturing hub in East Africa’s biggest economy.


Reasons to Purchase the Report

Various perspectives of the market with the help of Porter’s five forces analysis
The product type that is expected to dominate the market
The regions that are expected to witness the fastest growth rates during the forecast period
The latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in Excel)

Customization of the Report

This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your need.

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Covered in this report

The Report Covers the Present Scenario and the Growth Prospects of the Global Africa Automotive Market for 2021-2024. To calculate the market size, the report considers new installations or sales and subscription payments of Africa Automotive.

The market is divided into the following segments based on geography:

Global Africa Automotive Market Growth 2021-2024, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Market Trend

Market Driver

Market Challenge

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