Oct 14, 2020 (The Expresswire) -- Global "Morocco Automotive Market" ReportSegmented by Regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa, Rest of World (ROW). This Morocco Automotive market research report focuses on theKey Manufacturers Profiles in DetailwithGranular Analysisof theMarket Share, Production Technology, Market Entry Strategies,Revenue ForecastsandRegional Analysisof the Market.Also Provides Industry position and viewpoint of main regions based on major key players, country, product types, and end industries Morocco Automotive Market reports offer a detailed assessment of the Morocco Automotive including enabling technologies, current market situation. The Morocco Automotive Market is expected to grow at a CAGR of 5.6% during the forecast period of (2020 2024).
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Short- Description About Morocco Automotive Market:
The Morocco Automotive Industry is expected to grow at a CAGR of
during the forecast period 2020-2024.
The increase in investment from leading automakers in the African region and incentives offered by the government is majorly driving the automotive market in Morocco. The automotive production capacity is expected to be doubled by the end of 2022, to reach 160,000 vehicles a year.
Additionally, Moroccoâs integration into the global economy was facilitated by the signing of numerous automotive free trade agreements with the European Union and the United States. These trade agreements contributed positively to the emergence of auto export activities in the country. For instance, in 2007, an agreement was formed between Morocco and Renault-Nissan Group, which resulted in a vast expansion of the companyâs engagement in the country, by creating an environment-friendly production site in Tangier costing more than EUR 600 million.
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Morocco Automotive Market size (value and volume) by players, regions, product types and end industries, history data 2020 and forecast data 2024. Also, This report focuses on the Morocco Automotive in the Global market, especially in the United States, Europe, China, Japan, South Korea, North America, India. Morocco Automotive Market report categorizes the market based on manufacturers, regions, type and application.
The Global Morocco Automotive market analysis is provided for the international markets including development trends, competitive landscape analysis, and key regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed.
Top Key-players/Leading Manufacturers of Morocco Automotive Market Size 2020:
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With tables and figures helping analyze worldwide Global Morocco Automotive market, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
And report provides a complete market overview, list of top manufactures, scope of the report, key market trends of Morocco Automotive market, and the main aspect of the report- why should you buy this research report? so don’t miss it.
Scope of the Morocco Automotive Market Report:
The Moroccan automotive industry has been segmented by vehicle type.
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Key Trends of Morocco Automotive Market:
Foreign Investments from Leading Auto Manufacturers
Foreign direct investment has been continually increasing as companies are attracted towards the countryâs favorable economic conditions, government support through their initiatives (such as tax exemptions for the first 5 years, VAT exemptions, and land purchase subsidies), skilled workforce, and modern infrastructure.
- Some of the recent investments in Moroccoâs automotive sector include PSA Peugeot Citroenâs investment of USD 615 million for setting up their manufacturing facility, which is expected to be operaÂtional in 2019.
- The company aims to manufacture 90,000 B-and C-segment passenger vehicles in a year and internal combustion engines (ICE) for passenger cars for both domestic and regional markets.
- Despite having a low population and sales of vehicles within the country, automobile manufacturers in Morocco made noteworthy exports to Europe, the Middle East, and Africa.
- Additionally, Moroccoâs integration into the global economy was facilitated by the signing of numerous free trade agreements with the European Union and the United States. These trade agreements contributed positively to the emergence of export activities in the country.
- For instance, in 2007, an agreement was formed between Morocco and Renault-Nissan Group, resulted in a vast expansion of the companyâs engagement in the country, by creating an environment-friendly production site in Tangier costing more than EUR 600 million.
- Additionally, in April 2016, an agreement was made between Morocco and the Renault Group to further expand Renaultâs involvement and position in Morocco, which included the manufacturing of 450,000 vehicles in the country.
Increasing Demand for Passenger Vehicles
The passenger cars segment witnessed a considerable increase of 4.11% rise in sales during 2017, reaching 155,218 units from its previous year.
During the Q1 of 2019, Dacia stood as the market leader with a 30.3% market share. Renault group in April 2019 has sold about 5,364 units of passenger cars and utility vehicles out of which Dacia alone contributed to 3,157 units. This was followed by Volkswagen with 11,810 units, Peugeot with 11,316 units and Hyundai with 9,882 units sold during 2018.
Morocco developed an investment cluster program, which saw Renault enter the local market. Renault will be the only global automaker assembling vehicles in the country until the arrival of Peugeot in 2019.
The demand for luxury cars has increased in 2018 as compared to the previous year. A total of 1,140 hybrid vehicles were sold in the same year as compared to 342 units in 2017. Luxury car manufacturers have also witnessed an increase in their sales. Mercedes-Benz sold 3,105 units and stood as the market leader in the luxury segment followed by BMW with 2,700 units and Audi with 2.572 units.