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“Morocco Automotive Market” 2019 Research report provides information regarding market size, share, trends, growth, cost structure, capacity, revenue and forecast 2024. This report also includes the overall and comprehensive study of the Morocco Automotive market with all its aspects influencing the growth of the market. This report is exhaustive quantitative analyses of the Morocco Automotive industry and provides data for making Strategies to increase the market growth and effectiveness.
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Market Overview:
The Morocco Automotive Industry is expected to grow at a CAGR of 5.6% during the forecast period 2019–2024.
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, Morocco’s 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 company’s engagement in the country, by creating an environment-friendly production site in Tangier costing more than EUR 600 million.
Scope of the Report:
The Moroccan automotive industry has been segmented by vehicle type.
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Key Market Trends:-
Foreign Investments from Leading Auto Manufacturers:
Foreign direct investment has been continually increasing as companies are attracted towards the country’s 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 Morocco’s automotive sector include PSA Peugeot Citroen’s investment of USD 615 million for setting up their manufacturing facility, which is expected to be operational 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, Morocco’s 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 company’s 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 Renault’s 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.
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Competitive Landscape:
Morocco has evolved as the largest automotive industry with 345,000 passenger vehicles, surpassing South Africa with 331,000 passenger vehicles in 2017. The country has attracted several investments from international automotive firms such as Renault, Peugeot, and the Volkswagen group.
Renault/Dacia owns a market share of over one-third of new vehicle sales and it is the largest automotive entity in Morocco. The company has two production plants in the country and sources about 42% of its parts from local suppliers.
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— The market estimate (ME) sheet in Excel format
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some Major Points from Table of content
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 DISCLAIMER
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