Market Size of Morocco Automotive Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Morocco Automotive Market Analysis
The Moroccan automotive market studied was valued at USD 4 billion in 2021, and it is expected to reach a value of USD 5.5 billion by 2027, registering a CAGR of about 6% during the forecast period.
Due to the spread of COVID-19, the automotive market in Morocco witnessed a slump in growth due to lower footfalls in the showrooms. Various automobile manufacturers were forced to temporarily shut their production as the supply chain was disrupted by the country-wide lockdown imposed by the government, which restrained the growth of the market. However, after the government provided relaxations in lockdown measures and companies resumed production activities, Morocco registered 143,900 new cars in the last 10 months of 2021. Given that it is a growth of 10.10% higher than at the end of October 2019. Hence, It is expected that there will be substantial growth in the automobile industry.
Over the long term, the increasing investment from the leading automakers in Africa and incentives offered by the government by removing certain taxes during the first five years are majorly driving the automotive market in Morocco. Foreign investment is encouraged by the Moroccan government. The automotive sector exports went from MAD 14.7 billion to almost MAD 65.1 billion at the end of 2018, which is an increase of 14.5% per 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. Morocco signed a deal with more than 25 automotive industry projects worth USD 1.5 billion as it seeks to position itself as an international hub for automotive production. These trade agreements contributed positively to the emergence of automotive export activities.
Morocco Automotive Industry Segmentation
The Moroccan automotive market is segmented by Vehicle Type and Drive Type. The report offers market size and forecast for Moroccan automotive in terms of volume (in units) and value (USD billion) for all the above segments.
By Vehicle Type, the market is segmented into Passenger Vehicles and Commercial Vehicles.
By Drive Type, the market is segmented into Internal Combustion Engine, Plug-In Hybrid and Battery Electric.
| By Vehicle Type | |
| Passenger Vehicles | |
| Commercial Vehicles |
| By Drive Type | |
| Internal Combustion Engine | |
| Plug-In Hybrid | |
| Battery Electric |
Morocco Automotive Industry Size Summary
The Moroccan automotive industry is poised for significant growth, driven by strategic investments and favorable government policies. Despite the initial setbacks caused by the COVID-19 pandemic, which led to a temporary decline in sales and production, the sector has shown resilience and is on a recovery path. The government's efforts to attract foreign investment through tax incentives and the establishment of free trade agreements with entities like the European Union and the United States have been pivotal. These agreements have not only bolstered Morocco's position as a key player in the global automotive supply chain but have also facilitated a surge in export activities. The country's strategic geographical location, coupled with its modern infrastructure and skilled workforce, continues to attract major automotive players, further solidifying its status as an emerging hub for automotive production.
The industry landscape in Morocco is characterized by the presence of major global automotive manufacturers such as Renault, Nissan, Peugeot, and Volkswagen. These companies have made substantial investments in the country, contributing to the development of a robust automotive ecosystem. The sector's growth is further supported by initiatives aimed at enhancing local manufacturing capabilities and fostering innovation. For instance, recent investments in electric vehicle infrastructure and the establishment of new manufacturing facilities underscore the industry's commitment to adapting to global automotive trends. As Morocco continues to strengthen its trade relations and expand its automotive capabilities, the market is expected to stabilize and thrive in the post-pandemic era, with commercial vehicle sales anticipated to rise due to the country's strategic trade connections.
Morocco Automotive Industry Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.2 Market Restraints
-
1.3 Porter's Five Forces Analysis
-
1.3.1 Threat of New Entrants
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Bargaining Power of Suppliers
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION (Market Size in USD Billion)
-
2.1 By Vehicle Type
-
2.1.1 Passenger Vehicles
-
2.1.2 Commercial Vehicles
-
-
2.2 By Drive Type
-
2.2.1 Internal Combustion Engine
-
2.2.2 Plug-In Hybrid
-
2.2.3 Battery Electric
-
-
Morocco Automotive Industry Market Size FAQs
What is the current Morocco Automotive Market size?
The Morocco Automotive Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Morocco Automotive Market?
Toyota Motor Corporation, Volkswagen AG, Groupe Renault, Hyundai Motor Company and Ford Motor Company are the major companies operating in the Morocco Automotive Market.
