Mordor Intelligence has published a new report on the Morocco Automotive Industry, offering a comprehensive analysis of trends, growth drivers, and future projections.
The Morocco Automotive Market, valued at USD 4 billion in 2021, is projected to grow to USD 5.5 billion by 2027, registering a Compound Annual Growth Rate (CAGR) of approximately 6% during the forecast period. The automotive market is primarily driven by growing investments from leading automakers in Africa and government incentives, including the removal of certain taxes for the first five years.
Key Trends Driving the Morocco Automotive Industry
- Surge in Vehicle Production and Exports
In September 2024, Morocco’s automotive market recorded 14,398 vehicle deliveries, marking a 22.57% increase compared to the same month in 2023. This growth underscores the industry’s recovery and expansion post-economic disruptions. The passenger vehicle segment has been a significant contributor, reflecting the rising domestic demand and export potential.
2. Strategic Partnerships and Investments
The Moroccan government has been proactive in attracting foreign investments to bolster the automotive sector. Notably, in March 2022, Morocco signed investment agreements worth USD 180 million with five automotive cable providers to meet the growing demand from EV manufacturers. Such collaborations have enhanced Morocco’s position in the global automotive supply chain.
3. Transition to Electric Vehicles
Aligning with global trends, Morocco is steering its automotive industry towards electric mobility. The government aims for electric vehicles to constitute up to 60% of exported cars by 2030, anticipating the European Union’s 2035 ban on fossil-fuel cars. Investments from Chinese firms, such as Gotion High Tech’s planned $1.3 billion EV battery gigafactory, underscore Morocco’s commitment to becoming a hub for EV production.
Market Segmentation
The Moroccan automotive market is segmented by vehicle type and drive type:
1. Vehicle Type:
- Passenger Vehicles: Comprising sedans, hatchbacks, and SUVs, this segment caters to both domestic consumers and export markets.
- Commercial Vehicles: Includes light and heavy-duty trucks, essential for logistics and trade activities.
2. Drive Type:
- Internal Combustion Engine (ICE) Vehicles: Traditional petrol and diesel-powered vehicles dominate the market but are gradually being complemented by alternative options.
- Electric Vehicles (EVs): A growing segment, supported by government incentives and increasing foreign investments in EV manufacturing and infrastructure.
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Key Players
The Moroccan automotive industry is consolidated, with several key players contributing to its growth:
- Renault-Nissan
- Peugeot (Groupe PSA)
- Volkswagen
- Dacia
These companies have been instrumental in establishing Morocco as a competitive automotive manufacturing hub, leveraging the country’s strategic location and favorable trade agreements.
Conclusion
Morocco’s automotive industry stands at a transformative juncture, characterized by robust growth, strategic investments, and a proactive shift towards electric mobility. The sector’s resilience and adaptability have not only bolstered the national economy but also positioned Morocco as a key player in the global automotive landscape. With continued government support and international collaborations, the industry is poised to achieve new milestones, aligning with global trends and sustainability goals.
Industry Related Reports
Ghana Automotive Industry: The Ghana Automobile Industry Report is categorized by Vehicle Type (Passenger Cars, Commercial Vehicles, Two-Wheelers, and Three-Wheelers), Propulsion Type (Internal Combustion Engine and Electric Vehicles), and Vehicle Type (New Vehicles and Used Vehicles).
Africa Automobile Industry: The report covers Africa’s Automotive Market Share and Car Sales by Country. The market is segmented by Vehicle Type (Passenger Cars and Commercial Vehicles) and Country (South Africa, Morocco, Algeria, Egypt, Nigeria, Ghana, Kenya, and the Rest of Africa).
South America Automotive Industry: The South America Automotive Industry Report is categorized by Vehicle Type (Passenger Cars, Commercial Vehicles, and Two-Wheelers), Fuel Type (Diesel, Gasoline, Electric Vehicles, and Other Fuels), and Country (Brazil, Argentina, Chile, Peru, and the Rest of South America).
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