Dublin, June 19, 2024 (GLOBE NEWSWIRE) -- The "Iraq ICE & Electric Passenger Vehicle Market 2024-2030: Market Forecast By Type, By Vehicle Type, By ICE Fuel Type, By Electric Vehicle Type, By Region and Competitve Landscape" report has been added to ResearchAndMarkets.com's offering.
Iraq ICE & Electric Passenger Vehicle Market size is anticipated to grow at a CAGR of 6.5% during 2023-2029
The ICE & Electric Passenger Vehicle Market is anticipated to experience substantial growth in the upcoming years, propelled by the growing urban population, the rising standard of living and the rising economy, along with an increased per capita income.
Iraq ICE & Electric Passenger Vehicle market has experienced notable growth in recent years, primarily driven by rising disposable income, growing middle class and limited public transportation. In Madrid there are around 6,498,560 inhabitants which are served by 4,007 buses, while Baghdad has only 667 buses for approximately the same number of inhabitants, which reflects the region's deprived public transportation. This limited availability of regulated public transport has led individuals in Iraq to prefer owning their private vehicles.
The GDP per capita recorded a notable 38.31% increase from 2020 to 2022, and this upward trend is expected to continue, spurring a heightened demand for passenger vehicles, particularly SUVs and Sedans. This surge in demand is attributed to the versatility, spacious interiors, and adaptability to diverse road conditions offered by these types of vehicles. The market is also facing some challenges such as the lack of government policies for the automotive sector along with the underdeveloped ecosystem in Iraq could hinder the ICE & electric passenger vehicle growth in the short and long term.
Market Segmentation by Type
Despite the growing interest and advancements in electric vehicles (EVs), the new ICE passenger vehicle is expected to maintain its stronghold on the market. This dominance is attributed to several factors, including the extensive infrastructure supporting conventional fuelling, the familiarity and reliability of ICE technology, and the continuous enhancement of fuel efficiency in traditional vehicles.
Market Segmentation by Vehicle Type
By Vehicle Type, SUVs will dominate the market in the coming year attributed to the growing population which is expected to reach 50 million by 2030, and changing consumer preferences. Moreover, the increasing demand for SUVs is particularly notable in Iraq due to the demographic landscape, where more than 50% of the 42 million population is under 25 years old. The younger generation's preference for SUVs is fueled by factors like perceived status, versatility, safety features, and adaptability to local conditions offered by these vehicles.
Market Segmentation by ICE Fuel Type
In 2022, Petrol fuel type ICE passenger vehicles held a significant market share in Iraq, driven by the key consideration of affordability, as these cars generally have a lower upfront cost compared to their diesel counterparts. Furthermore, the lower maintenance costs of petrol vehicles enhance the value proposition for Iraqi consumers in the passenger vehicle market. This dual advantage positions them as the dominant force in the market, and it is anticipated that their reign will continue until electric vehicles surpass the petrol-fueled counterparts in Iraq.
Market Segmentation by Electric Vehicle Type
In the electric vehicle product category, Plug-in Hybrid Electric Vehicles (PHEVs) have the largest market share in the electric passenger vehicle market in 2022. Iraq has a more developed infrastructure for traditional fuelling stations compared to electric charging stations, so consumers might be inclined towards PHEVs. PHEVs offer the flexibility of using both electricity and conventional fuels, making them suitable for regions such as Iraq with an underdeveloped charging infrastructure.
Market Segmentation by Region
During the forecast period, Central region is expected to experience significant growth in the Iraq ICE & Electric Passenger Vehicle market. It is an economic hub with major urban centers, government facilities, and commercial activity. Additionally, higher income levels, population density, and political stability are likely to play roles in making private vehicle ownership more attractive in this region in the coming years.
Key Highlights of the Report
- Iraq ICE & Electric Passenger Vehicle Market Overview
- Iraq ICE & Electric Passenger Vehicle Market Outlook
- Iraq ICE & Electric Passenger Vehicle Market Forecast
- Historical Data and Forecast of Iraq ICE & Electric Passenger Vehicle Market Revenues and Volume for the Period 2019-2029F
- Historical Data and Forecast of Iraq New ICE & Electric Passenger Vehicle Market Revenues and Volume, By Type, for the Period 2019-2029F
- Historical Data and Forecast of Iraq Used ICE & Electric Passenger Vehicle Market Revenues and Volume, By Type, for the Period 2019-2029F
- Historical Data and Forecast of Iraq ICE & Electric Passenger Vehicle Market Revenues and Volume, By Vehicle Type, for the Period 2019-2029F
- Historical Data and Forecast of Iraq ICE Passenger Vehicle Market Revenues and Volume, By ICE Fuel Type, for the Period 2019-2029F
- Historical Data and Forecast of Iraq Electric Passenger Vehicle Market Revenues and Volume, By Product Type, for the Period 2019-2029F
- Market Drivers and Restraints
- Industry Life Cycle
- PESTLE Analysis
- Porter's Five Force Analysis
- Market Trends
- Iraq ICE & Electric Passenger Vehicle Market. New V/S Used Sales Analysis
- Iraq ICE & Electric Passenger Vehicle Market, Pricing Structure
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Company Profiles
- Suzuki Iraq
- Kia Corporation
- Toyota Iraq
- Hyundai Motor Company
- Chery Iraq Inc.
- MG Motor Middle East
- General Motors Company
- Jaguar Land Rover Limited
- Changan Iraq
- Nissan Iraq
- Jeep
- Geely Auto Group
Market Scope and Segmentation
By Type
- ICE
- Electric
By Vehicle Type
- Sedan
- SUV
- Hatchback
- Others (Crossover, Wagon, MUV, Convertible, Coupe)
By ICE Fuel Type
- Petrol
- Diesel
- CNG
By Electric Vehicle Type
- Battery Electric Vehicles (BEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
By Region
- Northern (Nineveh, Duhok, Erbil, Sulaymaniyah, Kirkuk, Salah Al-Din)
- Central (Baghdad, Diyala, Babil, Wassit)
- Southern (Diwaniyah, Thi Qar, Maysan, Muthanna, Basrah)
- Western (Anbar, Kerbala, Najaf)
For more information about this report visit https://www.researchandmarkets.com/r/2osuge
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