According to a market report, published by Sheer Analytics and Insights, The Morocco automotive market was valued at $3.91 billion in 2021 and it is expected to reach $8.1 billion at a CAGR of 6.8% between 2022 and 2032. Renault entered the local market thanks to an investment cluster program that Morocco established. The only international carmaker assembling cars there was Renault. Sales of luxury vehicles increased for the manufacturers. In the luxury market, Mercedes-Benz sold 3,105 units and held the top spot, followed by BMW with 2,700 units and Audi with 2.572 units. Due to Morocco's strategically advantageous location, the country's automobile sector anticipates an increase in commercial vehicle sales in the future years. For all other European nations, Morocco's trading time with Spain is one to two days. Morocco becomes crucial to trade links between Africa and Europe as a result. Moreover, manufacturers and local candidates are being encouraged to enter the industry and boost the nation's economy thanks to the financial and training assistance offered by the national government.
The negotiation of multiple automobile free trade agreements with the European Union and the United States also helped Morocco integrate into the world economy. The rise of automobile export activity was helped by these trade agreements. The government's measures (such as tax exemptions for the first five years, VAT exemptions, and land purchase incentives), the skilled workforce, and the country's contemporary infrastructure all contribute to the country's consistently rising levels of foreign direct investment.
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Moreover, the nation of North Africa has succeeded in establishing an amazing reputation. The sector has succeeded in becoming one of the most appealing markets for foreign investment since it is considered one of the most trustworthy partners in the global arena. This has been further aided by Morocco's capacity to draw business due to the country's low cost of production, trained labor force, and extensive contemporary infrastructure, which are in charge of producing the best automobiles on the market.
The negotiation of multiple automobile free trade agreements with the European Union and the United States also helped Morocco integrate into the world economy. To establish itself as a global center for car production, Morocco signed agreements totaling USD 1.5 billion with more than 25 automotive sector projects. The emergence of automotive export activities in the nation was favorably impacted by these trade agreements. The Moroccan government provided the Renault-Nissan factory with several assurances as well as funding in specific areas for it to be fully operational. For the corporation to come to invest in Morocco, certain commitments made to it had to be kept. The Moroccan government has committed to funding a facility where new employees can learn more about the work they will be performing in the factory. Morocco has also put in place the entire necessary infrastructure to make it easier for the new cars to travel to the Tangier-Med port, including a new small highway and a new rail line that will connect the factory and the port.
Some new developments in the Morocco automotive market:
- On 15th September, 2022, in 2023, Renault Tangier will open its first assembly line for electric vehicles. The company hopes to produce 17,000 electric automobiles a year with this new line. According to the company's announcement, the new model will contain 50% recycled material and be 95% recyclable when it comes time to replace it.
- On 22nd July, 2022, Morocco intends to build a "EV battery gigafactory." The projected EV battery facility will provide the local automotive industry a tremendous boost and profit from the country's access to renewable energy and raw minerals like cobalt and phosphates.
- On 24th March, 2022, Morocco declares investments in vehicle wiring systems of $180 million.
According to the study, key players dominating the global Morocco automotive market are BMW (Germany), BYD Company (China), Fiat (Italy), Ford Motor Company (U.S), Hyundai Motor Company (South Korea), Porsche SE (Germany), Renault (France), Stellantis (Netherlands), Toyota (Japan), among others.
The Morocco Automotive Market Has Been Segmented Into:
The Morocco Automotive Market – by Motor Types:
- PMSM
- DC Brushless
- AC Induction
- Others
The Morocco Automotive Market – by Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
- Others
The Morocco Automotive Market – by Regions:
- Tangier
- Oujda
- Fes
- Rabat
- Others
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/morocco-automotive-market-21
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