$660.21 Bn
Market Size
5.70%
CAGR
$877.12 Bn
Forecast
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Africa's rapid urbanization fuels a surge in vehicle ownership. Invest in the parts that keep Africa moving! From assembling new cars to supplying essential spares, contribute to Africa's future of mobility.
Africa's rapid urbanization fuels a surge in vehicle ownership. Invest in the parts that keep Africa moving! From assembling new cars to supplying essential spares, contribute to Africa's future of mobility.
$660.21 Bn
Market Size
5.70%
CAGR
$877.12 Bn
Forecast
Africa's economic growth and rising middle class are driving a surge in demand for vehicles, creating a dynamic and lucrative market for the automotive & spares sector. With a projected vehicle production of 2 million units by 2023 (OICA) and a growing urbanization rate of 4.2% (World Bank), Africa presents a uniquely lucrative opportunity for foreign investors across the automotive value chain.
Despite this promising outlook, the continent faces a significant challenge: a reliance on used car imports, estimated at 70-80% of the total vehicle market (Mordor Intelligence). This creates a huge gap in the market for high-quality, affordable new vehicles and a corresponding demand for a robust aftermarket for spare parts. Investors can capitalize on this opportunity by establishing local assembly plants for new vehicles, catering to the growing demand for brand new cars. Or, investing in the production and distribution of high-quality spare parts, catering to both new and used vehicles. There's also a big scope for developing innovative solutions for financing and after-sales services, making car ownership more accessible to the growing middle class.
Plateforme Economique Industrielle d'Abidjan (PEIA), is a Public Private Partnership (PPP) between Arise IIP and the Republic of Cote d'Ivoire, spread over 440 Ha at PK-24 (24 KM from the economic capital of Abidjan). The Government's objective for setting up an Industrial Zone with Arise IIP, is to promote the manufacturing growth of CIV and to ensure the processing of the abundant agricultural commodities.
PIA is a vertically integrated industrial zone, focused at creating thriving value chains for storage, processing, manufacturing, and export. Strategically located on the backbone of Lome - Burkina industrial corridor, PIA offers the best entry to the ECOWAS and landlocked region of West Africa.
Industrial Platform Remo Free Zone (IPRFZ) is a Public-Private Partnership of ARISE IIP and the Ogun State Government in Nigeria. Focus is on maximizing the local resource production, efficiency & cost.
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Africa Business Opportunities: Location-Based
Africa Business Sectors: Location-Based
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