The market is expected to reach $45.56 billion by 2026, up from $26.43 billion in 2020.
This comes within the framework of Iran's goal-in its Great Economic Plan 2025-to become the first car industry in the Middle East region, ranked fifth in Asia and 11th worldwide.
The Dimensions of the Iranian Car Market
He pointed out that Iran, whose market is equivalent to nearly a third of the German car market, has witnessed a decline in the car industry with the implementation of the American sanctions on the country, in addition to the spread of the Corona virus pandemic.
Regardless of the government, local indigenous equipment manufacturers are also involved in agreements and partnerships with the university and research institutes to modernize manufacturing technology related to car parts and components, which are expected to increase market demand during the forecast period.
Moreover, as demand for passenger cars soars across the country, indigenous equipment manufacturers plan to launch state-of-the-art models.
In February 2020, for example, Iran ’ s Khodro announced that it would launch nine new cars in the country in the next three years.
While K125, K-121 over, K121 Hetchback and Dina will be launched by January 2023.
IRANIAN AUTO COMPANIES PRODUCTION INCREASED
The report pointed out a big increase in the Iranian engines and components during the last several years in light of the rapid growth in the population and the need for cars.
The main factors contributing to increased production activity in auto spare parts and components are the Government's support plans for the automobile sector, the increased skilled and educated workforce and the massive revisions to the private sector.
Iran's two largest car manufacturers, Iran's Khodor and Sayba, have developed internal capabilities through their expertise in making engines for international original equipment manufacturers. Together, the two companies manufactured about a million engines in 2018 alone.
IRANIAN AUTO INDUSTRY DEVELOPMENTS
In January 2021, the Iranian Ministry of Transport and Urban Development, in collaboration with the local car supply company (SABCO), started a program to renew the fleet of inter-city passenger cars in the country.
In this respect, IRR 800 million (about $19,000) in banking facilities might be offered, at a 4% interest rate, to owners of old cars for new cars.
In February 2020, Sayba and a group signed a memorandum of understanding for the development and production of electric cars.
Topics related to...
تابعوا اخر اخبار الطاقة عبر Google Newإشترك في النشرة البريدية ليصلك أهم أخبار الطاقة.الوسومالسيارات الايرانية المحركات الايرانية سوق السيارات الايرانية مبيعات السيارات الايرانية نمو سوق السيارات الايرانية