In a monthly report, the OE explains that the monetary value of exports from the automotive industry increased by 44% compared to the same period of the previous year.
Morocco currently has the largest automobile industry in Africa, having in 2018 overtaken South Africa as the continent's largest manufacturer.
Morocco's auto industry is expected to grow by around $14 billion by 2026, suggests research by consultancy firm Mordor Intelligence.
The sector is experiencing a positive growth trend, thanks to foreign investment and government incentives.
Although the pandemic has caused a temporary slowdown, Morocco has signed 25 separate trade agreements with various automakers in the European Union and the United States since 2021.
Moroccan carmakers are experiencing rising demand for passenger vehicles, and long-established manufacturers such as Dacia and Renault have joined Peugeot as it entered the Moroccan car manufacturing scene in 2019. Chinese automaker BYD and the German manufacturer Volkswagen also opened factories in Morocco.
Luxury car manufacturing has also seen significant growth, with the country's top three manufacturers, Mercedes-Benz, BMW and Audi, all seeing increased sales.
Experts predict that Morocco will have the capacity to produce one million cars by 2030 and is expected to soon overtake Italy in vehicle production. The auto industry accounted for around 19% of Moroccan GDP in 2019 and is expected to increase to around 24% by 2022, according to the Oxford Business Group.
A large proportion of vehicles produced in Morocco are destined for export to several countries in the European Union, and analysts expect this trend to continue as the Moroccan automobile industry prepares for monumental growth to meet the growing demand in both domestic and international markets in the coming five years.
