Mini Cars - Argentina

Argentina

Highlights

Revenue in the Mini Cars market is projected to reach US$5bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 56.01%, resulting in a projected market volume of US$48bn by 2029.
Mini Cars market unit sales are expected to reach 379.6k vehicles in 2029.
The volume weighted average price of Mini Cars market in 2024 is expected to amount to US$42k.
From an international perspective it is shown that the most revenue will be generated China (US$7bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Mini Cars market in Argentina has been experiencing significant growth in recent years.

Customer preferences: One of the key factors driving this growth is the changing preferences of customers. In Argentina, there is a growing demand for compact and fuel-efficient vehicles. Mini cars are seen as an ideal choice for urban driving due to their small size and maneuverability. Additionally, the affordability of mini cars makes them attractive to a wide range of consumers, including young professionals and first-time car buyers.

Trends in the market: The Mini Cars market in Argentina has been witnessing several trends. Firstly, there has been an increase in the number of mini car models available in the market. This has given consumers a wider range of options to choose from, catering to different budgets and preferences. Secondly, there has been a shift towards more environmentally friendly mini cars, with many models now offering hybrid or electric options. This trend is in line with the global push towards sustainability and reduced carbon emissions. Lastly, there has been a growing focus on technology and connectivity in mini cars, with features such as touchscreen infotainment systems and smartphone integration becoming increasingly common.

Local special circumstances: Argentina's urban landscape and traffic conditions also contribute to the popularity of mini cars. The crowded city streets and limited parking spaces make smaller vehicles more practical and convenient. Additionally, the high cost of fuel in Argentina has led consumers to prioritize fuel efficiency, which is a key advantage of mini cars.

Underlying macroeconomic factors: The growth of the Mini Cars market in Argentina is also influenced by underlying macroeconomic factors. The country has experienced periods of economic instability in recent years, with inflation rates and currency fluctuations impacting consumer purchasing power. As a result, consumers have become more price-conscious and are looking for affordable transportation options. Mini cars, with their lower price tags and lower operating costs, provide a cost-effective solution for many Argentinian consumers. In conclusion, the Mini Cars market in Argentina is experiencing growth due to changing customer preferences, including a demand for compact and fuel-efficient vehicles. The market is also witnessing trends such as a wider variety of models, a shift towards environmentally friendly options, and increased focus on technology and connectivity. The local special circumstances, such as the crowded urban landscape and high fuel costs, further contribute to the popularity of mini cars. Additionally, underlying macroeconomic factors, such as economic instability and consumer price-consciousness, play a role in driving the growth of the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).