Mini Cars - ASEAN | Statista Market Forecast

Mini Cars - ASEAN

ASEAN

Highlights

Revenue in the Mini Cars market is projected to reach US$2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.88%, resulting in a projected market volume of US$2bn by 2029.
Mini Cars market unit sales are expected to reach 190.7k vehicles in 2029.
The volume weighted average price of Mini Cars market in 2024 is expected to amount to US$12k.
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 ASEAN has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In ASEAN, customers have shown a growing preference for Mini Cars due to their compact size, fuel efficiency, and affordability. Mini Cars are well-suited for navigating through congested urban areas and are often seen as a practical choice for daily commuting. Additionally, the rising awareness of environmental issues has also contributed to the increased demand for Mini Cars, as they tend to have lower carbon emissions compared to larger vehicles.

Trends in the market: One of the key trends in the Mini Cars market in ASEAN is the increasing popularity of electric and hybrid Mini Cars. As governments in the region implement stricter emission regulations and incentivize the adoption of electric vehicles, more customers are opting for electric or hybrid Mini Cars. This trend is expected to continue as technology advancements and infrastructure developments make electric vehicles more accessible and convenient. Another trend in the market is the customization options offered by Mini Car manufacturers. Customers in ASEAN are increasingly seeking personalized vehicles that reflect their individual style and preferences. Mini Car manufacturers have responded to this demand by offering a wide range of customization options, including different exterior colors, interior trims, and additional features. This trend has not only attracted new customers but also encouraged existing Mini Car owners to upgrade to newer models.

Local special circumstances: One of the key factors contributing to the growth of the Mini Cars market in ASEAN is the rapid urbanization in the region. As more people move to cities, the demand for compact and efficient vehicles has increased. Mini Cars are well-suited for navigating through congested city streets and finding parking in limited spaces. Additionally, the relatively lower purchasing and maintenance costs of Mini Cars make them an attractive option for urban dwellers.

Underlying macroeconomic factors: The economic growth and rising middle-class population in ASEAN countries have also played a significant role in the development of the Mini Cars market. As disposable incomes increase, more people are able to afford personal vehicles, and Mini Cars are often the preferred choice due to their affordability and practicality. Additionally, favorable government policies and initiatives aimed at promoting the automotive industry have further fueled the growth of the Mini Cars market in ASEAN. In conclusion, the Mini Cars market in ASEAN is experiencing growth due to changing customer preferences, including a preference for compact and fuel-efficient vehicles, as well as the increasing popularity of electric and hybrid Mini Cars. The trend of customization options offered by manufacturers has also contributed to the market's growth. Local special circumstances, such as rapid urbanization and the relatively lower purchasing and maintenance costs of Mini Cars, have further boosted the market. Additionally, the economic growth and rising middle-class population in ASEAN countries have played a significant role in the development of the Mini Cars 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).