Mini Cars - China | Statista Market Forecast

Mini Cars - China

China

Highlights

Revenue in the Mini Cars market is projected to reach US$7bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.93%, resulting in a projected market volume of US$7bn by 2029.
Mini Cars market unit sales are expected to reach 567.6k vehicles in 2029.
The volume weighted average price of Mini Cars market in 2024 is expected to amount to US$13k.
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 China has been experiencing significant growth in recent years.

Customer preferences: Chinese customers have shown a strong preference for compact and fuel-efficient vehicles, making mini cars a popular choice in the country. These vehicles are not only affordable but also well-suited for navigating the crowded streets of Chinese cities. Additionally, mini cars are often favored by young urban dwellers who prioritize convenience and ease of parking.

Trends in the market: One of the key trends in the Mini Cars market in China is the increasing demand for electric mini cars. With the Chinese government's push towards sustainable transportation, there has been a surge in the adoption of electric vehicles across the country. Mini cars, being smaller and more compact, are ideal for electric powertrains, making them a popular choice among environmentally-conscious consumers. This trend is expected to continue as the government continues to incentivize the purchase and use of electric vehicles. Another trend in the market is the growing popularity of mini SUVs in China. These vehicles combine the compact size of mini cars with the ruggedness and versatility of SUVs, making them a perfect fit for Chinese consumers who value both practicality and style. The mini SUV segment has seen rapid growth in recent years, with both domestic and international automakers introducing new models to cater to this demand.

Local special circumstances: China's rapidly urbanizing population and congested cities create unique circumstances that favor the Mini Cars market. The limited availability of parking spaces and the high cost of owning larger vehicles make mini cars an attractive option for many Chinese consumers. The compact size of mini cars allows for easier maneuverability in crowded city streets and makes finding parking spaces less of a challenge.

Underlying macroeconomic factors: China's growing middle class and rising disposable incomes have played a significant role in driving the growth of the Mini Cars market. As more Chinese consumers enter the middle class, they are seeking affordable and convenient transportation options, making mini cars an appealing choice. Furthermore, government policies and incentives have also contributed to the growth of the Mini Cars market in China. The government's support for electric vehicles, including subsidies and tax breaks, has encouraged consumers to choose mini cars with electric powertrains. Additionally, the government's efforts to reduce pollution and congestion in major cities have led to stricter regulations on vehicle ownership and usage, further driving the demand for mini cars. In conclusion, the Mini Cars market in China is experiencing growth due to customer preferences for compact and fuel-efficient vehicles, the increasing demand for electric vehicles, the popularity of mini SUVs, unique local circumstances such as limited parking spaces, and underlying macroeconomic factors such as the growing middle class and government policies and incentives. This market is expected to continue to expand as more Chinese consumers seek affordable and convenient transportation options.

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).