Mini Cars - EU-27 | Statista Market Forecast

Mini Cars - EU-27

EU-27

Highlights

Revenue in the Mini Cars market is projected to reach US$14bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.22%, resulting in a projected market volume of US$14bn by 2029.
Mini Cars market unit sales are expected to reach 1.0m vehicles in 2029.
The volume weighted average price of Mini Cars market in 2024 is expected to amount to US$14k.
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 EU-27 is experiencing significant growth and development. Customer preferences are shifting towards smaller and more fuel-efficient vehicles, leading to an increased demand for mini cars. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the growth of this market.

Customer preferences: Customers in the EU-27 are increasingly opting for mini cars due to their compact size and fuel efficiency. With urban areas becoming more congested and parking spaces limited, mini cars offer a practical solution for navigating city streets and finding parking. Furthermore, rising fuel prices and environmental concerns have prompted customers to choose vehicles that are more fuel-efficient and emit fewer emissions. Mini cars are often equipped with smaller engines, making them more economical to run and environmentally friendly.

Trends in the market: One of the key trends in the Mini Cars market in EU-27 is the introduction of electric and hybrid mini cars. As governments and consumers become more conscious of the environmental impact of vehicles, there is a growing demand for electric and hybrid options. Many automakers are investing in the development of electric and hybrid mini cars to cater to this demand. These vehicles offer low or zero emissions, making them an attractive choice for environmentally conscious customers. Another trend in the market is the focus on advanced safety features in mini cars. Manufacturers are incorporating advanced safety technologies such as autonomous emergency braking, lane-keeping assist, and blind-spot monitoring systems into their mini car models. These features enhance the safety of mini cars and provide customers with peace of mind while driving in urban areas.

Local special circumstances: The Mini Cars market in EU-27 is influenced by local special circumstances such as government incentives and regulations. Many countries within the EU-27 have implemented policies to promote the adoption of electric and hybrid vehicles. These policies include financial incentives such as tax rebates and subsidies, as well as the establishment of charging infrastructure. These measures have fueled the demand for electric and hybrid mini cars in the region. Furthermore, the EU-27 has a well-developed public transportation system, which encourages customers to opt for smaller vehicles for personal use. With reliable and extensive public transportation networks, customers have the option to use public transport for longer journeys and rely on mini cars for shorter trips or when public transport is not readily available.

Underlying macroeconomic factors: The growth of the Mini Cars market in EU-27 is also influenced by underlying macroeconomic factors. Economic stability and disposable income levels play a significant role in determining customer purchasing power and affordability. As the economy of the EU-27 continues to recover and disposable incomes increase, more customers are able to afford mini cars. Additionally, low interest rates and favorable financing options make mini cars more accessible to a wider range of customers. In conclusion, the Mini Cars market in EU-27 is experiencing growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customers are opting for mini cars due to their compact size and fuel efficiency, and there is a growing demand for electric and hybrid mini cars. Government incentives and regulations, as well as the well-developed public transportation system in the EU-27, further contribute to the growth of this market. Economic stability and disposable income levels also play a significant role in driving the demand for mini cars.

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).