Mini Cars - India | Statista Market Forecast

Mini Cars - India

India

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 1.15%, resulting in a projected market volume of US$2bn by 2029.
Mini Cars market unit sales are expected to reach 435.9k vehicles in 2029.
The volume weighted average price of Mini Cars market in 2024 is expected to amount to US$5k.
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 India has been experiencing significant growth in recent years, driven by several factors.

Customer preferences: Indian customers have shown a growing preference for Mini Cars due to their compact size and fuel efficiency. Mini Cars are well-suited for the congested city roads and narrow streets of India, making them a popular choice among urban dwellers. Additionally, the affordability of Mini Cars has made them attractive to the middle-class population, who form a significant consumer base in the country.

Trends in the market: One of the key trends in the Mini Cars market in India is the increasing demand for electric and hybrid Mini Cars. With the growing concern for the environment and rising fuel prices, customers are looking for more sustainable and cost-effective options. Electric and hybrid Mini Cars offer lower emissions and reduced fuel consumption, making them an appealing choice for environmentally conscious consumers. As a result, several automakers have introduced electric and hybrid models in the Indian market to cater to this demand. Another trend in the market is the focus on safety features in Mini Cars. Indian customers are becoming more aware of the importance of safety while driving, and automakers are responding to this demand by equipping Mini Cars with advanced safety features such as airbags, ABS, and electronic stability control. This trend is driven by the increasing number of accidents on Indian roads and the government's emphasis on improving road safety.

Local special circumstances: India's rapidly growing middle-class population and urbanization have contributed to the growth of the Mini Cars market. As more people move to cities and need compact and affordable vehicles for daily commuting, the demand for Mini Cars has increased. Additionally, the government's initiatives to promote the manufacturing and adoption of electric vehicles have further boosted the Mini Cars market in India.

Underlying macroeconomic factors: India's strong economic growth and rising disposable incomes have played a significant role in the development of the Mini Cars market. As more people have the means to purchase a car, the demand for Mini Cars has increased. Furthermore, the government's focus on improving infrastructure, such as roads and highways, has made car ownership more convenient and attractive. In conclusion, the Mini Cars market in India is witnessing significant growth due to customer preferences for compact and fuel-efficient vehicles, the increasing demand for electric and hybrid cars, the focus on safety features, and the favorable macroeconomic factors. As the Indian economy continues to grow and urbanization accelerates, the Mini Cars market is expected to further expand in the coming years.

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).