Mini Cars - Israel

Israel

Highlights

Revenue in the Mini Cars market is projected to reach US$761m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.65%, resulting in a projected market volume of US$1bn by 2029.
Mini Cars market unit sales are expected to reach 35.5k vehicles in 2029.
The volume weighted average price of Mini Cars market in 2024 is expected to amount to US$32k.
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 Israel has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth in the Mini Cars market in Israel is the increasing demand for compact and fuel-efficient vehicles. Mini Cars are popular among urban dwellers and young professionals who value convenience and affordability. These customers are attracted to the compact size of Mini Cars, which makes parking and maneuvering in congested city streets much easier. Additionally, Mini Cars are known for their fuel efficiency, which is a major consideration for Israeli consumers who face high gasoline prices.

Trends in the market: The Mini Cars market in Israel is also being driven by a shift towards more sustainable transportation options. With growing concerns about climate change and environmental pollution, many consumers are opting for smaller, more fuel-efficient vehicles. Mini Cars offer a greener alternative to larger, gas-guzzling cars, making them an attractive choice for environmentally conscious individuals. Furthermore, the availability of electric Mini Cars in the market has further boosted the demand, as the government of Israel has been actively promoting the adoption of electric vehicles through various incentives and subsidies.

Local special circumstances: Israel's unique geographic and demographic characteristics also contribute to the growth of the Mini Cars market. The country is relatively small, with a high population density, particularly in urban areas. This makes compact cars like Mini Cars a practical choice for many Israelis, as they are easier to navigate through narrow streets and find parking spaces. Additionally, the younger population in Israel, who are more likely to live in cities, tend to prefer smaller vehicles that are more affordable and easier to maintain.

Underlying macroeconomic factors: The Mini Cars market in Israel is also influenced by macroeconomic factors such as income levels and government policies. Israel has experienced steady economic growth in recent years, leading to an increase in disposable income for many consumers. This has made Mini Cars more affordable and accessible to a larger segment of the population. Furthermore, the government's efforts to promote the use of electric vehicles through financial incentives and infrastructure development have encouraged the adoption of Mini Cars in the country. In conclusion, the Mini Cars market in Israel is growing due to customer preferences for compact and fuel-efficient vehicles, the trend towards sustainable transportation options, local special circumstances such as high population density and a younger population, and underlying macroeconomic factors including income levels and government policies.

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).