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Mini Cars - Vietnam

Vietnam
  • Revenue in the Mini Cars market is projected to reach US$249m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.12%, resulting in a projected market volume of US$264m by 2029.
  • Mini Cars market unit sales are expected to reach 14.9k vehicles in 2029.
  • The volume weighted average price of Mini Cars market in 2024 is expected to amount to US$17k.
  • From an international perspective it is shown that the most revenue will be generated China (US$7bn in 2024).

The Mini Cars Market segment includes economy passenger cars of an average footprint around 3.35m2 (36 ft2), an average mass around 1000kg (2250lbs) and passenger/cargo volume less then 2.4m3 (around 85 ft3). Although it is considered the market with the lowest-priced models, prices in the Mini Cars segment are comparable to those of small cars. All key figures shown represent the sales of new mini cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models.

  • European Car Segment: A (Mini Cars)
  • US Car Segment: Minicompact Cars
  • Chinese Car Segment: Category A
  • Also known as: City Cars, Microcars

Example models: Daihatsu Sirion, Fiat 500, Fiat Panda, Hyundai i10, Kia Picanto, Mini Cooper, Nissan Micra, Renault Twingo, Smart EQ fortwo.

In-Scope

  • Economy passenger cars - Mini cars

Out-Of-Scope

  • Mini MPVs
Mini Cars: market data & analysis - Cover

Market Insights report

Mini Cars: market data & analysis

Study Details

    Unit Sales

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    Analyst Opinion

    The Mini Cars market in Vietnam has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

    Customer preferences:
    In Vietnam, there is a growing demand for Mini Cars due to several reasons. Firstly, Mini Cars are generally more affordable compared to larger vehicles, making them an attractive option for budget-conscious consumers. Additionally, the compact size of Mini Cars makes them ideal for navigating the narrow and congested streets in urban areas, where parking spaces are limited. Furthermore, Mini Cars are often perceived as being more fuel-efficient, which is a key consideration for Vietnamese consumers who are increasingly conscious of environmental issues and rising fuel prices.

    Trends in the market:
    One of the key trends in the Mini Cars market in Vietnam is the increasing popularity of electric and hybrid Mini Cars. As the government encourages the adoption of electric vehicles to reduce pollution and dependence on fossil fuels, more automakers are introducing electric and hybrid Mini Cars to cater to this growing demand. This trend is further supported by advancements in battery technology, which have improved the range and performance of electric vehicles. Another trend in the market is the customization options offered by automakers. Vietnamese consumers are increasingly seeking personalized and unique vehicles that reflect their individual tastes and preferences. Automakers are responding to this demand by offering a wide range of customization options, allowing consumers to choose from various colors, trims, and accessories to create their own personalized Mini Cars.

    Local special circumstances:
    Vietnam has a young and rapidly growing middle class, which is driving the demand for Mini Cars. As more Vietnamese enter the middle class and experience rising incomes, they are seeking affordable and convenient transportation options. Mini Cars provide an affordable solution for young professionals and families who are looking for a reliable and economical mode of transportation. Furthermore, the Vietnamese government has implemented policies to promote the development and use of Mini Cars. These policies include tax incentives for small and fuel-efficient vehicles, making Mini Cars more attractive to consumers. Additionally, the government has invested in infrastructure development, including the expansion of road networks and the construction of parking facilities, to accommodate the increasing number of Mini Cars on the roads.

    Underlying macroeconomic factors:
    Vietnam's strong economic growth and increasing urbanization have contributed to the growth of the Mini Cars market. As the economy expands and more people move to urban areas, the demand for affordable and efficient transportation options has increased. Additionally, rising disposable incomes have made Mini Cars more affordable for a larger segment of the population. In conclusion, the Mini Cars market in Vietnam is experiencing growth due to changing customer preferences, emerging trends such as the popularity of electric and hybrid vehicles, local special circumstances including a growing middle class and government policies, and underlying macroeconomic factors such as strong economic growth and urbanization. As these factors continue to drive the market, it is expected that the Mini Cars segment will continue to thrive in Vietnam.

    Technical Specifications

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Notes: Level 0: No automation and very limited driver assistance in the form of automatic emergency braking or blind-spot warning. Level 1: Driver assistance such as cruise control or lane centering. Level 2: Partial automation, including brake and steering support. Level 3: Conditional automation in which the vehicle can perform most driving tasks. In certain scenarios, human intervention is still needed.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Price

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Methodology

    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).

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