Minivans - Argentina

Argentina

Highlights

Revenue in the Minivans market is projected to reach US$8bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 55.84%, resulting in a projected market volume of US$75bn by 2029.
Minivans market unit sales are expected to reach 269.3k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$91k.
From an international perspective it is shown that the most revenue will be generated China (US$42bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Minivans market in Argentina has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In Argentina, customers are increasingly opting for minivans due to their versatility and spaciousness. Minivans offer ample seating capacity, making them ideal for large families or groups. Additionally, they provide ample cargo space, which is highly valued by customers who frequently transport goods or equipment. The convenience and practicality of minivans have made them a popular choice among Argentinian consumers.

Trends in the market: One of the key trends in the minivans market in Argentina is the rise in demand for hybrid and electric minivans. As environmental concerns become more prominent, customers are seeking greener alternatives for their transportation needs. Hybrid and electric minivans offer lower emissions and improved fuel efficiency, making them an attractive option for eco-conscious consumers. This trend is aligned with the global shift towards sustainable mobility solutions. Another trend in the market is the increasing integration of advanced technology and features in minivans. Customers in Argentina are seeking vehicles that offer the latest connectivity options, safety features, and entertainment systems. Manufacturers are responding to this demand by equipping minivans with touchscreen infotainment systems, advanced driver-assistance systems, and smart connectivity features. These technological advancements enhance the overall driving experience and cater to the evolving needs of customers.

Local special circumstances: Argentina's geographical landscape and infrastructure also contribute to the growth of the minivans market. The country has vast rural areas and uneven road conditions, making minivans a practical choice for navigating these terrains. The spaciousness and robustness of minivans make them suitable for off-road adventures and long-distance travel. Additionally, the presence of large cities with heavy traffic congestion creates a demand for compact and maneuverable vehicles like minivans.

Underlying macroeconomic factors: The growth of the minivans market in Argentina is also influenced by underlying macroeconomic factors. Economic stability and rising disposable incomes have enabled more consumers to afford minivans. As the middle class expands, the demand for vehicles that offer comfort, space, and versatility increases. Additionally, favorable financing options and government incentives for purchasing minivans have further fueled market growth. In conclusion, the Minivans market in Argentina is witnessing growth due to changing customer preferences, such as the need for spacious and versatile vehicles, as well as the rise in demand for hybrid and electric options. The integration of advanced technology and features in minivans is also a significant trend. Local special circumstances, such as Argentina's geographical landscape and infrastructure, contribute to the market's growth. Underlying macroeconomic factors, including economic stability and rising disposable incomes, further drive the demand for minivans in Argentina.

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).