Minivans - Armenia

Armenia

Highlights

Revenue in the Minivans market is projected to reach US$11m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.81%, resulting in a projected market volume of US$11m by 2029.
Minivans market unit sales are expected to reach 429.0vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$26k.
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 Armenia is experiencing steady growth and development in recent years.

Customer preferences: Armenian customers have shown a strong preference for minivans due to their versatility and practicality. Minivans offer ample space for both passengers and cargo, making them ideal for large families or businesses that require transportation for both people and goods. Additionally, minivans are known for their comfortable seating and smooth ride, which further appeals to customers in Armenia.

Trends in the market: One of the key trends in the Armenian minivans market is the increasing demand for electric and hybrid minivans. As the global trend towards sustainability and eco-friendly transportation gains momentum, Armenian customers are also becoming more conscious of their environmental impact. Electric and hybrid minivans offer a greener alternative to traditional fuel-powered vehicles, and this trend is expected to continue in the coming years. Another trend in the market is the integration of advanced technology features in minivans. Armenian customers are increasingly looking for vehicles that offer the latest technological advancements, such as touchscreen infotainment systems, advanced safety features, and connectivity options. Minivan manufacturers are responding to this demand by equipping their vehicles with these features, enhancing the overall driving experience for customers.

Local special circumstances: Armenia has a relatively small population compared to other countries, which means that the minivans market is not as large as in some other regions. However, the market is growing steadily due to the increasing demand for minivans from both individual customers and businesses. The country's mountainous terrain and challenging road conditions also contribute to the popularity of minivans, as they offer better stability and maneuverability compared to other vehicle types.

Underlying macroeconomic factors: Armenia has experienced steady economic growth in recent years, which has had a positive impact on the automotive industry, including the minivans market. Improving economic conditions have led to increased disposable income and purchasing power among consumers, allowing them to afford larger vehicles like minivans. Additionally, the government's initiatives to support the automotive industry, such as tax incentives and subsidies for electric vehicles, have also contributed to the growth of the minivans market in Armenia. In conclusion, the Minivans market in Armenia is developing and growing due to customer preferences for versatile and practical vehicles, the increasing demand for electric and hybrid minivans, the integration of advanced technology features, the local special circumstances of challenging road conditions, and the underlying macroeconomic factors of steady economic growth and government support.

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).