Minivans - ASEAN | Statista Market Forecast

Minivans - ASEAN

ASEAN

Highlights

Revenue in the Minivans market is projected to reach US$6bn 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$7bn by 2029.
Minivans market unit sales are expected to reach 271.8k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$24k.
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 ASEAN is experiencing significant growth and development, driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Minivans market in ASEAN are shifting towards vehicles that offer both functionality and style.

Customers are looking for spacious interiors, comfortable seating, and advanced features such as multimedia systems and connectivity options. They also prefer vehicles that are fuel-efficient and environmentally friendly, reflecting the growing awareness of sustainability and the need to reduce carbon emissions. Trends in the market include the increasing popularity of crossover minivans, which combine the practicality of a minivan with the sporty design of an SUV.

These vehicles appeal to customers who want the flexibility and versatility of a minivan, but also desire a more rugged and adventurous look. Additionally, there is a growing demand for electric and hybrid minivans, as customers seek alternative fuel options to reduce their carbon footprint. Local special circumstances in ASEAN countries also contribute to the development of the Minivans market.

One of the key factors is the growing middle class and urbanization in the region. As more people move to cities and experience an increase in disposable income, the demand for vehicles, including minivans, is on the rise. Moreover, the need for transportation solutions for large families and for businesses such as ride-hailing services and tourism also drives the demand for minivans.

Underlying macroeconomic factors play a significant role in the development of the Minivans market in ASEAN. Economic growth, increasing urbanization, and improvements in infrastructure are creating favorable conditions for the automotive industry. As the economies of ASEAN countries continue to expand, more people are able to afford vehicles, leading to higher demand for minivans.

Additionally, government policies and incentives promoting the use of electric and hybrid vehicles are also driving the growth of the market. In conclusion, the Minivans market in ASEAN is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards vehicles that offer functionality and style, the popularity of crossover and electric minivans, the growing middle class and urbanization in the region, and favorable macroeconomic conditions all contribute to the positive outlook for the Minivans market in ASEAN.

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).