Minivans - Asia | Statista Market Forecast

Minivans - Asia

Asia

Highlights

Revenue in the Minivans market is projected to reach US$76bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.58%, resulting in a projected market volume of US$79bn by 2029.
Minivans market unit sales are expected to reach 3.9m vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$20k.
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 Asia is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trend.

Customer preferences in the Minivans market in Asia are shifting towards vehicles that offer versatility, practicality, and fuel efficiency. Minivans are popular among families and businesses due to their spacious interiors, flexible seating arrangements, and ample cargo space. Additionally, customers are increasingly looking for advanced safety features and technological innovations in their vehicles.

As a result, automakers in Asia are focusing on developing minivans that meet these customer demands. Trends in the Minivans market in Asia are driven by both global and regional factors. One major trend is the increasing popularity of electric and hybrid minivans.

As governments in Asia continue to promote sustainable transportation, the demand for eco-friendly vehicles is on the rise. Furthermore, the growing middle class in many Asian countries has led to an increase in disposable income, allowing more people to afford minivans. This has resulted in a higher demand for luxury and premium minivans with advanced features and higher price points.

Local special circumstances also play a role in the development of the Minivans market in Asia. For example, in countries with large populations such as China and India, minivans are often used as taxis or ride-sharing vehicles. This creates a significant demand for affordable and durable minivans that can withstand heavy usage.

Additionally, in countries with limited parking spaces and congested urban areas, compact minivans are preferred as they are easier to maneuver and park. Underlying macroeconomic factors contribute to the growth of the Minivans market in Asia. Economic growth, urbanization, and rising disposable incomes are key drivers of the market.

As economies in Asia continue to develop and urban areas expand, the demand for minivans as family vehicles and commercial vehicles is expected to increase. Moreover, favorable government policies and incentives for the automotive industry, such as tax breaks and subsidies, further stimulate the market. In conclusion, the Minivans market in Asia is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

As the demand for versatile and practical vehicles increases, automakers in Asia are adapting to meet these evolving needs. With the rise of electric and hybrid minivans, the market is also becoming more sustainable. Overall, the Minivans market in Asia presents significant opportunities for automotive manufacturers and is expected to continue its positive trajectory in the coming years.

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).