Minivans - Australia

Australia

Highlights

Revenue in the Minivans market is projected to reach US$2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.28%, resulting in a projected market volume of US$2bn by 2029.
Minivans market unit sales are expected to reach 62.0k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$27k.
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 Australia has witnessed significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: In Australia, customers have shown a preference for larger vehicles due to their spaciousness and versatility. Minivans offer ample seating capacity and cargo space, making them an ideal choice for families and businesses alike. Additionally, the growing popularity of road trips and outdoor activities has further fueled the demand for minivans, as they provide the necessary comfort and storage for long journeys.

Trends in the market: One of the key trends in the Australian minivans market is the increasing demand for hybrid and electric models. As the country strives to reduce its carbon emissions and promote sustainable transportation, more customers are opting for eco-friendly vehicles. Minivans with hybrid or electric powertrains offer lower fuel consumption and emissions, making them an attractive choice for environmentally conscious consumers. Another trend in the market is the integration of advanced technology features in minivans. Customers are now seeking vehicles with advanced safety systems, connectivity options, and entertainment features. Manufacturers are responding to this demand by equipping minivans with features such as lane departure warning, adaptive cruise control, touchscreen infotainment systems, and smartphone integration. These technological advancements enhance the overall driving experience and appeal to tech-savvy customers.

Local special circumstances: Australia's unique geography and lifestyle contribute to the development of the minivans market in the country. With vast distances between cities and a strong outdoor culture, Australians often require vehicles that can accommodate their active lifestyle and long-distance travel. Minivans provide the necessary space and comfort for such journeys, making them a popular choice among Australians. Moreover, the country's aging population and the increasing number of multi-generational households also drive the demand for minivans, as they offer convenient transportation for larger families.

Underlying macroeconomic factors: The Australian economy has been relatively stable in recent years, with steady economic growth and low unemployment rates. This has positively influenced consumer confidence and purchasing power, leading to increased demand for vehicles, including minivans. Additionally, favorable financing options and competitive pricing offered by manufacturers and dealerships have made minivans more accessible to a wider range of customers. In conclusion, the Minivans market in Australia is experiencing growth due to changing customer preferences, emerging trends such as hybrid and electric models and advanced technology features, as well as local special circumstances such as the country's geography and lifestyle. The stable macroeconomic factors in Australia, including a strong economy and favorable financing options, further contribute to the development of the market.

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).