Minivans - Australia & Oceania

Australia & Oceania

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 1.20%, resulting in a projected market volume of US$2bn by 2029.
Minivans market unit sales are expected to reach 73.1k vehicles 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 Australia & Oceania is experiencing steady growth due to changing customer preferences and underlying macroeconomic factors.

Customer preferences: Customers in Australia & Oceania are increasingly opting for minivans due to their versatility and spaciousness. Minivans are popular among families and individuals who require ample seating and cargo space. Additionally, the rise of adventure tourism in the region has contributed to the demand for minivans as they can comfortably accommodate large groups and their equipment.

Trends in the market: One of the key trends in the Minivans market in Australia & Oceania is the growing demand for hybrid and electric minivans. As the region focuses on reducing carbon emissions and promoting sustainability, customers are seeking eco-friendly transportation options. Hybrid and electric minivans offer lower fuel consumption and reduced environmental impact, making them an attractive choice for environmentally conscious consumers. Another trend in the market is the integration of advanced technology features in minivans. Customers in Australia & Oceania are increasingly looking for vehicles that offer connectivity, entertainment systems, and advanced safety features. Minivan manufacturers are responding to this demand by incorporating features such as touchscreen infotainment systems, rear-seat entertainment options, and advanced driver-assistance systems.

Local special circumstances: The geography and infrastructure of Australia & Oceania present unique challenges for the Minivans market. The vast distances between cities and towns require vehicles with long-range capabilities and robust performance. Minivans that offer reliable performance on various terrains and in different weather conditions are highly sought after in this region. Furthermore, the diverse cultural makeup of Australia & Oceania influences the design and features of minivans. Manufacturers need to consider the preferences and requirements of different ethnic communities, ensuring that their minivans cater to a wide range of needs and tastes.

Underlying macroeconomic factors: The growing economy in Australia & Oceania is driving the demand for minivans. As disposable incomes rise, more individuals and families are able to afford vehicles, including minivans. The increasing urbanization and development of infrastructure in the region also contribute to the growth of the Minivans market. Moreover, government policies and incentives play a significant role in the development of the Minivans market. Governments in Australia & Oceania are implementing measures to promote the adoption of electric vehicles, including minivans. These policies, such as subsidies and tax incentives, encourage customers to choose environmentally friendly options, further driving the growth of the market. In conclusion, the Minivans market in Australia & Oceania is experiencing growth due to changing customer preferences, including the demand for hybrid and electric minivans, as well as the integration of advanced technology features. The unique geography, diverse cultural makeup, and underlying macroeconomic factors in the region also 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).