Minivans - Austria

Austria

Highlights

Revenue in the Minivans market is projected to reach US$841m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.49%, resulting in a projected market volume of US$905m by 2029.
Minivans market unit sales are expected to reach 29.5k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$31k.
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 Austria has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Austrian customers have shown a growing preference for Minivans due to their versatility and practicality. Minivans offer ample space for both passengers and cargo, making them an ideal choice for families and individuals who require a spacious and comfortable vehicle. Moreover, the increasing popularity of outdoor activities and road trips has further fueled the demand for Minivans, as they provide the necessary space to transport equipment and gear.

Trends in the market: One noticeable trend in the Minivans market in Austria is the growing demand for electric and hybrid models. As the country aims to reduce its carbon footprint and promote sustainable transportation, more consumers are opting for environmentally-friendly vehicles. This trend aligns with the global shift towards electric and hybrid vehicles, as countries worldwide strive to combat climate change and reduce dependence on fossil fuels. Another trend in the market is the integration of advanced technology and safety features in Minivans. Austrian consumers are increasingly seeking vehicles that offer the latest infotainment systems, connectivity options, and advanced driver-assistance systems. Manufacturers are responding to this demand by equipping their Minivans with state-of-the-art features, enhancing the overall driving experience and safety.

Local special circumstances: Austria's geography and infrastructure play a significant role in the development of the Minivans market. The country is known for its stunning landscapes and outdoor activities, attracting tourists and locals alike. The need for spacious vehicles to transport people and equipment to these destinations has contributed to the demand for Minivans. Additionally, Austria's well-maintained road network and efficient public transportation system make Minivans a convenient choice for both urban and rural areas.

Underlying macroeconomic factors: Austria's stable economy and high standard of living have also influenced the Minivans market. With a strong purchasing power, Austrian consumers have the means to invest in larger and more luxurious vehicles like Minivans. Furthermore, low interest rates and favorable financing options have made it easier for individuals to afford Minivans, contributing to the market's growth. In conclusion, the Minivans market in Austria is experiencing growth due to changing customer preferences, such as the demand for electric and hybrid models and advanced technology features. The country's geography, infrastructure, stable economy, and high standard of living also contribute to the market's development. As the market continues to evolve, manufacturers will need to adapt to these trends and cater to the specific needs of Austrian consumers.

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).