Minivans - Brazil

Brazil

Revenue in the Minivans market is projected to reach US$4bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.45%, resulting in a projected market volume of US$4bn by 2029.
Minivans market unit sales are expected to reach 142.7k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$28k.
From an international perspective it is shown that the most revenue will be generated in China (US$42,030m in 2024).

Key regions: China, Worldwide, India, Europe, United Kingdom

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Analyst Opinion

The Minivans market in Brazil has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Brazil are increasingly opting for minivans due to their versatility and spaciousness. Minivans offer ample seating capacity, making them ideal for large families or groups. Additionally, minivans are equipped with various features and technologies that enhance comfort and convenience, such as advanced infotainment systems and flexible seating arrangements.

Trends in the market: One of the key trends in the minivans market in Brazil is the increasing demand for fuel-efficient vehicles. With rising fuel prices and growing environmental concerns, customers are prioritizing vehicles that offer good fuel economy. Minivans, with their efficient engines and lightweight designs, are becoming popular choices for customers who want to minimize their fuel consumption without compromising on space and comfort. Another trend in the market is the integration of advanced safety features in minivans. Customers in Brazil are becoming more conscious of safety while driving, especially when traveling with their families. As a result, minivan manufacturers are incorporating features such as lane departure warning, blind spot detection, and automatic emergency braking to enhance the safety of their vehicles.

Local special circumstances: Brazil is known for its extensive road network and long-distance travel culture. Minivans are well-suited for long journeys, offering comfortable seating and ample storage space for luggage. This makes them a popular choice among Brazilian customers who frequently embark on road trips or travel to remote destinations.

Underlying macroeconomic factors: The growing middle class in Brazil is a key driver of the minivans market. As disposable incomes rise, more families are able to afford minivans as their primary mode of transportation. Additionally, the government's efforts to improve infrastructure and promote tourism have contributed to the growth of the minivans market, as more people are inclined to explore the country's diverse landscapes and attractions. In conclusion, the Minivans market in Brazil is witnessing growth due to customer preferences for versatile and spacious vehicles, trends towards fuel efficiency and safety, local special circumstances such as long-distance travel culture, and underlying macroeconomic factors such as the growing middle class and government initiatives.

Methodology

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).