Minivans - Brunei Darussalam

Brunei Darussalam

Highlights

Revenue in the Minivans market is projected to reach US$34m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.36%, resulting in a projected market volume of US$34m by 2029.
Minivans market unit sales are expected to reach 1.4k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$24k.
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 Brunei Darussalam is experiencing steady growth due to changing customer preferences and underlying macroeconomic factors.

Customer preferences: Customers in Brunei Darussalam are increasingly opting for minivans due to their versatility and spaciousness. Minivans provide ample seating capacity, making them ideal for large families or group outings. Additionally, minivans offer flexible seating arrangements and ample cargo space, making them suitable for both personal and commercial use. With the growing trend of families going on road trips and the increasing demand for transportation services, minivans have become a popular choice among Bruneian consumers.

Trends in the market: One of the key trends in the minivans market in Brunei Darussalam is the rising demand for hybrid and electric minivans. As consumers become more environmentally conscious, there is a growing preference for vehicles that are fuel-efficient and have lower emissions. Hybrid and electric minivans not only offer better fuel efficiency but also contribute to reducing carbon emissions. This trend is in line with the global shift towards sustainable transportation solutions and is expected to drive the growth of the minivans market in Brunei Darussalam. Another trend in the market is the integration of advanced technology features in minivans. Automakers are equipping minivans with features such as touchscreen infotainment systems, advanced safety features, and driver-assistance technologies. These technological advancements enhance the overall driving experience and provide added convenience and safety to consumers. The integration of technology in minivans is driven by the increasing demand for connectivity and the desire for a more comfortable and enjoyable driving experience.

Local special circumstances: Brunei Darussalam has a small population and a relatively high GDP per capita, which creates a favorable environment for the minivans market. The affluent population in Brunei Darussalam has the purchasing power to invest in vehicles that meet their specific needs and preferences. Moreover, the country's infrastructure is well-developed, with a good network of roads and highways, making it easier for consumers to travel and transport goods. These factors contribute to the growth of the minivans market in Brunei Darussalam.

Underlying macroeconomic factors: The stable economic conditions in Brunei Darussalam, driven by the oil and gas industry, have a positive impact on the minivans market. With a steady income and low unemployment rates, consumers have the financial means to purchase vehicles, including minivans. Additionally, favorable government policies and initiatives to promote the automotive industry further support the growth of the market. The government's focus on diversifying the economy and reducing dependence on oil and gas also creates opportunities for the automotive sector, including the minivans market. In conclusion, the Minivans market in Brunei Darussalam is growing due to changing customer preferences, such as the demand for hybrid and electric minivans, and the integration of advanced technology features. The local special circumstances, including the small population and well-developed infrastructure, contribute to the market's growth. Furthermore, the stable economic conditions and favorable government policies support the expansion of the minivans market in Brunei Darussalam.

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).