Minivans - Cameroon

Cameroon

Highlights

Revenue in the Minivans market is projected to reach US$4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.52%, resulting in a projected market volume of US$4m by 2029.
Minivans market unit sales are expected to reach 138.0vehicles 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 China (US$42bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Minivans market in Cameroon has been experiencing significant growth in recent years. Customer preferences have shifted towards more spacious and practical vehicles, leading to an increased demand for minivans.

Customer preferences: Cameroonian customers value vehicles that can accommodate large families and provide ample cargo space. Minivans offer the perfect solution, as they are designed with multiple seating options and flexible storage configurations. Additionally, minivans are often equipped with advanced safety features, which are highly valued by customers in Cameroon.

Trends in the market: One of the key trends in the Minivans market in Cameroon is the increasing popularity of imported minivan models. Customers are drawn to the reliability and durability of international brands, which are often perceived as superior to domestic options. This trend has led to a rise in imports of minivans from countries such as Japan, South Korea, and the United States. Another trend in the market is the growing demand for electric and hybrid minivans. As environmental awareness increases worldwide, customers in Cameroon are also becoming more conscious of their carbon footprint. Electric and hybrid minivans offer a greener alternative to traditional gasoline-powered vehicles, and their popularity is expected to continue rising in the coming years.

Local special circumstances: Cameroon is a country with a rapidly growing population, and this has contributed to the increased demand for minivans. As families expand, the need for larger vehicles becomes essential. Minivans provide the necessary space and functionality to accommodate larger families, making them an ideal choice for many Cameroonian customers.

Underlying macroeconomic factors: The economic growth in Cameroon has had a positive impact on the Minivans market. With a rising middle class and increasing disposable incomes, more customers are able to afford minivans. Additionally, the government has implemented policies to encourage the growth of the automotive industry, including reducing import duties on vehicles. These factors have contributed to the expansion of the Minivans market in Cameroon. In conclusion, the Minivans market in Cameroon is experiencing growth due to customer preferences for spacious and practical vehicles, the increasing popularity of imported models, and the demand for electric and hybrid options. The local special circumstances, such as the growing population and the need for larger vehicles, further drive the market. The underlying macroeconomic factors, including economic growth and government policies, have also played a significant role in the development of the Minivans market in Cameroon.

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).