Minivans - Canada | Statista Market Forecast

Minivans - Canada

Canada

Highlights

Revenue in the Minivans market is projected to reach US$925m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.56%, resulting in a projected market volume of US$900m by 2029.
Minivans market unit sales are expected to reach 26.6k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$32k.
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 Canada has been experiencing steady growth in recent years.

Customer preferences: Canadian consumers have shown a strong preference for minivans due to their versatility and spaciousness. With larger families becoming more common, the need for vehicles that can accommodate multiple passengers and their belongings has increased. Minivans offer ample seating capacity and cargo space, making them an ideal choice for families and individuals who require extra room for their daily activities or road trips. Additionally, the aging population in Canada has also contributed to the demand for minivans, as they provide easy accessibility and comfortable seating for older individuals.

Trends in the market: One of the key trends in the minivans market in Canada is the increasing demand for hybrid and electric minivans. As the country aims to reduce its carbon footprint and promote sustainable transportation, consumers are becoming more conscious of their vehicle choices. Hybrid and electric minivans offer lower emissions and better fuel efficiency, making them an attractive option for environmentally-conscious buyers. This trend is expected to continue as automakers introduce more electric and hybrid models to the market. Another trend in the minivans market is the integration of advanced technology and safety features. Canadian consumers are increasingly seeking vehicles that offer the latest in connectivity, entertainment, and safety. Automakers are responding to this demand by equipping minivans with features such as touchscreen infotainment systems, smartphone integration, advanced driver assistance systems, and rearview cameras. These technological advancements not only enhance the driving experience but also improve safety on the road.

Local special circumstances: One of the unique factors influencing the minivans market in Canada is the country's vast geography and diverse climate. Canada experiences extreme weather conditions, including harsh winters, which require vehicles to have reliable performance in snow and ice. Minivans with all-wheel drive capabilities are particularly popular in regions with heavy snowfall, as they provide better traction and stability. Additionally, the need for spacious and comfortable vehicles is heightened during long road trips, as Canadians often travel long distances to explore the country's scenic landscapes.

Underlying macroeconomic factors: The overall growth in the Canadian economy has also contributed to the development of the minivans market. As disposable incomes rise and consumer confidence improves, Canadians are more willing to invest in larger vehicles that meet their specific needs. Additionally, low interest rates and attractive financing options have made it easier for consumers to purchase minivans. The stable job market and increasing population in Canada have also played a role in driving the demand for minivans, as families and individuals seek reliable and practical transportation solutions. In conclusion, the Minivans market in Canada has been growing due to customer preferences for spacious and versatile vehicles, the increasing demand for hybrid and electric models, the integration of advanced technology and safety features, the unique geographical and climate factors in Canada, and the underlying macroeconomic factors such as the overall growth in the Canadian economy and favorable financing options.

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).