Minivans - Central & Western Europe

Central & Western Europe

The Minivans market in Central & Western Europe is projected to generate a revenue of US$20,990m in 2024.
This market segment is expected to experience an annual growth rate (CAGR 2024-2028) of 0.78%, leading to a projected market volume of US$21,650m by 2028.
In that year, unit sales in the Minivans market are expected to reach 888.2k vehicles.
The volume weighted average price of Minivans market in the market segment is projected to be US$25k in 2024.
When considering the international landscape, it is evident that China will generate the highest revenue, amounting to US$41,980m in 2024.
In Germany, the demand for minivans has been steadily increasing due to their spaciousness and versatility, making them ideal for growing families and long road trips.

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

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Analyst Opinion

The Minivans market in Central & Western Europe is experiencing steady growth and development.

Customer preferences: Customers in Central & Western Europe have shown a strong preference for minivans due to their versatility and spaciousness. Minivans are popular among families and individuals who require ample seating and storage capacity. Additionally, the convenience and ease of access provided by sliding doors make minivans a practical choice for urban environments with limited parking spaces.

Trends in the market: One of the key trends in the minivans market in Central & Western Europe is the increasing demand for electric and hybrid minivans. As the region strives to reduce carbon emissions and promote sustainable transportation, there is a growing interest in eco-friendly options. Electric and hybrid minivans offer lower emissions and improved fuel efficiency, making them an attractive choice for environmentally conscious consumers. Another trend in the market is the integration of advanced technology and connectivity features in minivans. Central & Western Europe is known for its technological advancements, and customers in the region expect their vehicles to be equipped with the latest innovations. Minivans are now being equipped with features such as touchscreen infotainment systems, smartphone integration, and advanced driver assistance systems, enhancing the overall driving experience and safety.

Local special circumstances: Central & Western Europe has a well-developed infrastructure and a high level of urbanization. This presents unique challenges and opportunities for the minivans market. In densely populated cities, where parking space is limited, the compact size of minivans makes them a practical choice for families. Additionally, the region's emphasis on sustainability and environmental consciousness has led to the implementation of policies and incentives that promote the adoption of electric and hybrid vehicles, including minivans.

Underlying macroeconomic factors: The economic stability and purchasing power of consumers in Central & Western Europe play a significant role in the development of the minivans market. As the region experiences steady economic growth, consumers have more disposable income, allowing them to consider larger and more expensive vehicles like minivans. Furthermore, favorable financing options and low interest rates make minivans more affordable and accessible to a wider range of customers. In conclusion, the Minivans market in Central & Western Europe is driven by customer preferences for spacious and versatile vehicles, as well as the region's focus on sustainability and technological advancements. The increasing demand for electric and hybrid minivans, along with the integration of advanced technology, reflects the evolving needs and expectations of customers. The local special circumstances, such as limited parking spaces and emphasis on environmental consciousness, further contribute to the growth of the market. The underlying macroeconomic factors, including economic stability and favorable financing options, create a favorable environment for the minivans market to thrive in Central & Western Europe.

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).