Minivans - Colombia

Colombia

Highlights

Revenue in the Minivans market is projected to reach US$402m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.08%, resulting in a projected market volume of US$403m by 2029.
Minivans market unit sales are expected to reach 13.8k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$29k.
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 Colombia is experiencing significant growth and development in recent years.

Customer preferences: Customers in Colombia are increasingly turning to minivans as their preferred choice of transportation. This can be attributed to several factors. Firstly, minivans offer ample space and seating capacity, making them ideal for large families or groups. Additionally, minivans are known for their versatility, with many models offering customizable seating configurations and storage options. This appeals to customers who require a vehicle that can adapt to their changing needs, such as transporting passengers or cargo. Furthermore, minivans often come equipped with advanced safety features and technology, providing customers with peace of mind and convenience.

Trends in the market: One of the key trends in the Minivans market in Colombia is the increasing demand for hybrid and electric minivans. As the country strives to reduce its carbon emissions and promote sustainable transportation, there has been a growing interest in eco-friendly vehicles. Hybrid and electric minivans offer lower fuel consumption and reduced environmental impact compared to traditional gasoline-powered models. This trend is expected to continue as the government introduces incentives and subsidies to encourage the adoption of electric vehicles. Another trend in the market is the rise of compact minivans. These smaller-sized minivans offer similar features and functionality as their larger counterparts but with a more compact footprint. This makes them easier to maneuver in urban areas with limited parking space. Compact minivans also tend to be more fuel-efficient, appealing to customers who prioritize fuel economy and affordability.

Local special circumstances: Colombia's geography and infrastructure play a significant role in the development of the Minivans market. The country's diverse terrain, including mountainous regions and rough roads, necessitates vehicles that can handle various driving conditions. Minivans, with their robust build and higher ground clearance, are well-suited for navigating Colombia's challenging landscapes. Additionally, the country's expanding road network and improving infrastructure have made minivans a practical choice for both urban and rural areas.

Underlying macroeconomic factors: Colombia's growing middle class and improving economic conditions have contributed to the development of the Minivans market. As more families have disposable income, they are able to afford larger vehicles that cater to their transportation needs. The country's stable economic growth and low inflation rates have also boosted consumer confidence, encouraging individuals to make long-term investments in vehicles like minivans. In conclusion, the Minivans market in Colombia is experiencing growth and development due to customer preferences for spacious and versatile vehicles, the rising demand for hybrid and electric models, the emergence of compact minivans, the country's unique geographical and infrastructural considerations, and the underlying macroeconomic factors of a growing middle class and favorable economic conditions.

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).