Minivans - Croatia

Croatia

Highlights

Revenue in the Minivans market is projected to reach US$81m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.94%, resulting in a projected market volume of US$98m by 2029.
Minivans market unit sales are expected to reach 4.0k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$25k.
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 Croatia has been experiencing steady growth over the past few years. Customer preferences have played a significant role in shaping this market, as well as local special circumstances and underlying macroeconomic factors.

Customer preferences: Croatian customers have shown a strong preference for minivans due to their versatility and practicality. Minivans offer ample space for both passengers and cargo, making them ideal for families and individuals who require extra room for their belongings. Additionally, minivans are known for their comfortable seating arrangements and advanced safety features, which are highly valued by Croatian customers.

Trends in the market: One of the key trends in the minivans market in Croatia is the increasing demand for hybrid and electric minivans. As environmental concerns become more prominent, customers are seeking greener alternatives to traditional fuel-powered vehicles. Hybrid and electric minivans offer lower emissions and better fuel efficiency, making them an attractive option for eco-conscious consumers. This trend is in line with the global shift towards sustainable transportation solutions. Another trend in the market is the integration of advanced technology and connectivity features in minivans. Croatian customers are increasingly looking for vehicles that offer seamless integration with their smartphones and other devices. Features such as touchscreen infotainment systems, Bluetooth connectivity, and advanced driver-assistance systems are highly sought after. Minivan manufacturers are responding to this trend by incorporating these features into their models, enhancing the overall driving experience for customers.

Local special circumstances: Croatia's tourism industry has a significant impact on the minivans market. The country attracts a large number of tourists each year, many of whom prefer to rent minivans for their transportation needs. This creates a demand for rental companies to offer a wide range of minivan options to cater to different customer preferences. Additionally, the scenic landscapes and coastal regions of Croatia make minivans a popular choice for road trips and family vacations.

Underlying macroeconomic factors: Croatia's improving economy has contributed to the growth of the minivans market. As disposable incomes rise, more individuals and families are able to afford minivans as their primary mode of transportation. Additionally, favorable financing options and low interest rates have made it easier for customers to purchase minivans. The stability of the Croatian automotive industry and the presence of well-established minivan manufacturers have also played a role in driving market growth. In conclusion, the Minivans market in Croatia has been steadily growing due to customer preferences for versatile and practical vehicles, trends such as the demand for hybrid and electric minivans, the integration of advanced technology, local special circumstances such as the tourism industry, and underlying macroeconomic factors including the improving 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).