Minivans - Cyprus | Statista Market Forecast

Minivans - Cyprus

Cyprus

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 0.79%, resulting in a projected market volume of US$4m by 2029.
Minivans market unit sales are expected to reach 147.0vehicles 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 Cyprus has been experiencing significant growth in recent years. Customer preferences have shifted towards larger vehicles that offer more space and versatility. This trend is driven by several factors, including changing lifestyles and the need for practicality.

Customer preferences: In Cyprus, customers are increasingly opting for minivans due to their spacious interiors and flexible seating arrangements. Families, in particular, are drawn to these vehicles as they provide ample room for both passengers and cargo. The rise in popularity of outdoor activities such as camping and road trips has also contributed to the demand for minivans, as they offer the necessary space to transport equipment and supplies.

Trends in the market: One of the key trends in the minivans market in Cyprus is the growing demand for hybrid and electric models. As environmental concerns become more prominent, customers are seeking greener alternatives to traditional gasoline-powered vehicles. Hybrid and electric minivans offer lower emissions and improved fuel efficiency, making them an attractive choice for eco-conscious consumers. Another trend in the market is the integration of advanced technology features. Minivans are now equipped with state-of-the-art infotainment systems, driver-assistance features, and connectivity options. These technological advancements enhance the overall driving experience and provide convenience and safety for both the driver and passengers.

Local special circumstances: Cyprus is known for its warm climate and beautiful landscapes, making it a popular tourist destination. This has a direct impact on the minivans market, as rental companies often choose minivans to cater to the needs of larger groups or families visiting the island. Additionally, the high number of tourists in Cyprus contributes to the demand for minivans for transportation purposes.

Underlying macroeconomic factors: The growing economy in Cyprus has also played a role in the development of the minivans market. As disposable incomes increase, consumers are more willing to invest in larger vehicles that offer comfort and convenience. Additionally, low interest rates and favorable financing options have made it easier for individuals to purchase minivans, further boosting the market. In conclusion, the Minivans market in Cyprus is experiencing growth due to changing customer preferences, including the need for more space and practicality. The demand for hybrid and electric models, as well as the integration of advanced technology features, are key trends in the market. Special circumstances such as the tourism industry and the growing economy in Cyprus also contribute to the development of the market.

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).