Minivans - Denmark

Denmark

Highlights

Revenue in the Minivans market is projected to reach US$361m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.62%, resulting in a projected market volume of US$372m by 2029.
Minivans market unit sales are expected to reach 16.1k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$23k.
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 Denmark has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth in the Minivans market in Denmark is the changing preferences of customers. Danish consumers are increasingly looking for vehicles that offer practicality, versatility, and spaciousness. Minivans provide ample seating capacity and cargo space, making them ideal for families and individuals who require extra room for passengers or luggage. Additionally, the high level of comfort and convenience offered by minivans has also contributed to their popularity among Danish consumers.

Trends in the market: One of the key trends in the Minivans market in Denmark is the increasing demand for electric and hybrid minivans. As Denmark aims to become carbon neutral by 2050, there has been a growing emphasis on sustainable transportation options. Electric and hybrid minivans offer lower emissions and improved fuel efficiency, making them attractive choices for environmentally conscious consumers. The availability of government incentives and subsidies for electric and hybrid vehicles has further fueled the demand for these types of minivans in Denmark. Another trend in the Minivans market in Denmark is the integration of advanced technology features. Danish consumers are increasingly seeking vehicles that offer the latest in-car technology, such as touchscreen infotainment systems, advanced driver assistance systems, and connectivity options. Minivan manufacturers have responded to this demand by incorporating these features into their models, enhancing the overall driving experience and attracting tech-savvy consumers.

Local special circumstances: Denmark's unique geography and infrastructure also play a role in the development of the Minivans market. The country has a well-developed network of roads and highways, making it easy for minivan owners to travel within Denmark and to neighboring countries. Additionally, the compact size of many Danish cities and towns makes minivans a practical choice for navigating through narrow streets and finding parking spaces. These local circumstances have contributed to the popularity of minivans among Danish consumers.

Underlying macroeconomic factors: The strong economy and high disposable income levels in Denmark have also contributed to the growth of the Minivans market. Danish consumers have the financial means to afford minivans, which tend to be priced higher than smaller cars. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase minivans. The stable economic conditions in Denmark have created a favorable environment for the growth of the Minivans market. In conclusion, the Minivans market in Denmark is experiencing growth due to changing customer preferences, including the demand for practical and spacious vehicles. The increasing popularity of electric and hybrid minivans, as well as the integration of advanced technology features, are also driving the market. Denmark's unique geography and infrastructure, along with the country's strong economy and high disposable income levels, further contribute to the growth of the Minivans 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).