Minivans - Ethiopia

Ethiopia

The projected revenue in the Minivans market for the country of Ethiopia is expected to reach US$6m in 2024.
This revenue is projected to show an annual growth rate (CAGR 2024-2028) of 14.00%, resulting in a projected market volume of US$9m by 2028.
In the same year, the unit sales of Minivans market in Ethiopia are expected to reach 298.0vehicles.
The volume weighted average price of the Minivans market in 2024 is projected to amount to US$32k.
When considering the international perspective, it is evident that China is expected to generate the highest revenue in the Minivans market, with an estimated revenue of US$41,980m in 2024.
Despite the growing popularity of SUVs worldwide, minivans continue to dominate the family car market in Ethiopia due to their spaciousness and practicality for large families.

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

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Analyst Opinion

The Minivans market in Ethiopia has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Minivans market in Ethiopia have shifted towards vehicles that offer a combination of comfort, space, and affordability.

As families and businesses in Ethiopia seek transportation solutions that can accommodate multiple passengers and cargo, minivans have become a popular choice. Additionally, the affordability of minivans compared to larger SUVs or vans makes them an attractive option for many consumers in Ethiopia. Trends in the Minivans market in Ethiopia reflect the global market, with an increasing demand for electric and hybrid vehicles.

As consumers in Ethiopia become more aware of the environmental impact of traditional fuel-powered vehicles, there has been a growing interest in eco-friendly alternatives. This trend is expected to continue as the government of Ethiopia implements policies to promote the adoption of electric and hybrid vehicles, including tax incentives and infrastructure development. Local special circumstances also contribute to the development of the Minivans market in Ethiopia.

The country's growing population and urbanization have resulted in increased demand for transportation solutions that can navigate congested city streets. Minivans, with their compact size and maneuverability, are well-suited to meet this demand. Additionally, the rise of ride-hailing services in Ethiopia has created a new market for minivans, as these vehicles are often preferred by drivers due to their passenger capacity and versatility.

Underlying macroeconomic factors have also played a role in the growth of the Minivans market in Ethiopia. The country's improving economic conditions and rising disposable incomes have made minivans more affordable for a larger segment of the population. Additionally, the government's efforts to attract foreign investment and promote industrialization have led to the establishment of automotive manufacturing plants in Ethiopia.

This has increased the availability of locally produced minivans, further driving market growth. In conclusion, the Minivans market in Ethiopia is experiencing growth due to changing customer preferences, emerging trends such as the demand for electric and hybrid vehicles, local special circumstances including population growth and the rise of ride-hailing services, and underlying macroeconomic factors such as improving economic conditions and the establishment of automotive manufacturing plants. These factors are expected to continue driving the development of the Minivans market in Ethiopia in the coming years.

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).