Minivans - EU-27 | Statista Market Forecast

Minivans - EU-27

EU-27

Highlights

Revenue in the Minivans market is projected to reach US$27bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.94%, resulting in a projected market volume of US$30bn by 2029.
Minivans market unit sales are expected to reach 1.2m 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 EU-27 is experiencing significant growth and development, driven by changing customer preferences and underlying macroeconomic factors.

Customer preferences: Customers in the EU-27 are increasingly opting for minivans due to their versatility and practicality. Minivans offer ample seating and cargo space, making them ideal for families and individuals with active lifestyles. Additionally, the availability of advanced safety features and technological advancements in minivans have further enhanced their appeal to customers.

Trends in the market: One of the key trends in the Minivans market in the EU-27 is the increasing demand for electric and hybrid minivans. As the region focuses on reducing carbon emissions and transitioning towards sustainable transportation, customers are seeking eco-friendly alternatives. Electric and hybrid minivans offer lower emissions and improved fuel efficiency, making them an attractive choice for environmentally-conscious consumers. Another trend in the market is the integration of connectivity and infotainment features in minivans. Customers are increasingly looking for vehicles that offer seamless connectivity with their smartphones and other devices. Minivans with advanced infotainment systems, Bluetooth connectivity, and integrated navigation systems are gaining popularity among tech-savvy customers.

Local special circumstances: Certain countries in the EU-27 have specific local circumstances that impact the Minivans market. For example, in countries with large families or a higher proportion of elderly population, there is a higher demand for minivans with larger seating capacity and accessibility features. Additionally, countries with stricter emission regulations and higher fuel prices tend to see a greater demand for electric and hybrid minivans.

Underlying macroeconomic factors: The Minivans market in the EU-27 is also influenced by underlying macroeconomic factors. Economic growth, rising disposable incomes, and low interest rates have increased consumer spending power, leading to higher demand for minivans. Additionally, government incentives and subsidies for electric and hybrid vehicles have further boosted the sales of these vehicles in the region. In conclusion, the Minivans market in the EU-27 is witnessing growth and development driven by changing customer preferences, including the demand for electric and hybrid minivans and the integration of connectivity and infotainment features. Local special circumstances, such as the need for larger seating capacity and accessibility features, also play a role in shaping the market. Furthermore, underlying macroeconomic factors, such as economic growth and government incentives, contribute to the overall growth 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).