Minivans - Finland

Finland

Highlights

Revenue in the Minivans market is projected to reach US$114m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.42%, resulting in a projected market volume of US$135m by 2029.
Minivans market unit sales are expected to reach 5.7k 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 Finland has been experiencing significant growth in recent years.

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

Trends in the market: One of the key trends in the Minivans market in Finland is the increasing demand for electric and hybrid minivans. As the country focuses on reducing carbon emissions and promoting sustainable transportation, more customers are opting for eco-friendly vehicles. Electric and hybrid minivans not only offer lower emissions but also provide cost savings in terms of fuel consumption. This trend is expected to continue as the government encourages the adoption of electric vehicles through incentives and infrastructure development. Another trend in the market is the integration of advanced technology features in minivans. Customers in Finland are increasingly seeking vehicles with cutting-edge technology, such as touchscreen infotainment systems, smartphone connectivity, and advanced driver-assistance systems. Automakers are responding to this demand by equipping their minivans with these features, enhancing the overall driving experience and attracting tech-savvy customers.

Local special circumstances: Finland's unique geography and climate also play a role in the development of the Minivans market. The country experiences long and harsh winters, with heavy snowfall in many regions. This makes minivans with all-wheel drive systems and winter-specific features highly desirable. Finnish customers prioritize vehicles that can handle the challenging winter conditions, ensuring safety and reliability on the road.

Underlying macroeconomic factors: The growing Minivans market in Finland can also be attributed to favorable macroeconomic factors. The country has a stable economy, with a high standard of living and a strong purchasing power. This enables customers to afford minivans and invest in vehicles that meet their specific needs and preferences. Additionally, Finland has a well-developed infrastructure and a reliable transportation network, making minivans a practical choice for both urban and rural areas. In conclusion, the Minivans market in Finland is experiencing growth due to customer preferences for practical and versatile vehicles, the increasing demand for electric and hybrid options, the integration of advanced technology features, the need for winter-specific capabilities, and favorable macroeconomic factors. As these trends continue to shape the market, automakers can capitalize on the opportunities presented by the growing demand for minivans in Finland.

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).