Minivans - GCC

The Minivans market in the GCC is expected to generate a projected revenue of US$975m by 2024.
This indicates a steady growth rate, with an expected annual increase of 4.50% from 2024 to 2028.
As a result, the market volume is projected to reach US$1,163m by 2028.
In terms of unit sales, it is anticipated that 44.2k vehicles Minivans market will be sold in 2028.
Looking specifically at the year 2024, the volume weighted average price of Minivans market in the GCC is expected to be US$26k.
It is worth noting that the highest revenue in the Minivans market will be generated China, with a projected revenue of US$41,980m in 2024.
In the GCC, the demand for luxury minivans is growing steadily as families seek spacious and comfortable transportation options.

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

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Analyst Opinion

The Minivans market in GCC is experiencing significant growth and development in recent years.

Customer preferences: Customers in the GCC region have shown a strong preference for minivans due to their versatility and spaciousness. Minivans are often chosen by families and individuals who require ample seating capacity and cargo space. The GCC region has a large expatriate population, and minivans are popular among these individuals for their ability to accommodate large families and transport goods. Additionally, the popularity of minivans is also driven by their fuel efficiency and affordability compared to larger SUVs and luxury vehicles.

Trends in the market: One of the key trends in the GCC minivans market is the increasing demand for hybrid and electric minivans. As the region focuses on sustainability and reducing carbon emissions, customers are showing a growing interest in eco-friendly vehicles. Hybrid and electric minivans offer lower emissions and reduced fuel consumption, making them an attractive choice for environmentally conscious customers. This trend is expected to continue as the GCC region continues to prioritize sustainability and invest in renewable energy sources. Another trend in the market is the integration of advanced technology and features in minivans. Customers in the GCC region are increasingly seeking vehicles with advanced safety features, entertainment systems, and connectivity options. Automakers are responding to this demand by equipping minivans with features such as lane departure warning, adaptive cruise control, rear-seat entertainment systems, and smartphone integration. These technological advancements enhance the overall driving experience and make minivans more appealing to customers.

Local special circumstances: The GCC region has a unique set of circumstances that contribute to the development of the minivans market. Firstly, the hot climate in the region necessitates the need for vehicles with efficient air conditioning systems, and minivans are well-suited to provide comfort to passengers in extreme temperatures. Additionally, the GCC region has a high rate of urbanization, leading to increased demand for vehicles that can navigate crowded city streets and offer easy maneuverability. Minivans, with their compact size and agile handling, are well-suited for urban environments.

Underlying macroeconomic factors: The development of the minivans market in the GCC region is also influenced by underlying macroeconomic factors. The region has experienced steady economic growth over the years, leading to an increase in disposable income and consumer spending. As a result, more individuals and families are able to afford minivans, driving the demand for these vehicles. Additionally, the GCC region has a young and growing population, which contributes to the demand for family-oriented vehicles such as minivans. In conclusion, the Minivans market in GCC is growing and evolving due to customer preferences for spacious and versatile vehicles, the increasing demand for hybrid and electric vehicles, the integration of advanced technology in minivans, local special circumstances such as the climate and urbanization, and underlying macroeconomic factors such as economic growth and a young population.

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).