Minivans - Germany

Germany

Highlights

Revenue in the Minivans market is projected to reach US$8bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.51%, resulting in a projected market volume of US$9bn by 2029.
Minivans market unit sales are expected to reach 329.3k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$28k.
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 Germany has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: German customers have shown a growing preference for larger vehicles, such as minivans, due to their spaciousness and versatility. Minivans offer ample seating and cargo space, making them ideal for families and individuals who require extra room for their belongings. Additionally, the rise in popularity of outdoor activities and road trips has also contributed to the demand for minivans, as they provide the necessary space to transport equipment and gear.

Trends in the market: One of the key trends in the Minivans market in Germany is the increasing demand for electric and hybrid minivans. As the country aims to reduce its carbon footprint and transition to cleaner energy sources, there has been a shift towards more sustainable transportation options. Electric and hybrid minivans offer lower emissions and improved fuel efficiency, making them attractive to environmentally-conscious consumers. Furthermore, government incentives and subsidies for electric vehicles have also played a role in driving the adoption of electric and hybrid minivans in Germany. Another trend in the market is the integration of advanced technology and connectivity features in minivans. German consumers are increasingly looking for vehicles that offer a seamless digital experience, with features such as touchscreen infotainment systems, smartphone integration, and advanced driver-assistance systems. Minivan manufacturers are responding to this demand by equipping their vehicles with these technologies, enhancing the overall driving experience and convenience for customers.

Local special circumstances: Germany has a strong automotive industry, with several major manufacturers and suppliers based in the country. This has resulted in a competitive market for minivans, with a wide range of options available to consumers. German manufacturers have a reputation for producing high-quality vehicles, which has further contributed to the popularity of minivans in the country. Additionally, Germany's well-developed infrastructure and road network make it conducive for minivan owners to travel long distances, further driving the demand for these vehicles.

Underlying macroeconomic factors: Germany has a stable and prosperous economy, with high levels of disposable income among its population. This has enabled consumers to afford larger and more expensive vehicles, including minivans. Furthermore, low interest rates and favorable financing options have made it easier for individuals to purchase minivans, contributing to the growth of the market. Additionally, the country's aging population has also played a role in the demand for minivans, as older individuals often prioritize comfort and ease of access when choosing a vehicle. Overall, the Minivans market in Germany is expected to continue its growth trajectory, driven by evolving customer preferences, technological advancements, and favorable economic conditions.

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).