Minivans - Guatemala

Guatemala

Highlights

Revenue in the Minivans market is projected to reach US$49m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.53%, resulting in a projected market volume of US$51m by 2029.
Minivans market unit sales are expected to reach 2.0k 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 Guatemala is experiencing steady growth and development due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: In Guatemala, customers have shown a growing preference for minivans due to their versatility, spaciousness, and practicality. Minivans are popular among families and large groups as they offer ample seating capacity and storage space. Additionally, the rising trend of road trips and outdoor activities has further fueled the demand for minivans, as they provide a comfortable and convenient mode of transportation for such excursions.

Trends in the market: One of the key trends in the Guatemalan minivans market is the increasing demand for hybrid and electric minivans. As environmental consciousness grows worldwide, Guatemalan consumers are also becoming more concerned about the impact of their vehicles on the environment. Hybrid and electric minivans offer a greener alternative, with lower emissions and improved fuel efficiency. This trend is expected to continue in the coming years as more automakers introduce hybrid and electric options to cater to the growing demand. Another trend in the market is the integration of advanced technology features in minivans. Guatemalan consumers are increasingly seeking vehicles that offer connectivity, entertainment, and safety features. Automakers are responding to this demand by equipping minivans with features such as touchscreen infotainment systems, Bluetooth connectivity, advanced safety systems, and rear-seat entertainment options. These technological advancements enhance the overall driving experience and make minivans more appealing to customers.

Local special circumstances: Guatemala has a large population, and many families prefer to travel together in a single vehicle. This cultural preference for communal travel has contributed to the popularity of minivans in the country. The spaciousness and seating capacity of minivans make them an ideal choice for large families or groups of people traveling together. Additionally, the country's road infrastructure and terrain often require vehicles with good ground clearance and maneuverability, which minivans can provide.

Underlying macroeconomic factors: The Guatemalan economy has been steadily growing, leading to an increase in disposable income and purchasing power. As a result, more Guatemalan consumers are able to afford vehicles, including minivans. The growing middle class in the country is a key driver of the minivans market, as they seek vehicles that offer comfort, practicality, and value for money. In conclusion, the Minivans market in Guatemala is witnessing growth and development due to changing customer preferences, emerging trends such as the demand for hybrid and electric vehicles, the integration of advanced technology features, and local special circumstances such as cultural preferences for communal travel. The underlying macroeconomic factors, including the country's growing economy and increasing purchasing power, further contribute to the market's positive trajectory.

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).