Minivans - Haiti

Haiti

Revenue in the Minivans market is projected to reach US$10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -4.44%, resulting in a projected market volume of US$8m by 2029.
Minivans market unit sales are expected to reach 274.0vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$31k.
From an international perspective it is shown that the most revenue will be generated in China (US$42,030m in 2024).

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

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Region comparison

Currency

Analyst Opinion

The Minivans market in Haiti has been experiencing significant growth in recent years.

Customer preferences: Customers in Haiti have shown a strong preference for minivans due to their versatility and practicality. Minivans are spacious and can accommodate large families or groups of people, which is particularly important in a country where extended families often live together. Additionally, minivans are also popular among businesses for transporting goods and materials.

Trends in the market: One of the key trends in the minivans market in Haiti is the increasing demand for more fuel-efficient vehicles. As the cost of fuel continues to rise, customers are looking for vehicles that offer better fuel economy. This trend is also driven by the global shift towards more sustainable and environmentally friendly transportation options. In response to this demand, automakers are introducing hybrid and electric minivans to the market. Another trend in the market is the integration of advanced technology features in minivans. Haitian customers are increasingly looking for vehicles that offer modern features such as touchscreen infotainment systems, advanced safety features, and connectivity options. Automakers are incorporating these features into their minivan models to attract customers and stay competitive in the market.

Local special circumstances: Haiti is a country with limited infrastructure and challenging road conditions. The rugged terrain and poorly maintained roads make it necessary for customers to choose vehicles that are durable and can withstand these conditions. Minivans, with their robust build and high ground clearance, are well-suited for navigating the roads in Haiti. Additionally, minivans often come with features such as all-wheel drive, which further enhances their performance in challenging road conditions.

Underlying macroeconomic factors: The growth in the minivans market in Haiti can also be attributed to the improving economic conditions in the country. As the economy continues to recover from the devastating earthquake in 2010, consumers have more purchasing power and are able to afford larger vehicles such as minivans. The government has also implemented policies to support the automotive industry, such as reducing import tariffs on vehicles, which has made minivans more affordable for customers. In conclusion, the Minivans market in Haiti is experiencing growth due to customer preferences for spacious and practical vehicles, the increasing demand for fuel-efficient and technologically advanced vehicles, the local special circumstances of challenging road conditions, and the improving macroeconomic factors in the country.

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).