Minivans - Hungary

Hungary

Highlights

Revenue in the Minivans market is projected to reach US$165m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.35%, resulting in a projected market volume of US$176m by 2029.
Minivans market unit sales are expected to reach 6.8k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$26k.
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 Hungary has been experiencing steady growth in recent years.

Customer preferences: Hungarian customers have shown a strong preference for minivans due to their practicality and versatility. Minivans offer ample space for both passengers and cargo, making them an ideal choice for families and businesses alike. Additionally, minivans are often equipped with advanced safety features and modern technology, which further enhance their appeal to customers in Hungary.

Trends in the market: One notable trend in the Hungarian minivans market is the increasing demand for electric and hybrid models. As environmental concerns become more prominent, customers in Hungary are looking for greener alternatives to traditional gasoline-powered 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 promotes the adoption of electric vehicles through various incentives and subsidies. Another trend in the Hungarian minivans market is the rise of online car shopping. With the advancement of technology and the convenience it offers, more and more customers in Hungary are turning to online platforms to research and purchase minivans. This shift in consumer behavior has prompted dealerships to enhance their online presence and provide a seamless digital buying experience. As a result, online sales of minivans have been on the rise in Hungary.

Local special circumstances: One unique aspect of the Hungarian minivans market is the popularity of domestic brands. Hungarian customers have shown a preference for locally manufactured minivans, as they are seen as a symbol of national pride and support for the local economy. This has led to increased sales of minivans produced by Hungarian automakers, who have responded by investing in research and development to meet the evolving needs and preferences of their customers.

Underlying macroeconomic factors: The growth of the minivans market in Hungary can be attributed to several macroeconomic factors. Firstly, Hungary has experienced a period of economic stability and growth, which has resulted in increased consumer confidence and purchasing power. This has allowed more customers to afford minivans and contribute to the overall market expansion. Furthermore, favorable financing options and low interest rates have made it easier for customers in Hungary to purchase minivans. Banks and financial institutions have been offering competitive loan packages, making minivans more accessible to a wider range of customers. In conclusion, the Minivans market in Hungary is developing due to customer preferences for practical and versatile vehicles, the increasing demand for electric and hybrid models, the rise of online car shopping, the popularity of domestic brands, and favorable macroeconomic factors. These factors have contributed to the growth and expansion of the minivans market in Hungary.

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).