Minivans - Iceland

Iceland

Highlights

Revenue in the Minivans market is projected to reach US$16m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.73%, resulting in a projected market volume of US$14m by 2029.
Minivans market unit sales are expected to reach 553.0vehicles 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 Iceland has been experiencing significant growth in recent years. Customer preferences have shifted towards larger vehicles that offer more space and versatility. This trend is driven by several factors, including changing lifestyles and the need for practicality. Additionally, local special circumstances and underlying macroeconomic factors have also contributed to the development of the Minivans market in Iceland.

Customer preferences: In Iceland, customer preferences have shifted towards Minivans due to their spacious interiors and versatile seating arrangements. Families and individuals with active lifestyles find Minivans to be a practical choice, as they offer ample space for passengers and cargo. The ability to easily fold down seats or remove them altogether provides added flexibility for various needs, such as transporting large items or accommodating additional passengers. Furthermore, the availability of advanced safety features in Minivans has also attracted customers who prioritize the safety of their loved ones.

Trends in the market: One of the key trends in the Minivans market in Iceland is the increasing demand for hybrid and electric models. As sustainability and environmental consciousness become more important to consumers, the demand for eco-friendly vehicles has risen. Minivans that offer hybrid or electric powertrain options not only reduce carbon emissions but also provide cost savings in terms of fuel efficiency. This trend aligns with the global push towards greener transportation solutions. Another trend in the market is the integration of advanced technology and connectivity features in Minivans. Customers in Iceland are increasingly looking for vehicles that offer seamless integration with their smartphones and other devices. Features such as touchscreen infotainment systems, Bluetooth connectivity, and advanced driver-assistance systems are becoming standard in Minivans. These technological advancements enhance the overall driving experience and provide convenience and safety to customers.

Local special circumstances: Iceland's unique geography and climate contribute to the development of the Minivans market. The country's rugged terrain and unpredictable weather conditions make Minivans an ideal choice for navigating through challenging road conditions. The higher ground clearance and all-wheel-drive capabilities of Minivans provide better traction and stability, ensuring a safer and more comfortable driving experience. Additionally, the spacious interiors of Minivans are well-suited for carrying equipment and supplies needed for outdoor activities, such as camping and skiing, which are popular in Iceland.

Underlying macroeconomic factors: The strong economic growth in Iceland has also played a role in the development of the Minivans market. As disposable incomes increase, consumers have more purchasing power to invest in larger and more expensive vehicles. The stability of the Icelandic economy and low unemployment rates have created a favorable environment for the automotive industry. Additionally, favorable financing options and competitive pricing have made Minivans more accessible to a wider range of customers. In conclusion, the Minivans market in Iceland is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The demand for spacious and versatile vehicles, the integration of advanced technology, and the need for vehicles that can navigate challenging road conditions have all contributed to the development of the market. As the economy continues to grow and consumer preferences evolve, the Minivans market in Iceland is expected to further expand in the coming years.

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).