Minivans - Israel | Statista Market Forecast

Minivans - Israel

Israel

Highlights

Revenue in the Minivans market is projected to reach US$198m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.65%, resulting in a projected market volume of US$236m by 2029.
Minivans market unit sales are expected to reach 4.9k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$47k.
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 Israel has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth in the Minivans market in Israel is the changing customer preferences. Israeli families are increasingly looking for spacious and practical vehicles that can accommodate their growing needs. Minivans provide ample seating capacity and cargo space, making them a popular choice for families with children and for those who frequently travel with a large group of people. Additionally, the versatility of minivans appeals to customers who value the ability to easily transform the vehicle for various purposes, such as carrying sports equipment or luggage.

Trends in the market: Another trend driving the growth of the Minivans market in Israel is the increasing popularity of hybrid and electric vehicles. As the country focuses on reducing its carbon footprint and promoting sustainable transportation, more and more customers are opting for eco-friendly minivans. These vehicles offer lower emissions and better fuel efficiency, making them attractive options for environmentally-conscious consumers. Additionally, the government has introduced various incentives and subsidies to encourage the adoption of electric and hybrid vehicles, further fueling the demand for these types of minivans.

Local special circumstances: Israel's unique geography and climate also play a role in the development of the Minivans market. The country has a diverse landscape, ranging from bustling cities to scenic countryside, which requires vehicles that can navigate various terrains. Minivans, with their larger size and robust capabilities, are well-suited for these different environments. Furthermore, Israel experiences long and hot summers, making air conditioning a crucial feature for vehicles. Minivans often come equipped with powerful air conditioning systems, making them an attractive choice for customers seeking comfort during the hot months.

Underlying macroeconomic factors: The growth of the Minivans market in Israel is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income for many households. As a result, more families are able to afford the upfront costs associated with purchasing a minivan. Additionally, low interest rates and favorable financing options provided by banks and financial institutions have made it easier for customers to finance their minivan purchases. The combination of a growing economy and favorable financial conditions has contributed to the rising demand for minivans in Israel. In conclusion, the Minivans market in Israel is developing due to changing customer preferences, the increasing popularity of hybrid and electric vehicles, the unique local circumstances, and the underlying macroeconomic factors. As families seek spacious and practical vehicles, minivans offer the perfect solution. The growth of the market is also driven by the country's focus on sustainability and the availability of incentives for eco-friendly vehicles. Furthermore, the diverse geography and hot climate of Israel make minivans a suitable choice for various terrains and weather conditions. The steady economic growth and favorable financing options further support the increasing demand for minivans in Israel.

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).