Minivans - Malta | Statista Market Forecast

Minivans - Malta

Malta

Highlights

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 4.18%, resulting in a projected market volume of US$12m by 2029.
Minivans market unit sales are expected to reach 551.0vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$22k.
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 Malta has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Malta have shown a growing preference for minivans due to their versatility and spaciousness. Minivans offer ample seating and cargo space, making them ideal for large families or groups. Additionally, the flexible seating arrangements and sliding doors make it easier for passengers to enter and exit the vehicle, especially in crowded urban areas.

Trends in the market: One of the key trends in the Minivans market in Malta is the increasing demand for hybrid and electric minivans. As sustainability and environmental concerns become more important to customers, there is a growing interest in vehicles that offer lower emissions and better fuel efficiency. Hybrid and electric minivans not only reduce carbon footprint but also provide cost savings in terms of fuel consumption. This trend is in line with the global shift towards greener transportation options. Another trend in the Minivans market in Malta is the integration of advanced safety features. Customers are increasingly prioritizing safety when choosing a minivan, and manufacturers are responding by incorporating technologies such as lane departure warning, adaptive cruise control, and autonomous emergency braking. These features not only enhance the safety of passengers but also provide peace of mind to customers.

Local special circumstances: The small size of Malta and its narrow and congested roads present unique challenges for transportation. Minivans, with their compact size and maneuverability, are well-suited to navigate the tight streets and crowded areas of the island. They offer a practical solution for families and businesses that require a spacious vehicle but also need to navigate through narrow streets and limited parking spaces.

Underlying macroeconomic factors: The growth in the Minivans market in Malta can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. As a result, more individuals and families are able to afford a minivan, driving the demand in the market. Furthermore, the tourism industry in Malta has been thriving, with a record number of visitors in recent years. This influx of tourists has created a demand for transportation services, including minivans for group travel and airport transfers. The tourism industry has played a significant role in driving the growth of the Minivans market in Malta. In conclusion, the Minivans market in Malta has experienced growth due to changing customer preferences, including a preference for hybrid and electric vehicles and an emphasis on safety features. The local special circumstances, such as the small size of the island and congested roads, have also contributed to the demand for minivans. Additionally, favorable macroeconomic factors, such as economic growth and a thriving tourism industry, have further fueled the market's growth.

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).