Minivans - Montenegro

Montenegro

Highlights

Revenue in the Minivans market is projected to reach US$2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.08%, resulting in a projected market volume of US$2m by 2029.
Minivans market unit sales are expected to reach 75.0vehicles 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 China (US$42bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Minivans market in Montenegro is experiencing steady growth due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: In Montenegro, customers are increasingly opting for minivans due to their versatility and practicality. Minivans provide ample space for both passengers and cargo, making them ideal for families and individuals who require extra room. Additionally, minivans offer a comfortable and smooth ride, making them a popular choice for long journeys.

Trends in the market: One of the key trends in the Montenegrin minivans market is the increasing demand for hybrid and electric minivans. As customers become more conscious of their environmental impact, they are seeking greener alternatives for their transportation needs. Hybrid and electric minivans not only reduce carbon emissions but also offer cost savings in terms of fuel efficiency. This trend aligns with the global shift towards sustainable transportation options. Another trend in the Montenegrin minivans market is the integration of advanced technology features. Customers are seeking minivans equipped with the latest infotainment systems, connectivity options, and driver-assistance features. These technological advancements enhance the overall driving experience and provide convenience and safety to customers.

Local special circumstances: Montenegro's tourism industry plays a significant role in the growth of the minivans market. The country's stunning natural landscapes and historical sites attract a large number of tourists every year. Minivans are often preferred by tourists as they offer comfortable transportation for larger groups and allow for easy exploration of the country's diverse attractions. The demand for minivans is further boosted during the peak tourist seasons.

Underlying macroeconomic factors: The growth of the minivans market in Montenegro is also influenced by underlying macroeconomic factors. The country has seen steady economic growth in recent years, leading to an increase in disposable income among consumers. As a result, more individuals and families are able to afford minivans, driving the demand in the market. Additionally, favorable financing options and low interest rates have made minivans more accessible to a wider range of customers. In conclusion, the Minivans market in Montenegro is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for minivans is driven by their versatility, practicality, and comfort, as well as the increasing focus on sustainability and advanced technology features. The country's thriving tourism industry also contributes to the growth of the market. With favorable economic conditions and increasing disposable income, the minivans market in Montenegro is expected to continue its upward trajectory.

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).