Minivans - Myanmar

Myanmar

Revenue in the Minivans market is projected to reach US$7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.94%, resulting in a projected market volume of US$6m by 2029.
Minivans market unit sales are expected to reach 207.0vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$30k.
From an international perspective it is shown that the most revenue will be generated in China (US$42,030m in 2024).

Key regions: China, Worldwide, India, Europe, United Kingdom

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Analyst Opinion

The Minivans market in Myanmar has been experiencing significant growth in recent years.

Customer preferences: Customers in Myanmar have shown a strong preference for minivans due to their versatility and affordability. Minivans are spacious and can accommodate large families or groups of people, which is particularly important in a country where extended families often live together. Additionally, minivans are seen as a more affordable option compared to larger vehicles such as SUVs or sedans.

Trends in the market: One of the key trends in the Minivans market in Myanmar is the increasing demand for more fuel-efficient and environmentally friendly vehicles. As the country continues to develop and modernize, there is a growing awareness of the need to reduce carbon emissions and minimize the impact on the environment. This has led to a shift in consumer preferences towards hybrid or electric minivans, which offer lower fuel consumption and emissions compared to traditional gasoline-powered vehicles. Another trend in the market is the rising popularity of minivans as a mode of transportation for tourism. Myanmar has seen a significant increase in tourist arrivals in recent years, and many tourists prefer to travel in groups or with their families. Minivans provide a convenient and comfortable option for tourists to explore the country, especially in areas with limited public transportation infrastructure. This trend has further fueled the demand for minivans in the market.

Local special circumstances: Myanmar has a unique geography and road infrastructure, which has a significant impact on the Minivans market. The country has a diverse landscape, ranging from urban areas to rural villages and mountainous regions. This requires minivans to be adaptable to various road conditions and capable of traversing rough terrains. Additionally, the country's road infrastructure is still developing, with many areas lacking paved roads. Minivans with good ground clearance and sturdy suspension systems are highly sought after in these areas.

Underlying macroeconomic factors: The growing Minivans market in Myanmar can also be attributed to several underlying macroeconomic factors. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income and purchasing power among consumers. This has made minivans more affordable and accessible to a larger segment of the population. Additionally, the government has implemented favorable policies to promote the automotive industry, including reducing import taxes and providing incentives for the production and purchase of locally manufactured vehicles. These factors have contributed to the growth of the Minivans market in Myanmar.

Methodology

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).