Minivans - Nordics

Nordics

Revenue in the Minivans market is projected to reach US$898m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.87%, resulting in a projected market volume of US$985m by 2029.
Minivans market unit sales are expected to reach 38,660.0vehicles 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 in China (US$42,030m in 2024).

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

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Region comparison

Currency

Analyst Opinion

The Minivans market in Nordics has been experiencing steady growth in recent years.

Customer preferences: Customers in the Nordics have shown a strong preference for minivans due to their practicality and versatility. Minivans are spacious and offer ample seating and cargo space, making them ideal for families and individuals who require extra room for their belongings. Additionally, minivans often come equipped with advanced safety features, which is a key consideration for customers in the region.

Trends in the market: One of the key trends in the Minivans market in the Nordics is the increasing demand for electric and hybrid minivans. As the region continues to prioritize sustainability and environmental consciousness, customers are opting for vehicles that have lower emissions and are more fuel-efficient. This trend is in line with the global shift towards electric and hybrid vehicles, and automakers are responding by introducing more eco-friendly options in the minivan segment. Another trend in the market is the integration of advanced technology and connectivity features in minivans. Customers in the Nordics value convenience and are increasingly looking for vehicles that offer seamless integration with their smartphones and other devices. Automakers are incorporating features such as Apple CarPlay and Android Auto, as well as advanced driver-assistance systems, to cater to these preferences.

Local special circumstances: The Nordics region is known for its harsh winters and challenging road conditions. This has led to a demand for minivans that are equipped with all-wheel drive and have robust performance capabilities. Customers in the Nordics prioritize safety and reliability, and automakers have responded by offering minivans that are specifically tailored to meet these requirements. Additionally, the region's high standard of living and disposable income levels have contributed to the popularity of minivans in the Nordics.

Underlying macroeconomic factors: The strong economy in the Nordics has played a significant role in the growth of the minivans market. With stable employment rates and high disposable incomes, customers in the region have the financial means to invest in minivans. Furthermore, favorable government policies and incentives have encouraged the adoption of electric and hybrid vehicles, further driving the growth of the market. In conclusion, the Minivans market in the Nordics is experiencing growth due to customer preferences for practical and versatile vehicles, the increasing demand for electric and hybrid options, the integration of advanced technology, and the special circumstances of the region. The strong economy and favorable government policies have also contributed to the growth of the market.

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).