Minivans - Panama | Statista Market Forecast

Minivans - Panama

Panama

Highlights

Revenue in the Minivans market is projected to reach US$79m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.21%, resulting in a projected market volume of US$79m by 2029.
Minivans market unit sales are expected to reach 3.2k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$24k.
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 Panama has been experiencing significant growth in recent years.

Customer preferences: Customers in Panama have shown a strong preference for minivans due to their versatility and spaciousness. Minivans are particularly popular among families and large groups, as they offer ample seating and storage space. Additionally, Panama's growing middle class has led to an increase in disposable income, allowing more families to afford minivans as a mode of transportation.

Trends in the market: One of the key trends in the minivans market in Panama is the increasing demand for safety features. As families prioritize the safety of their loved ones, minivan manufacturers have responded by incorporating advanced safety technologies such as collision warning systems, blind spot detection, and rearview cameras. This trend is in line with the global market, where safety features are becoming increasingly important to consumers. Another trend in the market is the shift towards more fuel-efficient minivans. With the rising cost of fuel and growing environmental concerns, customers in Panama are looking for vehicles that offer better fuel economy. Minivan manufacturers have been investing in research and development to improve the fuel efficiency of their vehicles, offering hybrid and electric options to cater to this demand.

Local special circumstances: Panama's unique geographic location as a bridge between North and South America has made it a popular destination for tourists and business travelers. This has contributed to the growth of the minivans market, as rental companies and transportation services cater to the needs of these visitors. Minivans are often preferred by tourists and business travelers due to their ability to accommodate larger groups and luggage.

Underlying macroeconomic factors: Panama's strong economic growth and stability have played a significant role in the development of the minivans market. The country has experienced consistent GDP growth, which has led to an increase in consumer spending power. As a result, more families are able to afford minivans, driving the demand in the market. Additionally, Panama's infrastructure development has also contributed to the growth of the minivans market. The country has been investing in the expansion of its road network, making it easier for families to travel and transport goods. This has further fueled the demand for minivans as a reliable and convenient mode of transportation. In conclusion, the Minivans market in Panama has been growing due to customer preferences for spacious and versatile vehicles, trends towards safety and fuel efficiency, local special circumstances such as tourism, and underlying macroeconomic factors including economic growth and infrastructure development.

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).