Minivans - Puerto Rico

Puerto Rico

Highlights

Revenue in the Minivans market is projected to reach US$418m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.85%, resulting in a projected market volume of US$436m by 2029.
Minivans market unit sales are expected to reach 15.7k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$27k.
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 Puerto Rico has been experiencing significant growth in recent years.

Customer preferences: Customers in Puerto Rico have shown a strong preference for minivans due to their versatility and spaciousness. Minivans are ideal for large families or groups, as they offer ample seating and cargo space. Additionally, minivans are often equipped with advanced safety features and entertainment systems, which are highly valued by Puerto Rican consumers.

Trends in the market: One of the key trends in the Minivans market in Puerto Rico is the increasing demand for hybrid and electric minivans. As the global push for sustainability and environmental consciousness grows, Puerto Rican consumers are also becoming more interested in eco-friendly vehicles. Hybrid and electric minivans offer lower emissions and better fuel efficiency, making them an attractive option for environmentally conscious customers. Another trend in the market is the rise of luxury minivans. Puerto Rican consumers are increasingly looking for vehicles that offer both comfort and style. Luxury minivans provide a high-end driving experience with premium features and materials. These vehicles cater to customers who prioritize luxury and are willing to pay a premium for it.

Local special circumstances: Puerto Rico's unique geography and infrastructure also contribute to the development of the Minivans market. The island's mountainous terrain and narrow roads make minivans a practical choice for navigating the local landscape. Additionally, Puerto Rico has a strong tourism industry, with many visitors opting to rent minivans for their trips. This boosts the demand for minivans in the rental market, further driving the growth of the industry.

Underlying macroeconomic factors: The growing economy in Puerto Rico has also played a role in the development of the Minivans market. As the economy improves, consumers have more disposable income to spend on big-ticket items such as vehicles. This increased purchasing power has contributed to the rising demand for minivans. Additionally, low interest rates and favorable financing options have made it easier for consumers to afford minivans, further stimulating market growth. In conclusion, the Minivans market in Puerto Rico is experiencing growth due to customer preferences for spacious and versatile vehicles, as well as the increasing demand for hybrid and luxury options. The unique geography and infrastructure of Puerto Rico, along with the strong tourism industry, also contribute to the market's development. The growing economy and favorable financing options further drive the demand for minivans in the country.

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).