Minivans - Qatar | Statista Market Forecast

Minivans - Qatar

Qatar

Highlights

Revenue in the Minivans market is projected to reach US$65m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.46%, resulting in a projected market volume of US$70m by 2029.
Minivans market unit sales are expected to reach 3.0k 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 Qatar has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Qatar are increasingly opting for minivans due to their versatility and spaciousness. Minivans offer ample seating capacity and cargo space, making them an ideal choice for larger families and those who require extra storage. Additionally, minivans are often equipped with advanced safety features and modern technology, providing a comfortable and convenient driving experience.

Trends in the market: One of the key trends in the Minivans market in Qatar is the increasing demand for hybrid and electric minivans. As environmental concerns continue to rise, customers are becoming more conscious of their carbon footprint and are seeking greener alternatives. Hybrid and electric minivans offer lower emissions and improved fuel efficiency, making them an attractive option for environmentally conscious consumers. Another trend in the market is the growing popularity of luxury minivans. Qatar is known for its affluent population, and luxury minivans cater to the discerning tastes of high-end customers. These minivans are equipped with premium features, luxurious interiors, and advanced technology, providing a high level of comfort and sophistication.

Local special circumstances: Qatar's population is characterized by large families, with an average household size of over four people. This demographic trend has contributed to the increased demand for minivans, as larger families require vehicles with spacious interiors and multiple seating options. Minivans provide the ideal solution for accommodating larger families and their belongings. Additionally, Qatar has a thriving tourism industry, attracting a significant number of visitors each year. Minivans are often preferred by tourists for their ability to transport multiple passengers and luggage comfortably. Rental car companies in Qatar have recognized this demand and have expanded their minivan fleets to cater to the needs of tourists.

Underlying macroeconomic factors: Qatar's strong economy and high per capita income have contributed to the growth of the minivans market. The country has a high GDP per capita, which enables consumers to afford larger and more expensive vehicles, such as minivans. Additionally, favorable financing options and low interest rates have made it easier for customers to purchase minivans. In conclusion, the Minivans market in Qatar is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The increasing demand for hybrid and electric minivans, luxury minivans, and the need for spacious vehicles for large families and tourists are driving the market forward. With Qatar's strong economy and high per capita income, the minivans market is expected to continue its upward trajectory in the coming years.

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).