Minivans - South Korea

South Korea

Highlights

Revenue in the Minivans market is projected to reach US$4bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.80%, resulting in a projected market volume of US$4bn by 2029.
Minivans market unit sales are expected to reach 159.3k 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 South Korea has been experiencing significant growth in recent years.

Customer preferences: One of the key factors driving the growth of the Minivans market in South Korea is the changing customer preferences. South Korean consumers are increasingly looking for vehicles that offer spacious interiors, comfortable seating, and versatile cargo space. Minivans provide the perfect solution for families, as they offer ample seating capacity and the flexibility to accommodate both passengers and cargo. Additionally, South Korean consumers also value safety features in their vehicles, and Minivans often come equipped with advanced safety technologies, making them an attractive choice for families.

Trends in the market: The Minivans market in South Korea has witnessed a surge in demand for electric and hybrid models. With growing concerns about environmental sustainability and rising fuel prices, more consumers are opting for eco-friendly vehicles. Electric and hybrid Minivans offer lower emissions and higher fuel efficiency compared to their conventional counterparts, making them a popular choice among environmentally conscious consumers. This trend is expected to continue as the government of South Korea has been actively promoting the adoption of electric and hybrid vehicles through various incentives and subsidies. Another trend in the Minivans market in South Korea is the increasing popularity of luxury and premium models. As disposable incomes rise and consumer spending power increases, there is a growing demand for high-end Minivans that offer luxury features and advanced technologies. Luxury Minivans provide a comfortable and luxurious travel experience, making them appealing to affluent consumers who prioritize comfort and prestige.

Local special circumstances: One of the unique aspects of the Minivans market in South Korea is the strong competition from domestic automakers. South Korea is home to several well-established automakers such as Hyundai and Kia, which have a strong presence in the Minivans market. These domestic automakers have been introducing innovative features and technologies in their Minivan models to cater to the specific needs and preferences of South Korean consumers. This local competition has contributed to the overall growth and development of the Minivans market in South Korea.

Underlying macroeconomic factors: The growth of the Minivans market in South Korea can also be attributed to favorable macroeconomic factors. South Korea has experienced steady economic growth in recent years, which has led to an increase in disposable incomes and consumer spending. As a result, more consumers are able to afford Minivans and are willing to invest in these vehicles to meet their transportation needs. Additionally, South Korea has a well-developed infrastructure and road network, which further supports the demand for Minivans as a practical and convenient mode of transportation. In conclusion, the Minivans market in South Korea is witnessing significant growth due to changing customer preferences, including a preference for spacious and versatile vehicles. The market is also influenced by the trends of electric and hybrid models, as well as the demand for luxury and premium Minivans. The strong competition from domestic automakers and favorable macroeconomic factors further contribute to the growth and development of the Minivans market in South Korea.

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).