Minivans - Southeast Asia

Southeast Asia

The Minivans market in Southeast Asia is projected to achieve a revenue of US$5,373m in 2024.
This market segment is expected to demonstrate a compound annual growth rate (CAGR 2024-2028) of 1.06%, leading to a projected market volume of US$5,605m by 2028.
Furthermore, it is anticipated that the unit sales in the Minivans market will reach 224.3k vehicles by 2028.
In 2024, the volume weighted average price of Minivans market in Southeast Asia is expected to be US$25k.
When considering the international perspective, it is evident that the most significant revenue will be generated China, amounting to US$41,980m in 2024.
In Southeast Asia, the demand for minivans is growing rapidly in Thailand, driven by the need for spacious and comfortable vehicles for large families and tourism purposes.

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

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Analyst Opinion

The Minivans market in Southeast Asia is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trend.

Customer preferences in Southeast Asia are playing a key role in the growth of the Minivans market. Families in the region often prefer larger vehicles that can comfortably accommodate multiple passengers and offer ample storage space. Minivans provide the ideal solution for these needs, making them a popular choice among families in Southeast Asia.

Additionally, the versatility of minivans appeals to a wide range of customers, including those who require a vehicle for commercial purposes such as transporting goods or providing shuttle services. Trends in the market further support the growth of the Minivans market in Southeast Asia. One notable trend is the increasing demand for hybrid and electric minivans.

As the region focuses on sustainability and reducing carbon emissions, customers are showing a growing interest in eco-friendly vehicles. Hybrid and electric minivans offer a more environmentally friendly alternative to traditional gasoline-powered vehicles, making them an attractive option for environmentally conscious customers in Southeast Asia. Another trend in the market is the integration of advanced technology and features in minivans.

Customers in Southeast Asia are increasingly looking for vehicles that offer the latest in-car entertainment systems, safety features, and connectivity options. Minivan manufacturers are responding to this demand by incorporating these advanced technologies into their vehicles, enhancing the overall driving experience and attracting more customers. Local special circumstances in Southeast Asia also contribute to the growth of the Minivans market.

The region's rapidly expanding urban population and increasing middle-class segment are driving the demand for personal transportation. Minivans offer a practical and affordable option for families and individuals looking for a reliable mode of transportation in congested urban areas. Additionally, the presence of large extended families in Southeast Asian cultures further drives the demand for minivans, as they can comfortably accommodate multiple generations.

Underlying macroeconomic factors are also playing a role in the development of the Minivans market in Southeast Asia. The region's strong economic growth and rising disposable incomes are enabling more individuals and families to afford minivans. As the middle-class segment expands, the demand for larger vehicles like minivans is expected to continue growing.

Additionally, government initiatives and incentives to promote the use of eco-friendly vehicles are further driving the adoption of hybrid and electric minivans in Southeast Asia. In conclusion, the Minivans market in Southeast Asia is experiencing growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for larger vehicles, the increasing popularity of hybrid and electric options, the integration of advanced technology, the region's urbanization and growing middle-class segment, and government initiatives all contribute to the positive trend in the Minivans market in Southeast Asia.

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).