Minivans - Southern Africa

Southern Africa

Highlights

Revenue in the Minivans market is projected to reach US$174m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.76%, resulting in a projected market volume of US$181m by 2029.
Minivans market unit sales are expected to reach 5.8k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$31k.
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 Southern Africa 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 the Minivans market in Southern Africa are driving the growth of this segment. Families and individuals are increasingly looking for vehicles that offer spacious interiors, comfortable seating, and versatile cargo space. Minivans provide these features, making them a popular choice for consumers in the region.

Additionally, the affordability of minivans compared to larger SUVs and luxury vehicles is also a key factor in their popularity. Trends in the market are further fueling the growth of the Minivans segment in Southern Africa. One notable trend is the increasing demand for hybrid and electric minivans.

As environmental consciousness grows and governments in the region implement stricter emissions regulations, consumers are seeking more eco-friendly options. Hybrid and electric minivans offer lower carbon emissions and improved fuel efficiency, making them an attractive choice for environmentally conscious consumers. Another trend in the market is the integration of advanced technology and safety features in minivans.

Southern African consumers are becoming more tech-savvy and are seeking vehicles that offer the latest connectivity options, entertainment systems, and driver-assistance features. Minivan manufacturers are responding to this demand by equipping their vehicles with advanced technology, such as touchscreen infotainment systems, smartphone integration, and advanced safety systems. Local special circumstances also contribute to the development of the Minivans market in Southern Africa.

The region has a growing middle class, which is driving demand for affordable and practical vehicles. Minivans provide a cost-effective solution for families and individuals looking for a spacious and versatile vehicle without the high price tag of SUVs or sedans. Additionally, the region's infrastructure and road conditions make minivans a practical choice for navigating both urban and rural areas.

Underlying macroeconomic factors are also playing a role in the growth of the Minivans market in Southern Africa. Economic stability and improving living standards in the region have led to increased disposable income and consumer spending. As a result, more individuals and families are able to afford vehicles, and minivans are an attractive option due to their affordability and practicality.

In conclusion, the Minivans market in Southern Africa is experiencing growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for spacious and practical vehicles, the integration of advanced technology and safety features, the region's growing middle class, and improving economic conditions all contribute to the positive trend in this market.

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).