Minivans - Spain | Statista Market Forecast

Minivans - Spain

Spain

Highlights

Revenue in the Minivans market is projected to reach US$2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.83%, resulting in a projected market volume of US$2bn by 2029.
Minivans market unit sales are expected to reach 104.5k 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 Spain has witnessed significant growth over the past few years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this market.

Customer preferences in Spain have played a crucial role in driving the growth of the Minivans market. With an increasing number of families and individuals looking for spacious and versatile vehicles, minivans have become a popular choice. The ability to accommodate more passengers and provide ample cargo space has made minivans a practical and convenient option for many Spanish consumers.

Trends in the market have also contributed to the growth of the Minivans market in Spain. Manufacturers have been introducing new models with advanced features and improved fuel efficiency, making minivans more appealing to a wider range of customers. Additionally, the growing popularity of electric and hybrid vehicles has led to the introduction of electric minivans in the market, catering to the increasing demand for environmentally-friendly options.

Local special circumstances in Spain have further fueled the development of the Minivans market. Spain is known for its vibrant tourism industry, attracting millions of visitors each year. Minivans are often preferred by tourists and large groups for their ability to comfortably transport multiple passengers and luggage.

The demand for rental minivans has increased as a result, contributing to the overall growth of the market. Underlying macroeconomic factors have also played a role in the development of the Minivans market in Spain. The country's improving economy, rising disposable income, and low interest rates have made it easier for consumers to purchase new vehicles, including minivans.

Additionally, government incentives and subsidies for electric and hybrid vehicles have encouraged consumers to consider minivans as a viable option. In conclusion, the Minivans market in Spain has experienced significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for spacious and versatile vehicles, the introduction of new models with advanced features, the popularity of electric and hybrid vehicles, the demand from the tourism industry, and the favorable economic conditions have all contributed to the development of 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).