Minivans - Sri Lanka

Sri Lanka

Revenue in the Minivans market is projected to reach US$13m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 8.94%, resulting in a projected market volume of US$19m by 2028.
Minivans market unit sales are expected to reach 865.0vehicles in 2028.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$23k.
From an international perspective it is shown that the most revenue will be generated in China (US$41,980m in 2024).

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

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Analyst Opinion

The Minivans market in Sri Lanka has been experiencing steady growth in recent years. Customer preferences for these versatile vehicles, combined with local special circumstances and underlying macroeconomic factors, have contributed to the development of this market.

Customer preferences in Sri Lanka have played a significant role in the growth of the Minivans market. Sri Lankan families often prioritize spaciousness and comfort when choosing a vehicle, making minivans an ideal choice. The ability to accommodate larger families and provide ample cargo space has made minivans a popular choice among Sri Lankan consumers.

Additionally, the versatility of minivans appeals to a wide range of customers, including those who require a vehicle for both personal and commercial purposes. Trends in the market indicate that minivans are becoming increasingly popular in Sri Lanka. The demand for these vehicles has been driven by the growing middle class, who are seeking affordable and practical transportation options.

Additionally, the rise of ride-hailing services has created a need for vehicles that can comfortably transport multiple passengers. Minivans offer the perfect solution, as they can accommodate a larger number of passengers compared to traditional sedans or compact cars. Local special circumstances in Sri Lanka have also contributed to the growth of the Minivans market.

Sri Lanka is known for its narrow and congested roads, making maneuverability a crucial factor for vehicle owners. Minivans, with their compact size and tight turning radius, are well-suited to navigate the challenging road conditions in the country. Furthermore, the availability of affordable financing options and the presence of a well-established network of dealerships have made minivans easily accessible to a wide range of customers in Sri Lanka.

Underlying macroeconomic factors have also played a role in the development of the Minivans market in Sri Lanka. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income levels. As a result, more Sri Lankans are able to afford vehicles, and minivans have emerged as a popular choice due to their affordability and practicality.

Additionally, the government's focus on infrastructure development, such as the expansion of road networks, has improved accessibility and further fueled the demand for minivans. In conclusion, the Minivans market in Sri Lanka is experiencing growth due to customer preferences for spacious and versatile vehicles, local special circumstances such as narrow roads, and underlying macroeconomic factors like rising disposable income levels. These factors have created a favorable environment for the development of the Minivans market in Sri Lanka, and the trend is expected to continue in the coming years.

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).