Minivans - Taiwan | Statista Market Forecast

Minivans - Taiwan

Taiwan

Highlights

Revenue in the Minivans market is projected to reach US$1bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.90%, resulting in a projected market volume of US$1bn by 2029.
Minivans market unit sales are expected to reach 47.4k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$26k.
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 Taiwan has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In Taiwan, customers have shown a strong preference for practical and spacious vehicles, making minivans an attractive choice for families and businesses. The versatile nature of minivans allows for comfortable seating and ample cargo space, catering to the needs of larger households or individuals who require transportation for both passengers and goods. Additionally, the popularity of outdoor activities and road trips in Taiwan has further fueled the demand for minivans, as they offer the flexibility to accommodate both passengers and equipment.

Trends in the market: One noticeable trend in the minivans market in Taiwan is the increasing demand for hybrid and electric minivans. As the country continues to prioritize environmental sustainability, more customers are opting for vehicles that offer lower emissions and improved fuel efficiency. This trend is in line with the global shift towards greener transportation solutions, and it is expected to drive the growth of the hybrid and electric minivans segment in Taiwan. Another trend in the market is the integration of advanced technology and features in minivans. Customers in Taiwan are increasingly seeking vehicles that offer a seamless and connected driving experience. This includes features such as touchscreen infotainment systems, advanced safety features, and smartphone integration. Minivan manufacturers are responding to this demand by incorporating these technologies into their models, enhancing the overall driving experience for customers.

Local special circumstances: Taiwan's unique geography and infrastructure also play a role in the development of the minivans market. The country's mountainous terrain and winding roads require vehicles with good maneuverability and stability. Minivans, with their compact size and agile handling, are well-suited to navigate these challenging road conditions. Additionally, Taiwan's dense urban areas and limited parking spaces make smaller vehicles like minivans a practical choice for everyday commuting and city driving.

Underlying macroeconomic factors: Taiwan's strong economy and rising disposable incomes have contributed to the growth of the minivans market. As consumers become more affluent, they are willing to invest in larger and more comfortable vehicles that meet their lifestyle needs. The stability of the economy and favorable financing options have also made it easier for customers to purchase minivans, further driving market growth. In conclusion, the Minivans market in Taiwan is experiencing growth due to customer preferences for practical and spacious vehicles, the increasing demand for hybrid and electric options, the integration of advanced technology, the unique local circumstances of Taiwan's geography and infrastructure, and the underlying macroeconomic factors of a strong economy and rising disposable incomes.

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).