Minivans - Turkey | Statista Market Forecast

Minivans - Turkey

Turkey

Highlights

Revenue in the Minivans market is projected to reach US$4bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.45%, resulting in a projected market volume of US$3bn by 2029.
Minivans market unit sales are expected to reach 101.1k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$34k.
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 Turkey has been experiencing significant growth in recent years. Customer preferences have shifted towards more spacious and versatile vehicles, driving the demand for minivans. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market.

Customer preferences: Customers in Turkey have shown a growing preference for minivans due to their spaciousness and versatility. Minivans offer ample seating capacity and cargo space, making them ideal for large families and individuals who require extra room for transportation needs. The convenience and practicality of minivans have made them a popular choice among Turkish consumers. Furthermore, the increasing popularity of road trips and family vacations has also contributed to the demand for minivans, as they provide a comfortable and enjoyable travel experience.

Trends in the market: One of the key trends in the minivans market in Turkey is the introduction of technologically advanced features. Automakers are incorporating innovative technologies such as advanced safety systems, infotainment systems, and driver assistance features into their minivan models. These features enhance the overall driving experience and provide added convenience and safety for passengers. Additionally, there is a growing trend towards more fuel-efficient minivans, as consumers are becoming increasingly conscious of their environmental impact and fuel costs. Automakers are focusing on developing hybrid and electric minivans to cater to this demand.

Local special circumstances: Turkey has a relatively large population, with many families having multiple children. This demographic factor has contributed to the demand for minivans, as they offer the necessary space and seating capacity for larger families. Furthermore, the country's geography, which includes diverse landscapes and historical sites, encourages domestic tourism. Minivans are well-suited for road trips and exploring the country, making them a popular choice among Turkish tourists.

Underlying macroeconomic factors: Turkey has experienced steady economic growth in recent years, which has had a positive impact on the automotive industry, including the minivans segment. Rising disposable incomes and improving living standards have increased consumer purchasing power, leading to higher demand for vehicles, including minivans. Additionally, favorable financing options and government incentives have made it easier for consumers to purchase minivans. The government's focus on infrastructure development and improving road networks has also contributed to the growth of the minivans market, as it has made travel more convenient and accessible for Turkish consumers. In conclusion, the Minivans market in Turkey is developing due to shifting customer preferences towards more spacious and versatile vehicles, as well as the introduction of technologically advanced features. Local special circumstances, such as the large population and the country's geography, have also contributed to the growth of the market. Furthermore, underlying macroeconomic factors, including steady economic growth and favorable financing options, have played a significant role in the development of the minivans market in Turkey.

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).