Minivans - Uruguay

Uruguay

Highlights

Revenue in the Minivans market is projected to reach US$51m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.26%, resulting in a projected market volume of US$51m by 2029.
Minivans market unit sales are expected to reach 2.0k 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 Uruguay has been experiencing steady growth in recent years. Customer preferences are shifting towards more practical and versatile vehicles, leading to an increased demand for minivans.

Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of this market. Customer preferences in Uruguay have been evolving towards vehicles that offer more space and functionality. Minivans are seen as a practical choice for families and individuals who require ample seating capacity and cargo space.

With the increasing popularity of outdoor activities and road trips, minivans provide the flexibility to accommodate both passengers and their belongings. Furthermore, the rise of ride-sharing services has also created a demand for larger vehicles that can comfortably transport multiple passengers. Trends in the minivans market in Uruguay reflect global and regional patterns.

One of the key trends is the integration of advanced safety features in minivans. Consumers are becoming increasingly conscious of safety and are willing to invest in vehicles that offer enhanced protection for themselves and their families. As a result, minivans equipped with features such as lane departure warning, blind-spot monitoring, and automatic emergency braking are gaining popularity.

Another trend in the market is the adoption of hybrid and electric powertrains in minivans. As the global push for sustainability and reduced carbon emissions continues, automakers are introducing hybrid and electric minivans to cater to environmentally conscious consumers. These vehicles offer lower fuel consumption and reduced emissions, making them an attractive option for those concerned about the environment.

Local special circumstances in Uruguay have also contributed to the growth of the minivans market. The country's relatively small size and well-maintained road infrastructure make minivans a practical choice for navigating both urban and rural areas. Additionally, Uruguay has a high proportion of families with children, further driving the demand for spacious vehicles.

Underlying macroeconomic factors have also played a role in the development of the minivans market in Uruguay. The country has experienced stable economic growth in recent years, leading to an increase in disposable income. As a result, consumers have more purchasing power and are able to afford larger vehicles such as minivans.

Furthermore, favorable financing options and low interest rates have made it easier for consumers to finance their minivan purchases. In conclusion, the Minivans market in Uruguay is growing due to shifting customer preferences towards practical and versatile vehicles, the integration of advanced safety features, the adoption of hybrid and electric powertrains, local special circumstances, and underlying macroeconomic factors. As these trends continue to shape the market, it is expected that the demand for minivans will continue to rise in Uruguay.

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).