Minivans - Vietnam

Vietnam

Highlights

Revenue in the Minivans market is projected to reach US$645m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.12%, resulting in a projected market volume of US$682m by 2029.
Minivans market unit sales are expected to reach 23.8k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$28k.
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 Vietnam has been steadily growing over the past few years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Minivans market in Vietnam have been shifting towards vehicles that offer a balance between practicality, affordability, and fuel efficiency.

Vietnamese consumers are increasingly looking for vehicles that can accommodate their growing families and provide ample cargo space, while still being easy to maneuver in urban areas. As a result, minivans have become a popular choice among Vietnamese families, as they offer spacious interiors, flexible seating arrangements, and a range of features to enhance comfort and convenience. In addition to customer preferences, there are several market trends that have contributed to the growth of the Minivans market in Vietnam.

One such trend is the increasing urbanization and congestion in major cities, which has led to a higher demand for compact and versatile vehicles that can navigate through narrow streets and crowded parking lots. Minivans, with their compact size and maneuverability, have become a preferred choice for urban dwellers in Vietnam. Another trend driving the growth of the Minivans market in Vietnam is the increasing availability of financing options and the rise of ride-hailing services.

These factors have made minivans more affordable and accessible to a wider range of consumers. Many Vietnamese families are now opting to purchase minivans instead of sedans or SUVs, as they offer more space and versatility at a similar price point. Local special circumstances also play a role in the development of the Minivans market in Vietnam.

The Vietnamese government has implemented policies to promote the use of eco-friendly vehicles, including tax incentives and subsidies for electric and hybrid vehicles. This has led to an increase in the availability and popularity of electric and hybrid minivans in the market. Underlying macroeconomic factors, such as a growing middle class and increasing disposable income, have also contributed to the growth of the Minivans market in Vietnam.

As more Vietnamese families enter the middle class and experience an improvement in their living standards, they are able to afford larger and more comfortable vehicles, including minivans. In conclusion, the Minivans market in Vietnam is experiencing steady growth due to customer preferences for practical and affordable vehicles, market trends such as urbanization and ride-hailing services, local special circumstances such as government incentives for eco-friendly vehicles, and underlying macroeconomic factors such as a growing middle class. This growth is expected to continue in the coming years as the demand for minivans in Vietnam remains strong.

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).