Minivans - Worldwide

Worldwide

Revenue in the Minivans market is projected to reach US$150,000m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.63%, resulting in a projected market volume of US$248,600m by 2029.
Minivans market unit sales are expected to reach 7,592.0k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$25k.
From an international perspective it is shown that the most revenue will be generated in China (US$42,030m in 2024).

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

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Analyst Opinion

The Minivans market in Worldwide is experiencing significant growth and development.

Customer preferences: In recent years, there has been a shift in customer preferences towards more spacious and versatile vehicles. Minivans offer ample seating capacity and cargo space, making them an ideal choice for families and businesses alike. Customers are increasingly looking for vehicles that can accommodate their growing needs, whether it is for transporting children, carrying large items, or going on road trips. Minivans provide the flexibility and convenience that customers desire.

Trends in the market: One of the key trends in the Minivans market is the introduction of advanced features and technologies. Automakers are incorporating innovative safety systems, entertainment options, and connectivity features into their minivan models. This not only enhances the overall driving experience but also caters to the evolving needs of tech-savvy customers. Additionally, there is a growing demand for hybrid and electric minivans as customers become more conscious of their environmental impact. This trend is driving automakers to invest in eco-friendly technologies and develop electric minivan models.

Local special circumstances: Different regions have their own unique circumstances that influence the Minivans market. In North America, for example, minivans have long been a popular choice for families due to their spacious interiors and practicality. In Europe, where cities are densely populated and parking spaces are limited, smaller minivans are preferred for their maneuverability. In emerging markets such as Asia and Latin America, the Minivans market is driven by the need for affordable transportation options and the growing middle-class population.

Underlying macroeconomic factors: Several macroeconomic factors contribute to the development of the Minivans market. Economic growth and rising disposable incomes play a significant role in driving consumer demand for minivans. As economies prosper, more individuals and families are able to afford vehicles, leading to increased sales. Additionally, government policies and regulations aimed at promoting sustainable transportation and reducing emissions are also influencing the market. Automakers are adapting to these factors by introducing fuel-efficient and eco-friendly minivan models to meet the changing demands of customers and comply with regulations. In conclusion, the Minivans market in Worldwide is witnessing growth and development due to changing customer preferences, the introduction of advanced features and technologies, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, automakers will need to stay ahead of these trends and cater to the diverse needs of customers in different regions.

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).