Minivans - Zambia | Statista Market Forecast

Minivans - Zambia

Zambia

Highlights

Revenue in the Minivans market is projected to reach US$4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.15%, resulting in a projected market volume of US$4m by 2029.
Minivans market unit sales are expected to reach 144.0vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$29k.
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 Zambia has been experiencing significant growth in recent years. Customer preferences have shifted towards more spacious and versatile vehicles, which has contributed to the increasing demand for minivans. Additionally, several trends in the market have further fueled this growth.

Customer preferences: Customers in Zambia have shown a strong preference for minivans due to their spacious interiors and ability to accommodate large families or groups of people. The versatility of minivans, with their ample cargo space and flexible seating arrangements, has also made them popular among businesses and organizations that require transportation for both passengers and goods. Furthermore, the affordability of minivans compared to other larger vehicles has made them an attractive option for many Zambian consumers.

Trends in the market: One of the key trends in the minivans market in Zambia is the increasing demand for more fuel-efficient vehicles. With rising fuel prices and growing environmental concerns, customers are seeking vehicles that offer better fuel economy. Minivan manufacturers have responded to this trend by introducing hybrid and electric minivan models that provide improved fuel efficiency and reduced emissions. Another trend in the market is the integration of advanced technology features in minivans. Customers in Zambia are increasingly seeking vehicles that offer modern connectivity options, such as Bluetooth connectivity, touchscreen infotainment systems, and advanced safety features like lane departure warning and automatic emergency braking. Minivan manufacturers have been incorporating these features into their models to cater to the evolving needs and preferences of customers.

Local special circumstances: Zambia's growing tourism industry has also contributed to the demand for minivans in the country. With an increasing number of tourists visiting Zambia for its natural attractions and wildlife, there is a need for reliable and comfortable transportation options. Minivans are often preferred for their ability to transport both tourists and their luggage comfortably, making them a popular choice for tour operators and travel agencies.

Underlying macroeconomic factors: Zambia's improving economic conditions have played a significant role in the growth of the minivans market. As the country's economy continues to expand, more individuals and businesses have the financial means to purchase vehicles. This has resulted in increased demand for minivans as a practical and affordable transportation solution. In conclusion, the Minivans market in Zambia is experiencing growth due to customer preferences for spacious and versatile vehicles, along with the introduction of fuel-efficient and technologically advanced models. The country's growing tourism industry and improving economic conditions have also contributed to the increasing demand for minivans.

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).