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Minivans - China

China

Highlights

Revenue in the Minivans market is projected to reach US$42bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.98%, resulting in a projected market volume of US$44bn by 2029.
Minivans market unit sales are expected to reach 2.3m vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$20k.
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 China has been experiencing significant growth in recent years.

Customer preferences: Chinese consumers have shown a strong preference for minivans due to their spaciousness, versatility, and affordability. Minivans are particularly popular among families with multiple children, as they provide ample seating and cargo space. Additionally, the increasing popularity of ride-hailing services has also contributed to the demand for minivans, as they can accommodate larger groups of passengers.

Trends in the market: One of the key trends in the Chinese minivan market is the shift towards more fuel-efficient and environmentally friendly vehicles. With the government's push towards reducing pollution and promoting electric vehicles, many automakers have introduced hybrid and electric minivans to cater to the growing demand for cleaner transportation options. This trend is expected to continue as stricter emission standards are implemented and consumers become more conscious of their environmental impact. Another trend in the market is the integration of advanced technology features in minivans. Chinese consumers are increasingly looking for vehicles that offer connectivity, convenience, and safety features. Automakers are responding to this demand by equipping minivans with features such as touchscreen infotainment systems, smartphone integration, advanced driver-assistance systems, and rearview cameras. These technological advancements not only enhance the overall driving experience but also appeal to tech-savvy consumers.

Local special circumstances: China's one-child policy, which was in effect until 2016, has had a significant impact on the minivan market. With the restriction on the number of children per family, many parents opted for minivans as a practical and spacious transportation solution for their single child. Although the one-child policy has been lifted, the preference for minivans among Chinese families remains strong. Another special circumstance in the Chinese minivan market is the presence of domestic automakers. Chinese automakers have been able to offer competitive pricing and cater to the specific needs of the local market. They have also invested in research and development to improve the design, quality, and performance of their minivan models. This has led to increased competition among both domestic and international automakers in the Chinese market.

Underlying macroeconomic factors: China's growing middle class and rising disposable incomes have played a significant role in the growth of the minivan market. As more families move up the income ladder, they are able to afford larger vehicles like minivans. Additionally, the urbanization trend in China has also contributed to the demand for minivans, as families living in cities require vehicles that can accommodate their daily commuting needs as well as occasional trips. Furthermore, government policies and incentives have also influenced the minivan market in China. The government has implemented measures to promote the purchase of new energy vehicles, including subsidies and tax incentives. These policies have encouraged consumers to consider electric or hybrid minivans, further driving the growth of this segment. In conclusion, the Minivans market in China is experiencing growth due to customer preferences for spacious and versatile vehicles, the integration of advanced technology features, local special circumstances such as the one-child policy, and underlying macroeconomic factors such as the growing middle class and government policies.

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).