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Minivans - Europe

Europe

Highlights

Revenue in the Minivans market is projected to reach US$38bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.02%, resulting in a projected market volume of US$40bn by 2029.
Minivans market unit sales are expected to reach 1.5m 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 Europe is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory.

Customer preferences in Europe are driving the growth of the Minivans market. Families and individuals are increasingly seeking spacious and versatile vehicles that can accommodate both passengers and cargo. Minivans offer ample seating capacity and flexible storage options, making them an ideal choice for European consumers who prioritize practicality and functionality.

Additionally, the rising popularity of outdoor activities and travel within Europe has further fueled the demand for Minivans, as these vehicles provide the necessary space for transporting equipment and luggage. Trends in the Minivans market in Europe are also contributing to its development. Manufacturers are continuously improving and innovating their Minivan models to meet the evolving needs of customers.

This includes incorporating advanced safety features, enhancing fuel efficiency, and integrating technology for connectivity and entertainment purposes. Furthermore, there is a growing trend towards electric and hybrid Minivans in Europe, driven by increasing environmental awareness and government incentives for eco-friendly vehicles. This trend is expected to further accelerate the growth of the Minivans market in the region.

Local special circumstances in Europe also play a role in the development of the Minivans market. The diverse geography and varying climate across European countries necessitate vehicles that can adapt to different road conditions and weather. Minivans with robust handling capabilities and all-wheel drive systems are particularly sought after in regions with challenging terrains or harsh winters.

Additionally, the presence of large cities with congested traffic and limited parking spaces has led to a demand for compact Minivans that are easier to maneuver and park in urban environments. Underlying macroeconomic factors further contribute to the growth of the Minivans market in Europe. Favorable economic conditions, such as low interest rates and stable employment levels, have increased consumer confidence and purchasing power.

As a result, more European consumers are able to afford Minivans and are willing to invest in these vehicles for their practicality and long-term value. Additionally, government incentives and subsidies for Minivans, particularly those with low emissions, have further stimulated demand and supported the growth of the market. In conclusion, the Minivans market in Europe is experiencing growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

The demand for spacious and versatile vehicles, advancements in Minivan models, varying local conditions, and favorable economic conditions all contribute to the positive trajectory of the market in Europe.

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).