Minivans - India

India

Revenue in the Minivans market is projected to reach €1bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.44%, resulting in a projected market volume of €2bn by 2029.
Minivans market unit sales are expected to reach 392.5k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to €4k.
From an international perspective it is shown that the most revenue will be generated in China (€38,980m in 2024).

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

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Analyst Opinion

The Minivans market in India has been experiencing steady growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.

Customer preferences: One of the main reasons for the growth of the Minivans market in India is the changing preferences of customers. Indian consumers are increasingly looking for vehicles that offer spaciousness, versatility, and practicality. Minivans provide ample seating capacity and cargo space, making them an attractive choice for large families and commercial purposes. Additionally, the rising popularity of road trips and long-distance travel has further fueled the demand for Minivans in India.

Trends in the market: Several trends have emerged in the Minivans market in India that have contributed to its growth. Firstly, there has been an increase in the number of manufacturers offering Minivans in the country. This has led to greater competition and a wider range of options for consumers. Additionally, advancements in technology have resulted in the introduction of more fuel-efficient and environmentally friendly Minivans, which have attracted a larger customer base.

Local special circumstances: India's unique demographic and cultural factors have also played a role in the development of the Minivans market. With a large population and a growing middle class, there is a significant demand for vehicles that can accommodate multiple passengers. Furthermore, the extended family system prevalent in India often requires transportation options that can accommodate several generations. Minivans provide the ideal solution for these specific needs.

Underlying macroeconomic factors: The growth of the Minivans market in India can also be attributed to underlying macroeconomic factors. The country's economic growth has led to an increase in disposable income, allowing more individuals and families to afford Minivans. Additionally, the government's focus on infrastructure development has resulted in improved road connectivity, making Minivans a more practical choice for transportation. In conclusion, the Minivans market in India is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As the demand for spacious and versatile vehicles continues to rise, the market is expected to expand further in the coming years.

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).