Minivans - South America

South America

The Minivans market in South America is projected to achieve a revenue of €6,694m in 2024.
It is expected to experience a steady annual growth rate (CAGR 2024-2028) of 0.81%, leading to a projected market volume of €6,914m by 2028.
In the same year, unit sales in the Minivans market are anticipated to reach 241.6k vehicles.
The volume weighted average price of Minivans market in 2024 is expected to be €29k.
Looking at the international landscape, it is evident that China will generate the highest revenue in the Minivans market, amounting to €38,930m in 2024.
The demand for minivans in South America has been steadily increasing, fueled by the region's growing middle class and the need for spacious family vehicles.

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

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Analyst Opinion

The Minivans market in South America has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in South America have shifted towards vehicles that offer spaciousness, versatility, and fuel efficiency.

Minivans are well-suited to meet these preferences, as they provide ample seating and cargo space, allowing families and businesses to transport passengers and goods comfortably. Additionally, the increasing urbanization in South American cities has led to a rise in traffic congestion, making smaller and more maneuverable vehicles like minivans more desirable. Trends in the market indicate that South American consumers are increasingly opting for minivans over traditional sedans or SUVs.

This shift can be attributed to the versatility and practicality offered by minivans, which are often equipped with features such as sliding doors, foldable seats, and advanced infotainment systems. These features make minivans a popular choice for families, as they provide convenience and comfort during long journeys. Local special circumstances also play a role in the development of the minivans market in South America.

For example, many South American countries have large populations with extended families, leading to a higher demand for vehicles that can accommodate multiple passengers. Additionally, the region's diverse terrain and road conditions require vehicles that are capable of navigating through different environments. Minivans, with their robust build and higher ground clearance, are well-suited for these conditions.

Underlying macroeconomic factors further contribute to the growth of the minivans market in South America. Economic stability and rising disposable incomes have allowed more consumers to afford minivans, which tend to be more expensive than smaller cars. Moreover, favorable government policies and incentives have encouraged the purchase of minivans, such as tax breaks for families or businesses that invest in vehicles with higher passenger capacity.

In conclusion, the Minivans market in South America is developing due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The increasing demand for spacious and versatile vehicles, coupled with the region's unique needs and favorable economic conditions, has driven the growth of the minivans market in South America.

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).