Mini Cars - Belgium

Belgium

Revenue in the Mini Cars market is projected to reach €400m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.55%, resulting in a projected market volume of €411m by 2029.
Mini Cars market unit sales are expected to reach 31,240.0vehicles in 2029.
The volume weighted average price of Mini Cars market in 2024 is expected to amount to €13k.
From an international perspective it is shown that the most revenue will be generated in China (€6,406m in 2024).

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

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Analyst Opinion

The Mini Cars market in Belgium has been experiencing significant growth in recent years. Customer preferences have shifted towards smaller, more fuel-efficient vehicles, driving the demand for mini cars. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market.

Customer preferences: Belgian customers have shown a growing preference for mini cars due to their compact size and fuel efficiency. With increasing urbanization and traffic congestion in cities like Brussels and Antwerp, mini cars offer a practical solution for navigating through narrow streets and finding parking spaces. Moreover, rising environmental consciousness has led to a greater emphasis on fuel efficiency and lower emissions, making mini cars an attractive choice for environmentally conscious consumers.

Trends in the market: One of the key trends in the Mini Cars market in Belgium is the rise of electric mini cars. As the government provides incentives for electric vehicle adoption, including tax breaks and charging infrastructure development, more consumers are opting for electric mini cars. The availability of a wide range of electric models from various manufacturers has also contributed to the growth of this segment. Another trend in the market is the increasing popularity of mini SUVs. These vehicles combine the compact size of a mini car with the practicality and versatility of an SUV. Mini SUVs offer higher seating positions, increased cargo space, and a more rugged appearance, which appeals to Belgian consumers who enjoy outdoor activities and need a vehicle that can handle various terrains.

Local special circumstances: Belgium has a well-developed public transportation system, which reduces the need for personal vehicles in some areas. However, the convenience and flexibility offered by mini cars make them an attractive option for many Belgians. Additionally, the country's dense population and compact cities make mini cars a practical choice for navigating through traffic and finding parking spaces.

Underlying macroeconomic factors: Belgium has a stable economy with a high standard of living. This has allowed consumers to have the financial means to purchase mini cars, which are often priced more affordably than larger vehicles. Furthermore, the country's high fuel prices have incentivized consumers to opt for more fuel-efficient vehicles like mini cars. In conclusion, the Mini Cars market in Belgium is developing due to customer preferences for compact and fuel-efficient vehicles, the rise of electric mini cars, the popularity of mini SUVs, local special circumstances such as urbanization and traffic congestion, and underlying macroeconomic factors such as a stable economy and high fuel prices.

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).