Mini Cars - Iceland

Iceland

Revenue in the Mini Cars market is projected to reach €28m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.77%, resulting in a projected market volume of €24m by 2029.
Mini Cars market unit sales are expected to reach 1,258.0vehicles in 2029.
The volume weighted average price of Mini Cars market in 2024 is expected to amount to €20k.
From an international perspective it is shown that the most revenue will be generated in China (€6,473m in 2024).

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

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Analyst Opinion

The Mini Cars market in Iceland has been experiencing significant growth in recent years. Customer preferences for small, fuel-efficient vehicles, combined with local special circumstances and underlying macroeconomic factors, have contributed to this trend.

Customer preferences in Iceland have shifted towards smaller, more economical cars in recent years. This is due to several factors, including rising fuel prices and a growing awareness of environmental concerns. Mini cars offer a more affordable and efficient option for consumers, making them an attractive choice in the Icelandic market.

Additionally, the compact size of mini cars makes them well-suited for navigating the narrow and winding roads often found in Iceland. Trends in the market reflect the growing popularity of mini cars in Iceland. Sales of mini cars have been steadily increasing, with more consumers opting for these vehicles over larger, more traditional options.

This trend is expected to continue as the demand for fuel-efficient and environmentally-friendly vehicles continues to rise. Additionally, advancements in technology have made mini cars more appealing, with features such as improved safety systems and connectivity options. Local special circumstances also play a role in the development of the Mini Cars market in Iceland.

The country's small population and limited infrastructure make mini cars a practical choice for many consumers. The compact size of these vehicles allows for easier parking and maneuverability in crowded urban areas. Additionally, the harsh Icelandic weather conditions, including strong winds and icy roads, make smaller, more agile cars preferable for many drivers.

Underlying macroeconomic factors have also contributed to the growth of the Mini Cars market in Iceland. The country's strong economy and high disposable income levels have made it easier for consumers to afford new vehicles. Additionally, government incentives and subsidies for purchasing eco-friendly cars have further encouraged the adoption of mini cars in Iceland.

These factors, combined with the practicality and affordability of mini cars, have created a favorable market environment for this segment. In conclusion, the Mini Cars market in Iceland is developing due to customer preferences for smaller, more fuel-efficient vehicles, as well as local special circumstances and underlying macroeconomic factors. As the demand for eco-friendly and economical cars continues to rise, mini cars are expected to maintain their popularity in the Icelandic market.

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).