Mini Cars - Portugal

Portugal

Revenue in the Mini Cars market is projected to reach €204m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.23%, resulting in a projected market volume of €217m by 2029.
Mini Cars market unit sales are expected to reach 15,760.0vehicles in 2029.
The volume weighted average price of Mini Cars market in 2024 is expected to amount to €14k.
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 Portugal has been experiencing steady growth in recent years, driven by several key factors.

Customer preferences: Portuguese consumers have shown a strong preference for mini cars due to their compact size, fuel efficiency, and affordability. Mini cars are particularly popular in urban areas where parking spaces are limited and fuel costs are high. Additionally, the younger generation in Portugal, who are more conscious about environmental issues, are increasingly opting for mini cars as they have lower carbon emissions compared to larger vehicles.

Trends in the market: One of the major trends in the mini cars market in Portugal is the increasing demand for electric and hybrid models. As the country strives to reduce its carbon footprint and promote sustainable transportation, more consumers are choosing eco-friendly mini cars. This trend is further supported by government incentives and subsidies for electric and hybrid vehicles, making them more accessible and affordable for the general public. Another trend in the market is the growing popularity of mini SUVs. These vehicles offer the compact size and fuel efficiency of traditional mini cars, but with the added advantage of higher ground clearance and a more rugged appearance. Mini SUVs appeal to customers who desire a versatile and practical vehicle that can handle both urban and off-road driving conditions.

Local special circumstances: Portugal has a well-developed charging infrastructure for electric vehicles, which has contributed to the increased adoption of electric mini cars. The government has invested in the installation of charging stations across the country, making it convenient for electric vehicle owners to recharge their vehicles. Furthermore, Portugal has a high population density in urban areas, which creates a need for smaller vehicles that can navigate through narrow streets and fit into tight parking spaces. Mini cars are well-suited to meet these requirements, making them a popular choice among urban dwellers.

Underlying macroeconomic factors: The improving economic conditions in Portugal have also played a role in the growth of the mini cars market. As disposable incomes increase, more consumers are able to afford personal vehicles, and mini cars provide an affordable option for those on a budget. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase mini cars. In conclusion, the Mini Cars market in Portugal is experiencing growth due to customer preferences for compact, fuel-efficient, and affordable vehicles. The increasing demand for electric and hybrid models, as well as mini SUVs, reflects the country's focus on sustainability and practicality. The well-developed charging infrastructure for electric vehicles and high population density in urban areas further contribute to the popularity of mini cars in Portugal. Overall, the improving economic conditions and favorable financing options have also supported the growth of the mini cars market in the country.

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).