Mini Cars - United Arab Emirates

United Arab Emirates

Revenue in the Mini Cars market is projected to reach €202m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.01%, resulting in a projected market volume of €213m by 2029.
Mini Cars market unit sales are expected to reach 15.1k vehicles 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 (€6,406m in 2024).

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

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Analyst Opinion

The Mini Cars market in United Arab Emirates has been experiencing steady growth in recent years.

Customer preferences: Customers in United Arab Emirates have shown a strong preference for Mini Cars due to their compact size and fuel efficiency. These cars are well-suited for navigating the crowded and congested streets of urban areas, which is a common feature in many cities in United Arab Emirates. Additionally, Mini Cars are often seen as a status symbol, as they are associated with luxury and style.

Trends in the market: One of the key trends in the Mini Cars market in United Arab Emirates is the increasing demand for electric and hybrid models. As the government of United Arab Emirates continues to focus on sustainability and reducing carbon emissions, there has been a growing interest in eco-friendly vehicles. Mini Cars, with their smaller size and lower fuel consumption, are seen as an attractive option for environmentally-conscious consumers. Another trend in the market is the rise of car-sharing services. With the increasing popularity of ride-hailing platforms, such as Uber and Careem, many people in United Arab Emirates are opting to use these services instead of owning a car. This has led to a shift in consumer behavior, with more individuals choosing to rent or share Mini Cars for their transportation needs.

Local special circumstances: The high cost of car ownership in United Arab Emirates is a significant factor influencing the Mini Cars market. The price of cars in United Arab Emirates is generally higher compared to other countries, mainly due to import taxes and other associated fees. As a result, many consumers opt for smaller and more affordable Mini Cars, which offer a more cost-effective solution for transportation. Additionally, the hot climate in United Arab Emirates plays a role in shaping customer preferences. Mini Cars are often equipped with advanced air conditioning systems, which are essential for providing comfort during the scorching summer months. This feature is highly valued by consumers in United Arab Emirates, further driving the demand for Mini Cars.

Underlying macroeconomic factors: The strong economy of United Arab Emirates has contributed to the growth of the Mini Cars market. With a high per capita income and a low unemployment rate, consumers in United Arab Emirates have more disposable income to spend on purchasing cars. This has led to an increase in demand for Mini Cars, as consumers are looking for more affordable and practical options for transportation. Furthermore, the government of United Arab Emirates has implemented favorable policies to support the automotive industry. These policies include tax incentives for electric and hybrid vehicles, as well as subsidies for car-sharing services. Such initiatives have encouraged the adoption of Mini Cars and have contributed to the overall growth of the market. In conclusion, the Mini Cars market in United Arab Emirates is experiencing growth due to customer preferences for compact and fuel-efficient vehicles, the rise of electric and hybrid models, the popularity of car-sharing services, the high cost of car ownership, the hot climate, and the strong economy supported by government policies.

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).