Minivans - Norway

Norway

Revenue in the Minivans market is projected to reach €158m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.96%, resulting in a projected market volume of €174m by 2029.
Minivans market unit sales are expected to reach 6,549.0vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to €27k.
From an international perspective it is shown that the most revenue will be generated in China (€38,570m in 2024).

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

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Analyst Opinion

The Minivans market in Norway has been experiencing significant growth in recent years. Customer preferences have shifted towards more spacious and practical vehicles, leading to increased demand for minivans. Additionally, several trends in the market have contributed to this growth.

Customer preferences: Norwegian customers have shown a strong preference for practical and versatile vehicles, which has fueled the demand for minivans. These vehicles offer ample seating capacity and cargo space, making them ideal for families and individuals with active lifestyles. Furthermore, the increasing popularity of outdoor activities and road trips has further boosted the demand for minivans, as they provide the necessary space to transport equipment and gear.

Trends in the market: One of the key trends in the minivans market in Norway is the growing adoption of electric and hybrid models. The country has been at the forefront of the electric vehicle revolution, with a strong emphasis on sustainability and reducing carbon emissions. As a result, automakers have introduced electric and hybrid minivans to cater to the environmentally-conscious Norwegian consumers. The availability of government incentives and subsidies for electric vehicles has also contributed to the increasing popularity of these models. Another trend in the market is the integration of advanced technology and features in minivans. Norwegian consumers are known for their tech-savviness and appreciation for innovative features. Automakers have responded to this demand by equipping minivans with state-of-the-art infotainment systems, advanced safety features, and connectivity options. These technological advancements have enhanced the overall driving experience and convenience for customers.

Local special circumstances: Norway's unique geography and climate also play a role in the development of the minivans market. The country's rugged terrain and harsh winters make it essential for vehicles to have good traction and handling capabilities. Minivans, with their larger size and robust design, are well-suited for navigating challenging road conditions. Additionally, the need for spacious vehicles to accommodate winter gear and equipment further drives the demand for minivans in Norway.

Underlying macroeconomic factors: Norway's strong economy and high disposable income levels have contributed to the growth of the minivans market. The country has one of the highest GDP per capita in the world, allowing consumers to afford larger and more expensive vehicles. Furthermore, the availability of favorable financing options and low interest rates have made it easier for customers to purchase minivans. In conclusion, the Minivans market in Norway is experiencing growth due to customer preferences for practical and versatile vehicles, the adoption of electric and hybrid models, the integration of advanced technology, and the country's unique geography and climate. The underlying macroeconomic factors, including Norway's strong economy and high disposable income levels, also contribute to the market's development.

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).