Minivans - Portugal

Portugal

Revenue in the Minivans market is projected to reach €405m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.30%, resulting in a projected market volume of €476m by 2029.
Minivans market unit sales are expected to reach 24,420.0vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to €19k.
From an international perspective it is shown that the most revenue will be generated in China (€38,980m in 2024).

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

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Analyst Opinion

The Minivans market in Portugal has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Portugal have shown a growing preference for minivans due to their versatility and practicality. Minivans offer ample space for both passengers and cargo, making them ideal for families and individuals who require a vehicle with a large carrying capacity. Additionally, minivans often come equipped with advanced safety features and technology, which further appeal to customers in Portugal who prioritize safety and comfort.

Trends in the market: One of the key trends in the Minivans market in Portugal is the increasing demand for electric and hybrid minivans. As the country strives to reduce its carbon emissions and promote sustainable transportation, there has been a growing interest in electric and hybrid vehicles. This trend is reflected in the minivans market, with manufacturers introducing electric and hybrid models to cater to the evolving needs of customers. Another trend observed in the market is the customization options available for minivans. Customers in Portugal are increasingly seeking personalized vehicles that reflect their individual style and preferences. As a result, manufacturers are offering a wide range of customization options, allowing customers to choose from various colors, interior designs, and additional features.

Local special circumstances: Portugal's geography and infrastructure also play a role in the development of the Minivans market. The country's diverse terrain, including mountainous regions and coastal areas, necessitates vehicles that can handle different road conditions. Minivans, with their robust build and versatile capabilities, are well-suited for navigating Portugal's varied landscapes. Furthermore, Portugal has a strong tourism industry, attracting millions of visitors each year. Minivans are often used as rental vehicles for tourists who want to explore the country's attractions and travel with larger groups. This demand from the tourism sector contributes to the growth of the Minivans market in Portugal.

Underlying macroeconomic factors: The overall economic stability and increasing disposable income in Portugal have also contributed to the growth of the Minivans market. As the economy improves, consumers have more purchasing power, enabling them to consider larger and more expensive vehicles like minivans. Additionally, low interest rates and favorable financing options have made it easier for customers to afford minivans, further driving market growth. In conclusion, the Minivans market in Portugal is witnessing growth due to changing customer preferences, including the demand for electric and hybrid models and customization options. Portugal's geography, tourism industry, and improving economic conditions also play a significant role in the development of the market. As these trends continue, the Minivans market in Portugal is expected to expand further in the coming years.

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).