Minivans - Cambodia

Cambodia

Revenue in the Minivans market is projected to reach US$2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 18.99%, resulting in a projected market volume of US$4m by 2028.
Minivans market unit sales are expected to reach 237.0vehicles in 2028.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$18k.
From an international perspective it is shown that the most revenue will be generated in China (US$41,980m in 2024).

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

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Analyst Opinion

The Minivans market in Cambodia has been experiencing steady growth in recent years.

Customer preferences: Cambodian customers have shown a strong preference for minivans due to their versatility and practicality. Minivans are spacious and can accommodate large families or groups of people, making them ideal for both personal and commercial use. Additionally, minivans are known for their fuel efficiency, which is an important consideration for customers in Cambodia where fuel prices can be high.

Trends in the market: One of the key trends in the Cambodian minivans market is the increasing demand for luxury minivans. As the country's economy continues to grow, there is a rising middle class with higher disposable income. This has led to an increased demand for more luxurious and feature-rich minivans that offer comfort and convenience. Manufacturers have responded to this trend by introducing premium models with advanced technology, plush interiors, and enhanced safety features. Another trend in the market is the growing popularity of electric minivans. With increasing concerns about environmental sustainability and rising fuel costs, more customers in Cambodia are opting for electric vehicles. Electric minivans offer zero-emission transportation and lower operating costs, making them an attractive option for eco-conscious customers. As the infrastructure for electric vehicles continues to improve in Cambodia, the demand for electric minivans is expected to rise further.

Local special circumstances: Cambodia's tourism industry has been growing rapidly in recent years, attracting a large number of international tourists. This has created a demand for transportation services, including minivans, to cater to the needs of tourists. Minivans are often used for airport transfers, sightseeing tours, and group travel, making them an essential part of the tourism infrastructure in Cambodia.

Underlying macroeconomic factors: The Cambodian economy has been experiencing steady growth, driven by sectors such as tourism, construction, and manufacturing. This has resulted in an increase in disposable income and improved living standards for many Cambodians. As a result, the demand for vehicles, including minivans, has been on the rise. Additionally, the government has implemented policies to support the automotive industry, such as reducing import duties on vehicles and improving road infrastructure, which has further fueled the growth of the minivans market. In conclusion, the minivans market in Cambodia is growing due to customer preferences for versatile and fuel-efficient vehicles, as well as the increasing demand for luxury and electric minivans. The growth is also driven by the special circumstances of the tourism industry and the underlying macroeconomic factors such as economic growth and government support.

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).