Minivans - Saudi Arabia

Saudi Arabia

Revenue in the Minivans market is projected to reach US$118m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.59%, resulting in a projected market volume of US$126m by 2028.
Minivans market unit sales are expected to reach 6.2k vehicles in 2028.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$20k.
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 Saudi Arabia has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the increasing popularity of minivans in Saudi Arabia is the changing preferences of customers. Minivans are known for their spaciousness and versatility, making them an ideal choice for large families or individuals who require ample cargo space. In a country where family values are highly prioritized, minivans provide a practical and comfortable transportation solution for families on the go. Additionally, the growing trend of outdoor activities and weekend getaways has also contributed to the rising demand for minivans, as they offer the flexibility to carry both passengers and equipment.

Trends in the market: The market for minivans in Saudi Arabia has been witnessing several trends. Firstly, there has been a shift towards more fuel-efficient and environmentally friendly vehicles. With the increasing concern for the environment and rising fuel prices, customers are opting for minivans that offer better fuel efficiency and lower emissions. This trend is also driven by government initiatives to promote eco-friendly vehicles and reduce carbon emissions. Another trend in the market is the integration of advanced technology features in minivans. Customers in Saudi Arabia are increasingly looking for vehicles that offer the latest connectivity options, entertainment systems, and safety features. Automakers are responding to this demand by equipping minivans with features such as touchscreen infotainment systems, smartphone integration, advanced driver-assistance systems, and enhanced safety features.

Local special circumstances: Saudi Arabia has a unique set of circumstances that contribute to the growth of the minivans market. The country's large population, coupled with its high birth rate, has led to an increased need for spacious and practical vehicles. Minivans provide the necessary seating capacity and cargo space to accommodate large families, making them a popular choice among Saudi Arabian consumers. Additionally, the country's strict cultural norms and regulations regarding gender segregation have also influenced the preference for minivans. Families often require separate transportation for male and female members, and minivans offer the flexibility to accommodate these needs. This has further fueled the demand for minivans in the Saudi Arabian market.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the minivans market in Saudi Arabia. The country's strong economic growth and increasing disposable incomes have made minivans more affordable and accessible to a larger segment of the population. As a result, more Saudi Arabian consumers are able to afford minivans and are willing to invest in these vehicles to meet their transportation needs. Furthermore, the government's focus on diversifying the economy and reducing its dependence on oil has led to increased investment in infrastructure and transportation projects. This has improved the overall road network and transportation facilities in the country, making minivans a more practical choice for commuting and travel. In conclusion, the Minivans market in Saudi Arabia is experiencing growth due to changing customer preferences, the integration of advanced technology features, local special circumstances, and underlying macroeconomic factors. As the demand for spacious and versatile vehicles continues to rise, the minivans market in Saudi Arabia is expected to further expand 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).