Minivans - Japan

Japan

Revenue in the Minivans market is projected to reach €14bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.32%, resulting in a projected market volume of €14bn by 2029.
Minivans market unit sales are expected to reach 538.6k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to €25k.
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 Japan has been experiencing steady growth in recent years.

Customer preferences: Japanese customers have always had a strong preference for minivans due to their practicality and spacious interiors. Minivans are particularly popular among families and individuals who value comfort and versatility. In addition, the aging population in Japan has also contributed to the demand for minivans, as older individuals often prefer vehicles that are easy to enter and exit.

Trends in the market: One of the key trends in the minivans market in Japan is the increasing demand for hybrid and electric minivans. As environmental concerns continue to rise, more customers are opting for eco-friendly vehicles. Hybrid and electric minivans not only offer lower emissions but also provide cost savings on fuel. This trend is in line with the global shift towards greener transportation options. Another trend in the market is the integration of advanced safety features in minivans. Japanese automakers are constantly innovating to enhance the safety of their vehicles. This includes the incorporation of technologies such as collision avoidance systems, lane departure warning, and adaptive cruise control. These features not only provide a safer driving experience but also appeal to safety-conscious customers.

Local special circumstances: One of the unique factors in the Japanese market is the popularity of kei cars, which are small-sized vehicles with specific dimensions and engine capacities. Kei cars are classified as minivans and are favored by customers due to their affordability and fuel efficiency. This segment of the market caters to individuals who prioritize cost-effectiveness and practicality.

Underlying macroeconomic factors: The steady growth in the minivans market in Japan can be attributed to several macroeconomic factors. Firstly, the strong economic growth in Japan has led to increased consumer confidence and spending power. This has resulted in higher demand for vehicles, including minivans. Additionally, the government's initiatives to promote domestic consumption and stimulate the economy have also contributed to the growth of the minivans market. Furthermore, the government's focus on infrastructure development, such as improving roads and public transportation, has created a need for reliable and comfortable vehicles. Minivans, with their spacious interiors and versatile seating arrangements, are well-suited for both personal and commercial use. This has further fueled the demand for minivans in Japan. In conclusion, the minivans market in Japan is experiencing growth due to customer preferences for practical and spacious vehicles, the increasing demand for hybrid and electric vehicles, the integration of advanced safety features, the popularity of kei cars, and the underlying macroeconomic factors such as strong economic growth and government initiatives.

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).