Minivans - Singapore

Singapore

Revenue in the Minivans market is projected to reach €109m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.40%, resulting in a projected market volume of €111m by 2029.
Minivans market unit sales are expected to reach 3.9k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to €28k.
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 Singapore has been experiencing steady growth over the past few years.

Customer preferences: Customers in Singapore have shown a strong preference for minivans due to their versatility and spaciousness. With the increasing number of families and the need for larger vehicles to accommodate them, minivans have become a popular choice among Singaporean consumers. Additionally, the convenience of sliding doors and ample storage space has further contributed to the demand for minivans in the country.

Trends in the market: One of the key trends in the minivans market in Singapore is the shift towards more environmentally-friendly options. As the government continues to promote sustainability and reduce carbon emissions, there has been a growing demand for hybrid and electric minivans. These vehicles not only offer lower fuel consumption but also qualify for various tax incentives and rebates, making them an attractive choice for environmentally-conscious consumers. Another trend in the market is the integration of advanced technology features in minivans. Singaporeans are known for their tech-savviness and desire for the latest gadgets and innovations. As a result, minivan manufacturers have been incorporating features such as touchscreen infotainment systems, advanced safety technologies, and connectivity options to cater to the tech-savvy consumer base.

Local special circumstances: Singapore's limited land area and strict vehicle ownership regulations have also influenced the minivans market. Due to the high cost of owning a car in Singapore, many families opt for minivans as a more affordable alternative to larger SUVs or sedans. The compact size of minivans makes them easier to maneuver in the city's crowded streets and parking spaces. Furthermore, Singapore's aging population has also contributed to the demand for minivans. As the elderly population grows, there is an increasing need for vehicles that provide easy access and comfortable seating options. Minivans, with their low floor height and spacious interiors, cater to the needs of older individuals and make transportation more convenient for them.

Underlying macroeconomic factors: Singapore's strong economy and high disposable income levels have played a significant role in the growth of the minivans market. With a prosperous economy and a stable job market, consumers have the financial means to invest in larger vehicles such as minivans. Additionally, Singapore's status as a global financial hub attracts expatriates and foreign professionals, who often have larger families and require spacious vehicles. In conclusion, the Minivans market in Singapore has been driven by customer preferences for versatile and spacious vehicles, as well as the shift towards more environmentally-friendly options. The integration of advanced technology features and Singapore's unique circumstances, such as limited land area and an aging population, have also contributed to the growth of the market. Overall, the strong economy and high disposable income levels in Singapore have provided a favorable environment for the minivans market to thrive.

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).