Minivans - South Africa

South Africa

Revenue in the Minivans market is projected to reach €126m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.81%, resulting in a projected market volume of €132m by 2029.
Minivans market unit sales are expected to reach 4,613.0vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to €29k.
From an international perspective it is shown that the most revenue will be generated in China (€38,570m in 2024).

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

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Analyst Opinion

The Minivans market in South Africa has been experiencing significant growth in recent years.

Customer preferences: South African customers are increasingly opting for minivans due to their versatility and spaciousness. Minivans are popular among families and individuals who require ample seating and storage space. The practicality and functionality of minivans make them an ideal choice for transporting both people and goods. Additionally, the affordability of minivans compared to larger SUVs and luxury vehicles is a key factor driving customer preferences in South Africa.

Trends in the market: One of the key trends in the minivans market in South Africa is the increasing demand for hybrid and electric minivans. As the country focuses on reducing carbon emissions and promoting sustainability, more customers are seeking eco-friendly alternatives. Hybrid and electric minivans offer lower fuel consumption and reduced environmental impact, making them an attractive option for environmentally-conscious consumers. Another trend in the market is the integration of advanced technology features in minivans. South African customers are increasingly looking for vehicles with advanced safety features, connectivity options, and entertainment systems. Automakers are responding to this demand by equipping minivans with features such as touchscreen infotainment systems, rearview cameras, and advanced driver assistance systems.

Local special circumstances: One of the unique aspects of the South African market is the diverse terrain and road conditions. Minivans need to be able to navigate both urban areas and rural landscapes, which often include unpaved roads. This has led to an increased demand for minivans with robust suspension systems and higher ground clearance, allowing them to handle rough terrains.

Underlying macroeconomic factors: The growth of the minivans market in South Africa can be attributed to several underlying macroeconomic factors. Firstly, the improving economic conditions in the country have led to an increase in disposable income among consumers. This has allowed more individuals and families to afford minivans, resulting in higher sales. Secondly, the expanding middle class in South Africa has contributed to the growth of the minivans market. As more people move into the middle-income bracket, they are looking for vehicles that offer practicality and value for money. Minivans fit this criteria, providing a cost-effective solution for transportation needs. Lastly, the government's focus on infrastructure development and improving public transportation systems has also influenced the minivans market. As the road network improves and public transportation options become more reliable, individuals and families are opting for minivans as a convenient mode of private transportation. In conclusion, the Minivans market in South Africa is growing due to customer preferences for spacious and versatile vehicles, the increasing demand for hybrid and electric options, the integration of advanced technology features, the unique road conditions in the country, and the underlying macroeconomic factors such as improving economic conditions and an expanding middle class.

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).