Minivans - Thailand

Thailand

Revenue in the Minivans market is projected to reach €614m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.54%, resulting in a projected market volume of €696m by 2029.
Minivans market unit sales are expected to reach 29.9k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to €22k.
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 Thailand has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: One of the main reasons for the growth of the Minivans market in Thailand is the increasing demand for spacious and versatile vehicles. Thai consumers are increasingly looking for vehicles that can accommodate large families or groups of people, making minivans an attractive option. Additionally, the popularity of minivans is also driven by their practicality and functionality, as they offer ample cargo space and comfortable seating arrangements.

Trends in the market: A key trend in the Minivans market in Thailand is the shift towards more technologically advanced and fuel-efficient vehicles. Consumers are increasingly looking for minivans that offer advanced features such as touchscreen infotainment systems, advanced safety features, and hybrid or electric powertrain options. This trend is driven by the growing awareness of environmental issues and the desire for more fuel-efficient vehicles. Another trend in the market is the increasing competition among automakers. With the growing demand for minivans in Thailand, automakers are introducing new models and variants to cater to different customer preferences. This has led to a wider range of options for consumers, allowing them to choose a minivan that best suits their needs and preferences.

Local special circumstances: Thailand has a large population and a strong cultural emphasis on family and community. This has contributed to the popularity of minivans, as they offer a practical and convenient transportation solution for large families or groups of people. Additionally, the relatively affordable price of minivans compared to other types of vehicles also makes them an attractive option for Thai consumers.

Underlying macroeconomic factors: The growth of the Minivans market in Thailand is also influenced by underlying macroeconomic factors. Thailand has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has allowed more Thai consumers to afford minivans and contribute to the growth of the market. Additionally, the government's efforts to promote the automotive industry and provide incentives for the production and purchase of vehicles have also contributed to the growth of the Minivans market in Thailand. In conclusion, the Minivans market in Thailand is experiencing significant growth due to changing customer preferences, including the demand for spacious and versatile vehicles. The market is also driven by the trend towards more technologically advanced and fuel-efficient vehicles. Local special circumstances, such as the emphasis on family and community, contribute to the popularity of minivans in Thailand. Additionally, underlying macroeconomic factors, including economic growth and government incentives, also play a role in the growth of the market.

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).