What Fueled The Previous Growth In The Minivans Market?
The minivans market has seen considerable growth due to a variety of factors.
• The market size for minivans has been witnessing a consistent rise in recent years. It is projected to expand from $105.2 billion in 2024 to $108.2 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 2.9%.
The growth recorded in the historical phase can be linked to evolving consumer tastes, an increase in the requirement for versatile and multi-functional vehicles, families embracing minivans due to their load and passenger space, and the uptrend in suburban and family-focused lifestyle. Key factors also include marketing initiatives accentuating safety attributes and designs that cater to families.
What Is The Expected Growth In The Minivans Market Size?
The minivans market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for minivans is predicted to experience consistent growth, reaching $129.26 billion in 2029 with a 4.5% compound annual growth rate (CAGR).
Several factors are driving this growth forecast, including the incorporation of advanced entertainment and connectivity features in minivans, a growing focus on adaptable interiors and flexible seating options, an increase in the shared mobility sector and the use of minivans in ride-sharing industries, the implementation of autonomous driving technologies in minivan types, and a rising demand for hybrid and electric minivan models. The upcoming trends for this forecast period involve the creation of more fuel-efficient and compact designs, a focus on luxury features and high-quality interiors, the adoption of lightweight materials and aerodynamic designs for enhanced efficiency, minivan customizations for specific applications, and partnerships between car manufacturers and tech firms.
What Main Forces Are Fueling Expansion In The Minivans Market?
The growth of the minivan market is predicted to surge due to the increasing popularity of electric vehicles. These vehicles, which operate on electric power via one or more electric motors, are witnessing a surge in demand. This amplifying demand can be attributed to factors such as a desire to mitigate environmental pollution and reduced fuel costs, all while providing ample room for passengers and cargo. For example, data from the France-based autonomous intergovernmental body, the International Energy Agency (IEA), reveals that the proportion of electric cars in the total car sales escalated from 9% in 2021 to 14% in 2022. This ever-increasing appeal of electric vehicles is thus fuelling the expansion of the minivan market.
What Are The Primary Segments In The Global Minivans Market?
The minivans market covered in this report is segmented –
1) By Product Type: Plug-In Minivan, Hybrid Minivan, Mini MPV, Compact MPV, Large MPV
2) By Fuel Type: Diesel, Petrol, Electric, Other Fuel Types
3) By Application: Commercial Vehicle, Passenger Vehicle
Subsegments:
1) By Plug-In Minivan: Battery Electric Vehicles (BEV), Plug-In Hybrid Electric Vehicles (PHEV)
2) By Hybrid Minivan: Full Hybrid Minivan, Mild Hybrid Minivan
3) By Mini MPV: 5-Seater Mini MPV, 7-Seater Mini MPV
4) By Compact MPV: Standard Compact MPV, High-Roof Compact MPV
5) By Large MPV: Standard Large MPV, Luxury Large MPV
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Which Key Trends Are Driving Changes In The Minivans Market?
Advancements in technology are becoming more relevant in the minivans market trend. Companies in this sector are prioritizing innovative tech capabilities to dominate the market. For instance, in January 2022, Toyota unveiled the new fourth-generation Noah and Voxy minivans in Japan. These minivans come with cutting-edge driving assist technologies such as advanced park (with remote function) and advanced drive (support during traffic congestion). On top of this, they also feature the Toyota Safety Sense, a safety package with innovative functions.
Who Are the Key Players in the Minivans Market?
Major companies operating in the minivans market include:
• Shanghai Automotive Industry Corporation
• Nissan Motor Co Ltd.
• Toyota Motor Corporation
• Honda Motor Co Ltd.
• Ford Motor Company
• Hyundai Motor Company
• Kia Corporation
• General Motors Company
• Daimler AG
• Mahindra Group
• Suzuki Motor Corporation
• Volkswagenwerk GmbH
• Tata Motors Ltd.
• Stellantis NV
• Chrysler Group LLC
• Dodge Brothers Motor Company
• Chevrolet
• Auto Union AG
• Peugeot Société Anonyme
• Automobiles Citroën
• Renault SA
• Mitsubishi Corporation
• Mazda Motor Corporation
What Is The Most Dominant Region In The Minivans Market?
Asia-Pacific was the largest region in the minivan market in 2024.The regions covered in the minivans market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
