Minivans Global Market Report 2024

Minivans are larger vehicles designed to accommodate more passengers compared to regular cars. These vehicles feature a higher roof, high H-point seating for passengers, and sliding doors, making them suitable for transporting passengers or goods. Minivans often allow for the removal of rear seats, converting them into cargo carriers or delivery vehicles.

The main types of minivans include plug-in minivans, hybrid minivans, mini MPVs (Multi-Purpose Vehicles), compact MPVs, and large MPVs. Plug-in minivans utilize external energy sources to power batteries through cables. They are equipped with an internal battery that can be charged by plugging it into an electric cable at a charging station. Minivans can run on various fuel types, including diesel, petrol, electricity, and others. These vehicles find applications in both commercial and passenger transport.

The minivan market research report is one of a series of new reports that provides minivan market statistics, including global minivan industry size, regional shares, competitors with market share, detailed minivan market segments, market trends, and opportunities, and any further data you may need to thrive in the minivan industry. This minivan market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The minivans market size has grown steadily in recent years. It will grow from $103.17 billion in 2023 to $106.75 billion in 2024 at a compound annual growth rate (CAGR) of 3.5%. The growth observed in the historical period can be attributed to factors such as changing consumer preferences, an increase in the demand for versatile and multi-purpose vehicles, the adoption of minivans by families for their passenger and cargo capacity, the growth in suburban and family-oriented lifestyles, and marketing efforts emphasizing safety features and family-friendly designs.

The minivans market size is expected to see steady growth in the next few years. It will grow to $124.35 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The anticipated growth in the forecast period can be attributed to factors such as the integration of advanced connectivity and entertainment features in minivans, a growing emphasis on interior flexibility and modular seating arrangements, the rise in the shared mobility and ride-sharing industry with minivans, the adoption of autonomous driving technologies in minivan designs, and an increase in the demand for electric and hybrid minivan models. Major trends expected in the forecast period include the development of more compact and fuel-efficient minivans, an emphasis on luxury features and premium interiors, the use of lightweight materials and aerodynamic designs for improved efficiency, customization of minivans for specialized applications, and collaborative efforts between automakers and technology companies.

The minivan market is poised for growth, driven by the increasing demand for electric vehicles. Electric minivans are gaining popularity as consumers seek environmentally friendly options that reduce fuel costs while accommodating more passengers and cargo. The International Energy Agency (IEA) reported a 43% increase in global electric vehicles on the road in 2020, reaching 10 million units. The percentage of electric cars in total car sales also rose from 9% in 2021 to 14% in 2022, highlighting the surge in demand for electric vehicles and, consequently, propelling the growth of the minivan market.

The aging population is identified as another factor propelling the growth of the minivan market. As the global population ages, there is an increasing need for comfortable and accessible transportation. Minivans are well-suited to meet the mobility challenges of the elderly, providing ample space for caregivers and medical equipment. The World Health Organization projects a significant increase in the global population aged 60 and older, from 1 billion in 2020 to 1.4 billion by 2030. By 2050, this demographic is expected to double, reaching 2.1 billion. The minivan market responds to the demands of an aging population by offering practical and accommodating transportation solutions.

Technological advancements are a key trend in the minivan market, with major players focusing on incorporating advanced technologies to maintain a competitive edge. Toyota, for example, introduced fourth-generation Noah and Voxy minivans in Japan equipped with advanced driving support technologies, including features like advanced park with remote function and advanced drive support during traffic congestion. These technological innovations enhance the safety and performance of minivans, contributing to the overall growth of the market.

Major companies operating in the minivan market are introducing new models to meet specific needs, such as the Hyundai Staria Kinder, designed for safe and eco-friendly transportation. Launched in South Korea, the Staria Kinder is available in 11 or 15-seat configurations and is powered by Autogas to align with eco-friendly policies. The minivan includes safety features tailored for transporting children, along with advanced safety technologies like autonomous emergency braking and lane-keeping assist.

In May 2022, Mahindra & Mahindra, an India-based automotive manufacturer, partnered with Volkswagen to utilize MEB electric components for its new Born Electric Platform. This strategic partnership aims to electrify the automotive market in India, with Volkswagen, a Germany-based motor vehicle manufacturer, contributing battery system components, electric motors, and battery cells.

Major companies operating in the in the minivans market report are 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, Bayerische Motoren Werke AG, Volkswagenwerk GmbH, Tata Motors Ltd., Stellantis NV, Chrysler Group LLC, Dodge Brothers Motor Company, Chevrolet, Fabbrica Italiana Automobili Torino, Auto Union AG, Peugeot Société Anonyme, Automobiles Citroën, Renault SA, Mitsubishi Corporation, Mazda Motor Corporation, Subaru Corporation, Buick Auto-Vim and Power Company, Cadillac Motor Car Division, General Motors Truck Company, Acura, Infiniti Motor Company

Asia-Pacific was the largest region in the minivan market in 2023. The regions covered in the minivans market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the minivans market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The minivan market consists of sales of electric drive and control system, driving force transmission and other mechanical systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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