Global Minivans Market Worth USD 14,108.70 Million With a CAGR of 2.98%

Introduction

The term "minivan" refers to any vehicle that is constructed on a small-car platform and features a unibody, which is the one structural unit of an automobile that incorporates both the chassis and the body weight. The maximum number of people that may fit inside of a minivan is 8. Minivans are a type of multi-purpose vehicle that can transport both people and their cargo in addition to the passengers themselves. The expansion of the travel and tourist sector, the development of the electric vehicle industry, and the launch of an expanding variety of products are all factors that are driving the growth of the minivans market. For example, the International Energy Agency (IEA) predicts that global sales of electric cars will reach 3 million units in 2020, which would account for 4.1 percent of total automobile sales.

The expansion of consumers' disposable income, improvements in affordability, and increased expenditure on passenger automobiles are important for the growth of the industry. Because of the economic revolution and technical advancements, passenger cars are now more affordable, which has led to a rise in the contribution from a population with a middle-income, which is anticipated to expand even more over the course of the projection period.

Market Dynamics

Increasing product launches

It is projected that increasing product launches from the leading manufacturers that include enhanced functionality and aesthetics would raise customer interest and drive purchasing, thereby supporting the market's expansion.

The selling elements of minivans are new fashionable items that have outstanding passenger and cargo capacity, flexible floorplans, and linked technology. These products are being introduced to the market by the manufacturers, and these are the reasons why minivans are so popular.

It is projected that the increasing demand for electric vehicles, which help consumers save money on gasoline while also protecting the environment from pollution, will bode well for the industry.

Regional Overview

In 2021, the Asia Pacific region owned the biggest market revenue share and controlled the worldwide market. This share was around 60 percent. This can be added to the fact that there is a greater demand for minivans among consumers in China and Japan. When compared to the other models, the buyers in this region prefer the minivans because of the body construction and the amount of luggage capacity they offer. In addition to this, a bigger market share is also related to the market important player's strong existence in the region, as well as their increased brand recognition and market penetration.

It is projected that the market in North America will expand at the fastest rate worldwide, reaching a compound annual growth rate of 3.5 percent between the years 2022 and 2028. The shifting perceptions of consumers about the exterior design of minivans, which are increasingly being seen as opulent and fashionable automobiles, are primarily responsible for the greatest growth rate in the region. The expansion of product releases and market penetration in the region by key players is contributing to the growth of the market in that area.

Key Highlights

• The global minivans market size was valued at USD 102.17 billion in 2021 and is expected to reach USD 133.08 billion in 2030 expanding at a compound annual growth rate (CAGR) of 2.98% from 2022 to 2030.
• Expansion of consumers' disposable income, improvements in affordability, and increased expenditure will drive the market.
• Increasing product launches will boost the market.
• Rise in demand for electric vehicles will also drive the market.
• Over ninety percent of the total income generated by the diesel business came from this sector.
• Over the course of the projected period, it is predicted that the electric section of the fuel type would see the highest growth rate, coming in at a compound annual growth rate of 7.30 percent.
• In 2021, the Asia Pacific region owned the biggest market revenue share and controlled the worldwide market.

Competitive Players

Competitors in Minivans Market

• Stellantis N.V.
• Nissan Motor Co. Ltd.
• Toyota Motor Corporation
• Honda Motor Company
• Kia Corporation
• General Motors Company
• Hyundai Motor Company
• Daimler AG
• Tata Motors Limited
• Mahindra & Mahindra
• Suzuki Motor Corporation

Recent Developments

Recent Developments by key players

The new Kia Carnival minivan, which has three rows of seats and plenty of cargo/luggage capacity, was introduced in Brazil in August 2021.

Segmentation

Segmentation of Minivans Market

By Fuel type

• Diesel
• Petrol
• Electric

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East