The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Continuous Growth Trajectory

• The minivans market has shown consistent growth in recent years.
• Expected to increase from $103.17 billion in 2023 to $106.75 billion in 2024 with a CAGR of 3.5%.
• Historical growth attributed to changing consumer preferences and the rise of family-oriented lifestyles.

Future Outlook

• Foreseen to reach $124.35 billion in 2028 with a CAGR of 3.9%.
• Driven by integration of advanced connectivity and entertainment features, shared mobility trends, and adoption of electric and hybrid models.
• Major trends include compact designs, luxury features, lightweight materials, and customization options.

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Growing Demand For Electric Vehicles Fuels Market Expansion
Electric Vehicle Surge

• Rising demand for electric vehicles propels minivan market growth.
• Electric minivans cater to environmental concerns and fuel cost reduction.
• International Energy Agency (IEA) reports a significant increase in electric vehicle adoption globally.

Major Players

• Shanghai Automotive Industry Corporation
• Nissan Motor Co Ltd.
• Toyota Motor Corporation
• And others…

Technological Advancements Drive Minivans Market Trends
Technological Innovations

• Focus on advanced technologies to enhance minivan offerings.
• Toyota’s fourth-generation Noah and Voxy equipped with advanced driving support.
• Mahindra & Mahindra partners with Volkswagen to electrify India’s automotive market.

Collaboration for Innovation

• Mahindra & Mahindra joins forces with Volkswagen to utilize MEB electric components.
• Shared objective to electrify India’s automotive sector drives collaboration.

Market Segmentation

1. Product Type: Plug-In Minivan, Hybrid Minivan, Mini MPV, Compact MPV, Large MPV
2. Fuel Type: Diesel, Petrol, Electric, Other Fuel Types
3. Application: Commercial Vehicle, Passenger Vehicle

Regional Insights

• Asia-Pacific dominates the minivans market, showcasing its prominence in 2023.

The minivans market continues its upward trajectory, fueled by consumer preferences, technological advancements, and environmental concerns. The surge in electric vehicle demand and strategic collaborations highlight the industry’s commitment to innovation and sustainability. As manufacturers strive to meet evolving consumer needs and regulatory standards, the minivans market is poised for dynamic growth and transformation in the years ahead.

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The Minivans Global Market Report 2024  provides an overview of the minivans market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The minivans market forecast analyzes minivans market size, minivans market share, leading competitor and their market positions.

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