The Minivans by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Minivans, 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 in the historic period can be attributed to changing consumer preferences, rise in demand for versatile and multi-purpose vehicles, adoption of minivans by families for their passenger and cargo capacity, growth in the suburban and family-oriented lifestyle, 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 growth in the forecast period can be attributed to integration of advanced connectivity and entertainment features in minivans, increasing emphasis on interior flexibility and modular seating arrangements, growth in the shared mobility and ride-sharing industry with minivans, adoption of autonomous driving technologies in minivan designs, surge in demand for electric and hybrid minivan models. Major trends in the forecast period include development of more compact and fuel-efficient, emphasis on luxury features and premium interiors, use of lightweight materials and aerodynamic designs for improved efficiency, customization of minivans for specialized applications, collaboration between automakers and technology companies.
The rising demand for electric vehicles is expected to propel the growth of the minivan market going forward. Electric vehicles refer to vehicles that use one or more electric motors as means of propulsion that run on electric power. There is a rise in demand for electric minivans to protect the environment from pollution and to reduce the cost of fuel while accommodating more passengers and transporting goods. For instance, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, 10 million electric vehicles were on road globally in 2020, a 43% increase from 2019. Additionally, the percentage of electric cars in overall car sales rose from 9% in 2021 to 14% in 2022. Therefore, the rising demand for electric vehicles is driving the growth of the minivans market.
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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
Technological advancements are the key trends gaining traction in the minivans market. Major players in the minivan sector is focusing on advanced technologies to lead the market. For instance, in January 2022, Toyota launched new fourth-generation Noah and Voxy minivans in Japan. These are equipped with advanced driving support technologies such as advanced park (with remote function) and advanced drive (support during traffic congestion). They are equipped with Toyota Safety Sense, the active safety package with advanced functionality.
The minivans market report table of contents includes:
1. Executive Summary
2. Minivans Market Characteristics
3. Minivans Market Trends And Strategies
4. Minivans Market – Macro Economic Scenario
5. Global Minivans Market Size and Growth
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31. Global Minivans Market Competitive Benchmarking
32. Global Minivans Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Minivans Market
34. Minivans Market Future Outlook and Potential Analysis
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