Minivans Market Size, Share, and Trends 2024 to 2033

Minivans Market Size and Growth

The global minivans market size was USD 106.12 billion in 2023, calculated at USD 109.21 billion in 2024 and is expected to reach around USD 141.38 billion by 2033, expanding at a CAGR of 2.91% from 2024 to 2033. Increasing disposable income, affordability, and spending on passenger vehicles are major factors influencing the minivans market growth.

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Minivans Market Key Takeaways

• Asia Pacific dominated the market with the largest revenue share of 63% in 2023.
• North America is expected to grow at a solid CAGR of 3.52% during the period studied.
• By fuel type, the diesel segment has contributed more than 90% of revenue share in 2023. 
• By fuel type, the electric segment will grow at the fastest rate over the forecast period.

Asia Pacific Minivans Market Size and Growth 2024 to 2033

The Asia Pacific minivans market was valued at USD 66.86 billion in 2023 and is expected to be worth around USD 89.78 billion by 2033, at a CAGR of 2.99% from 2024 to 2033.

Asia Pacific dominated the global minivans market in 2023. There is a notable demand for minivans among consumers in China and Japan. Buyers in these regions prefer minivans due to their body construction and ample luggage capacity. Additionally, the strong presence of major market players, coupled with increased brand recognition and market penetration, contributes to a larger market share. The market in this region is well established, with higher income levels linked to frequent product releases.

• In May 2024, Honda unveiled the third-generation Freed ahead of its market launch in Japan, scheduled for June 2024. The small three-row minivan adopts styling cues inspired by the larger Step WGN. It is available in standard Air and rugged Crosstar versions, offering the option between gasoline and self-charging hybrid powertrains.

Average Price of Minivans in India by Dec 2023

Average Price of Minivans in Japan by Dec 2023

North America is expected to host the fastest-growing minivans market during the period studied. The region's highest growth rate is primarily due to changing consumer perceptions of minivans, now seen as luxurious and stylish vehicles. Key players are driving market growth through increased product launches and deeper market penetration. New minivan models offer added perks that enhance their luxurious appearance and provide comfortable space, which makes them ideal for outings with family and friends.

• In 2022, the new Kia Corporation has plans to sell a minivan in the United States called the Carnival Hi Limousine.

Market Overview

A minivan is a vehicle built on a small-car platform with a unibody design, integrating the chassis and body into a single structural unit. These vehicles can accommodate up to eight passengers and serve as multi-purpose vehicles capable of transporting both people and cargo. The growth of the minivans market is driven by the expansion of the travel and tourism industry, the development of the electric vehicle sector, and the introduction of a wider variety of products. Manufacturers are launching new, stylish minivans featuring excellent passenger and cargo space, flexible floor plans, and connected technologies, which are key selling factors for these vehicles.

Minivans Market Growth Factors

• Rising product launches along with improved functionality can drive the minivans market growth shortly.
• Rising demand for electric vehicles is expected to fuel the market growth of minivans.
• Electric minivans cater to environmental concerns and reduce fuel costs, which can drive the minivans market growth further.
• Technological advancements in the industry will also likely help in the minivans market expansion.

Minivans Market Scope

Minivans Market Dynamics

Driver

Innovative features

The minivans market is marked by continuous innovation and a dynamic landscape. Automotive manufacturers in this sector are committed to enhancing the driving experience through the introduction of advanced features. These include state-of-the-art safety technologies, entertainment systems, and improved fuel efficiency. By focusing more on the evolving expectations of consumers, minivan manufacturers are leading the way in integrating technological advancements into their vehicles. This dedication to innovation not only drives market growth but also ensures that minivans remain appealing to a wide range of consumers seeking modern and efficient transportation solutions for their families.

• In March 2024, BYD, a prominent Chinese electric car manufacturer, made a significant foray into the European automotive landscape by introducing the eye-catching D9 minivan as part of its Denza brand's grand debut. The D9 minivan, an elegant people mover, is not just a vehicle; it's a fusion of innovation and luxury.

Restraint

High purchase prices can impede market growth.

Minivans generally have a higher purchase price compared to automobiles. Hence, consumers in developing countries are expected to prefer more affordable cars over minivans. Additionally, minivans do not offer an all-wheel-drive option and typically have lower fuel efficiency compared to other passenger vehicles by consuming more fuel. These factors may hinder the growth of the global minivans market during the forecast period.

Opportunity

Rising demand for electric and hybrid options

An exciting opportunity in the minivans market lies in addressing the increasing demand for environmentally sustainable transportation. With growing global awareness of climate change, consumers are seeking electric and hybrid options. By introducing eco-friendly minivan models, manufacturers can access a burgeoning market segment focused on reducing carbon footprints. Moreover, Major trends during the forecast period include the development of more compact and fuel-efficient models, 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 collaboration between automakers and technology companies.

• In October 2023, Volvo, a brand synonymous with SUVs, sedans, and wagons, unveiled its first-ever minivan, the EM90, in a rather unconventional way. The EM90 will be an all-electric offering, making it a clean alternative in the minivans market mostly populated by combustion engines.

Fuel Type Insights

The diesel segment dominated the market in 2023 and is expected to grow at a rapid pace in the minivans market during the forecast period. The higher customer preference for diesel minivans can be attributed to the diesel fuel segment's significant revenue share in the market. Diesel-powered minivans and other multipurpose vehicles, which are ideal for light-duty carrying and towing, offer efficiency and power. These vehicles can effectively manage cargo while maintaining lower operating costs compared to other fuel types. Furthermore, most available minivan models are equipped with diesel engines, reinforcing their market dominance.

The electric segment will grow at the fastest rate in the minivans market over the forecast period. The electric vehicle market is rapidly expanding and evolving due to advancements in battery technology and related areas. Reducing fossil fuel consumption and combating global warming have become key priorities for global leaders and automotive manufacturers. Government initiatives and a surge in new product launches are anticipated to drive growth in the global minivans market. For example, media reports indicate that more than ten electric minivan models are expected to be launched in the coming years, including the Chrysler Pacifica EV, Voyah Dreamer, Mercedes EQT, and Hyundai Staria FCEV.

• In January 2022, King Long Longyao Electric Minivan Launched in the Chinese Car Market. King Long is one of China’s largest commercial vehicle makers, best known for their King Long branded city and long-distance buses. Like so many Chinese automakers, the company has gone full into electric vehicles in recent years.

Minivans Market Companies

•  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

• In March 2023, Penske Truck Leasing, a leading global truck leasing company, announced that it had acquired a fleet of 10,000 used trucks. The acquisition will help Penske to expand its used truck leasing business and meet the growing demand for used trucks in the global market.
• In February 2023, Navistar, a leading global truck manufacturer, announced that it would be investing $1 billion in its used truck business. The investment will be used to expand Navistar's used truck reconditioning facilities and to develop new used truck sales and marketing programs.
• In January 2022, Toyota introduced the new Noah and Voxy minivans in Japan. These minivans were remodeled on a TNGA (GA-C) chassis, and they featured comfy seats and a wide passenger area.

Segments Covered in the Report

By Fuel Type  

• Diesel
• Petrol
• Electric
• Other

By Geography

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