Mini Vans Market

Mini Vans Market Snapshot

The global mini vans market size is expected to reach US$ 614.3 Million in 2032 and exhibit immense growth at a CAGR of 17.6% in the forecast period. Increasing passenger car affordability and ongoing economic revolution are projected to boost the demand for mini vans in future years. As per FMI, the global mini vans market is likely to be valued at US$ 316.9 Million in 2022.

Increasing spending on passenger vehicles and high disposable income are projected to push sales of mini vans in the upcoming years. Rising number of new product launches with enhanced aesthetics and functionality by key manufacturers are likely to surge interest of customers and encourage purchase.

Mini vans provide more useful features, compared to SUVs, especially in the passenger and cargo space. These also have reconfigurable seats and are considered to be ideal for families or small groups.

Sliding doors of minivans enable the easy loading and unloading of kids. It is relatively easier to place a child’s seat in the minivan through its sliding doors. E-commerce companies are nowadays using mini vans to transport enormous cargo from one place to another with ease.

In addition, increasing consumer preference for diesel minivan models over other types of fuel is likely to aid growth. Diesel-powered mini vans are considered to be powerful and efficient with high towing and light-duty hauling capacities.

How is the Demand for Luxurious Vehicles Pushing the Mini Vans Market Growth?

Key players are increasingly focusing on introducing novel, stylish mini vans with connected technologies, flexible floorplan, and excellent cargo & passenger space across the globe. In May 2022, for instance, Audi unveiled its new Urbansphere minivan concept online. The fully electric minivan is a more luxurious alternative to ID.6 by Volkswagen. Thus, the high demand for luxurious mini vans in both developed and developing countries is expected to bolster growth.

Moreover, rising demand for electric vehicles to reduce the cost of fuel and protect the environment from pollution is anticipated to augur well for the market. As per the International Energy Agency (IEA), in 2019, sales of electric cars reached 2.1 million across the globe. This trend is projected to continue throughout the forthcoming years, thereby augmenting the mini vans market growth.

Which Factors May Obstruct the Global Mini Vans Market Growth?

Minivans are considered to be more expensive than cars. Thus, customers in emerging economies are expected to prefer cost-effective vehicles over mini vans. Also, minivans lack the all-wheel drive feature. These do not provide good gas mileage and would require more fuel, compared to other passenger vehicles. Spurred by the aforementioned factors, expansion of the global mini vans market size may get hampered in the evaluation period.

Nikhil Kaitwade

Principal Consultant

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Why is the Asia Pacific Mini Vans Market Exhibiting Rapid Growth?

Based on region, Asia Pacific is expected to remain at the forefront by generating the largest mini vans market share in the evaluation period. This growth is attributable to the increasing usage of mini vans in Japan and China. The cargo space and body built of new minivan models are more appealing to customers in Asia Pacific, as compared to the other regions.

Besides, surging market penetration, higher brand awareness, and strong presence of leading players in the region are expected to bode well for the market. Many prominent automakers based in Asia Pacific are also consistently launching novel products to cater to the surging demand from customers.

How are Government Bodies Propelling the North America Mini Vans Market?

North America is likely to remain in the second position in terms of share during the forecast period. High demand for electric minivans with the ongoing technological development in the field of electric batteries across the U.S. and Canada is expected to foster growth in North America.

To prevent global warming and reduce the consumption of fossil fuel, many automotive manufacturers in North America are focusing more on electric vehicle production. Governments of developed countries are also taking various initiatives to help manufacturers broaden their production capacities to meet the high demand for mini vans in North America.

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Market Competition

Some of the leading companies present in the global mini vans market include Honda Motor Company, Ltd., Kia Motors America, Inc., Maruti Suzuki India Limited, FCA US LLC, Mahindra & Mahindra Ltd., Ford Motor Company, Toyota Motor Corporation, and Mazda Motor Corporation among others.

The global market is highly competitive with the presence of various large-scale companies. The majority of these companies are focusing on research and development activities to stay ahead in the market. Some of the others are also launching cutting-edge products to expand their customer base.

Meanwhile, a few small-scale companies are investing huge sums in the electric minivan segment with rising concerns about air pollution and greenhouse gas emissions.

Report Scope

Key Segments Profiled in the Mini Vans Industry Survey

By Weight Class:

• Less than 6000 LBS
• 6001 to 10,000 LBS

By Power Source:

• Diesel Engine Mini Vans
• Gasoline Engine Mini Vans
• Battery Power Mini Vans

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East and Africa