The global minivans market was valued at USD 104.47 billion in 2023 and growing at a CAGR of 3.49% from 2024 to 2033. The market is expected to reach USD 147.22 billion by 2033. Minivans are used for luxury and comfort. It is used either by large families or for rental purposes in the commercial sector. This will increase the demand for minivans as the rental market grows. This is because today's lifestyle is so fast and busy, and the chances of people getting sick increase. So, to avoid this and release stress, people take vacations occasionally. Due to this, the tourism industry's demand for vehicles like minivans will increase because visitors will rent vehicles from hotels or use vehicle rental services for travelling.
Minivans are a type of vehicle which is quite large in size and space. People with large families mainly use these or who like luxury. People also use minivans for comfort. They also get it modified according to their needs. Consumers get several modifications done according to their needs, including comfortable seats, a music system of choice and a sunroof. Minivans are also used in the commercial sector for logistics, pick-and-drop services and rental purposes. Apart from this, they are also used for group travel. About 5-8 people can be transported at a time. Minivans can be used to easily travel aged or handicapped people from one place to another. Minivans have sliding doors that are very easy to operate and do not require much space to open. Minivans also have advanced features like other passenger cars, such as airbags, adaptive cruise control, lane departure warning, and many more, which make them complete vehicles in every way. Minivans are mostly compared with SUVs because both have the same seating capacity and space, which is why the prices of both are almost the same.
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Shift Toward Multi-Purpose Vehicles- The category of Multi-Purpose Vehicles is capable of meeting the needs of both the commercial sector and families. As the name suggests, it is multi-purpose, meaning it can be used in any way. Due to its versatility, its demand is increasing. Be it rental service in the commercial sector, logistics sector, or family use. Minivans also allow their owners to customize the vehicle as per their wish, as it has a lot of space, comfortable seats, and designer interiors can also be provided in it. These vehicles can be used in shuttle services or shared mobility. They can also provide transport to employees in offices, hotels, or cab services.
Perceived Negative Image and Branding- Minivans are always seen in a family-oriented or commercial usage category. Due to this, the young generation is not attracted to this vehicle. They instead purchase SUVs because their marketing and design portray them as fast and sporty vehicles. Due to this, minivan sales are negatively affected. Also, on social media, minivans are promoted as family vehicles. Due to this, the older generation mostly prefers this vehicle. Due to this negative image and branding, its resale value also decreases because the number of people who want to buy it is much less. Those who buy it on resale are also not ready to pay a high price.
Growing Urbanization- Due to increasing urbanization, people will need transport to travel, so they will purchase vehicles to increase traffic. This traffic will increase pollution. Services like carpooling and ride-sharing can be adopted to stop this, and minivans are a very good option. Through this, 5-8 people can travel at a time. This will save money for these people and reduce road traffic. These services can also be used in offices so that employees will not have to make separate arrangements for commuting. This will also save the employees time, and they will be even more productive.
Perceived Lack of Performance- Today's generation likes sporty-looking vehicles or luxury vehicles. Due to this, the young generation does not prefer minivans as their first vehicle. Due to the size of the minivan, it is considered that it does not have both power and speed, and it is a commercial vehicle. Due to this, in today's competitive era, Minion can be very difficult to make its mark and increase its market share. Due to this, some owners start giving negative reviews about their minivans, which does not create a good image of them. Due to this negative image, people also think that minivans are overpriced.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia pacific emerged as the largest market for the global minivans market, with a 57.71% share of the market revenue in 2023.
The Asia pacific region will account for the largest market share with revenue growth. Large families are found in the Asia Pacific. Most of the people in this region live in a multi-generational family setup. Due to this, people of this region prefer minivans. Due to this, people with large families can travel together. Minivans can also be used in the logistics sector. Minivans are multipurpose vehicles, and they are very easy to customize. Many small business owners in Asia Pacific provide home delivery or logistics facilities. This will benefit these businesses, and they will be able to make their business profitable. In addition, minivans are also used as food or goods-selling vehicles. With the help of these vehicles, business owners can easily cover the maximum area of their city and do not need a fixed store space to run their business, which saves them a lot of money. Also, there is a lot of scope for tourism in Asia Pacific, so people keep coming to these places for vacations. So, the hotels here use minivans to receive and drop off their customers and to take them around.
Asia Pacific Region Minivans Market Share in 2023 - 57.71%
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The propulsion type segment is divided into ICE, hybrid and electric. The ICE segment dominated the market, with a market share of 48.49% in 2023. ICE minivans are widely used, and hence, their market is also large. They are very cheap to maintain. Also, ICE minivans can be refilled at any fuel station. Due to this, the user does not have to worry about refueling and range, and he can also travel in the minivan on long routes. ICE minivans are also used in the commercial sector.
The seating capacity segment is divided into 5-seat minivans, 7-seat minivans and above 7 seat minivans. The 7-seat minivans segment dominated the market, with a market share of 52.35% in 2023. 7-seat Minivans are used the most. Large families prefer 7-seat Minivans. This large-capacity minivan has a lot of space, making it easy for the user to sit. It is also used a lot in the commercial sector because it allows them to provide taxi service to more people.
The end use segment is divided into personal use and commercial use. The personal use segment dominated the market, with a market share of 54.62% in 2023. Minivans are mostly used for personal use. This is because they are designed to provide comfort for large families, and today, only small families can travel comfortably in small cars. So, large families can travel together in minivans. Minivans have all the advanced safety features that ensure the family's safety.
The sales channel segment is divided into OEM and aftermarket. The OEM segment dominated the market, with a market share of 60% in 2023. Most consumers prefer to purchase first-hand vehicles. This allows them to make custom changes or additions and ensure they purchase the right product from the right place. OEMs run many lucrative schemes to attract their consumers and benefit the customer. Commercial consumers also purchase vehicles from OEMs in large quantities.
Report Description:
Attribute | Description |
---|---|
Market Size | Revenue (USD Billion) |
Market size value in 2023 | USD 104.47 Billion |
Market size value in 2033 | USD 147.22 Billion |
CAGR (2024 to 2033) | 3.49% |
Historical data | 2020-2022 |
Base Year | 2023 |
Forecast | 2024-2033 |
Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
Segments | Propulsion Type, Seating Capacity, End Use, Sales Channel |
As per The Brainy Insights, the size of the minivans market was valued at USD 104.47 billion in 2023 to USD 147.22 billion by 2033.
The global minivans market is growing at a CAGR of 3.49% during the forecast period 2024-2033.
The Asia Pacific region emerged as the largest market for the minivans.
The shift toward multi-purpose vehicles will influence the market's growth.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global minivans market based on below-mentioned segments:
Global Minivans Market by Propulsion Type:
Global Minivans Market by Seating Capacity:
Global Minivans Market by End Use:
Global Minivans Market by Sales Channel:
Global Minivans Market by Region:
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