Minivans Industry Overview

The global minivans market size was valued at USD 100.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 2.9% from 2022 to 2028.

Increasing disposable income, affordability, and spending on passenger vehicles are major factors influencing the market growth. As a result of economic revolution and technological developments, passenger car affordability has increased leading to the increasing contribution from a middle-income class population, which is expected to increase further over the forecast period. Increasing product launches with improved functionality and aesthetics from the key manufacturers are anticipated to increase consumer interest and encourage purchase, further fueling the market growth.

Gather more insights about the market drivers, restrains and growth of the Global Minivans Market

New stylish products with excellent passenger and cargo space, flexible floorplan, and connected technologies are being launched in the market by the manufacturers which are the selling points of the minivans. Global minivans industry growth is substantially restrained by rising immense popularity and increasing competition from the other passenger vehicles, especially SUVs. These vehicles are gaining traction in the most major automotive markets, hindering the market growth of minivans. Furthermore, stringent rules and regulations hamper the market growth. Stricter emission rules and standards by the governments and environmental authoritative bodies are also restraining factors limiting the market growth.

The COVID-19 pandemic negatively affected the overall automotive industry. Automotive industry production plummeted due to various challenges including, lack of labor, supply chain disruption, lack of automotive parts, shortage of semiconductor chips, etc. The minivans market experienced a fall in unit sales and market revenue during the pandemic as production was halted. Also, due to the lockdowns and restrictions, consumers’ influx to the dealer’s showroom was affected significantly resulting in a declined consumer demand. The market is likely to experience a little shadow of the COVID-19 pandemic in the future, however, recover with steady and slow growth over the forecast period.

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Key Companies Profile

Some prominent players in the global minivans market are

• 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

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