Minivans - North America

North America

Highlights

Revenue in the Minivans market is projected to reach US$18bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.72%, resulting in a projected market volume of US$17bn by 2029.
Minivans market unit sales are expected to reach 462.8k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$38k.
From an international perspective it is shown that the most revenue will be generated China (US$42bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Minivans market in North America has been experiencing steady growth in recent years, driven by customer preferences for spacious and versatile vehicles. Minivans are popular among families and individuals who require ample seating capacity and cargo space, making them an ideal choice for road trips and daily commuting.

Customer preferences: One of the main reasons for the growth of the Minivans market in North America is the increasing demand for vehicles that can accommodate large families and provide comfortable seating for multiple passengers. Minivans offer flexible seating arrangements, with options to fold down seats or remove them completely, allowing for customizable space for passengers and cargo. Additionally, minivans often come equipped with advanced safety features and entertainment systems, further enhancing their appeal to families with children.

Trends in the market: A notable trend in the North American Minivans market is the growing popularity of hybrid and electric models. As consumers become more conscious of their environmental impact, there is a rising demand for vehicles that offer fuel efficiency and reduced emissions. Hybrid and electric minivans provide an eco-friendly alternative without compromising on space and functionality. Another trend in the market is the integration of advanced technology and connectivity features. Minivan manufacturers are incorporating features such as touchscreen infotainment systems, smartphone integration, and driver-assistance technologies to enhance the overall driving experience. These technological advancements not only attract tech-savvy consumers but also improve convenience and safety.

Local special circumstances: In North America, the Minivans market is particularly strong in the United States and Canada. Both countries have a large population of families and individuals who value spacious and practical vehicles. Additionally, North America has a well-developed road infrastructure, making minivans a practical choice for long-distance travel.

Underlying macroeconomic factors: The growth of the Minivans market in North America can also be attributed to favorable macroeconomic factors. A strong economy, low unemployment rates, and increased disposable income have contributed to a rise in consumer spending on vehicles. Furthermore, low fuel prices have made larger vehicles, such as minivans, more affordable to operate, further driving their demand. In conclusion, the Minivans market in North America is experiencing growth due to customer preferences for spacious and versatile vehicles, the increasing popularity of hybrid and electric models, the integration of advanced technology, and favorable macroeconomic factors. As families and individuals continue to prioritize comfort, space, and functionality, the demand for minivans is expected to remain strong in the region.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).