Minivans - United States

United States

Highlights

Revenue in the Minivans market is projected to reach US$17bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.65%, resulting in a projected market volume of US$16bn by 2029.
Minivans market unit sales are expected to reach 424.2k vehicles in 2029.
The volume weighted average price of Minivans market in 2024 is expected to amount to US$39k.
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 United States has been experiencing significant growth in recent years. Customer preferences have shifted towards larger vehicles that offer ample space for passengers and cargo, as well as advanced safety features. This trend has driven the demand for minivans in the country.

Customer preferences: Customers in the United States have shown a strong preference for minivans due to their versatility and functionality. Minivans offer spacious interiors with multiple seating configurations, making them ideal for families and those who require ample cargo space. Additionally, minivans are often equipped with advanced safety features such as lane departure warning, blind-spot monitoring, and automatic emergency braking, which are highly valued by consumers.

Trends in the market: One of the key trends in the minivans market in the United States is the increasing popularity of hybrid and electric minivans. As environmental concerns continue to grow, consumers are seeking more fuel-efficient and eco-friendly vehicles. Hybrid and electric minivans offer lower emissions and improved fuel economy, making them an attractive option for environmentally conscious buyers. Another trend in the market is the integration of advanced technology and connectivity features in minivans. Manufacturers are equipping minivans with touch-screen infotainment systems, smartphone integration, and advanced driver assistance systems. These features enhance the overall driving experience and provide convenience and entertainment for passengers.

Local special circumstances: One of the factors contributing to the growth of the minivans market in the United States is the increasing number of families with children. The United States has a relatively high birth rate compared to other developed countries, leading to a larger market for family-oriented vehicles such as minivans. Additionally, the country has a strong culture of road trips and long-distance travel, making minivans a popular choice for families looking for comfort and space during their journeys.

Underlying macroeconomic factors: The strong economy and low unemployment rate in the United States have also played a role in the growth of the minivans market. With more disposable income, consumers are able to afford larger vehicles and are willing to invest in features that enhance their driving experience. Additionally, low fuel prices have made owning and operating minivans more affordable, further driving the demand for these vehicles. In conclusion, the Minivans market in United States has been growing due to customer preferences for spacious and versatile vehicles, the increasing popularity of hybrid and electric models, the integration of advanced technology and connectivity features, the presence of a large number of families with children, and the strong economy and low fuel prices. These factors have created a favorable market environment for minivans in the United States.

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).