Dublin, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The "Minivans Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global minivans market has showcased remarkable growth, reaching $108.21 billion in 2023 from $102.57 billion in 2022, reflecting a significant compound annual growth rate (CAGR) of 5.5%.
These insights are revealed in a comprehensive minivan market research report that provides valuable statistics, regional trends, and key opportunities for businesses to flourish in this dynamic industry.
This insightful report also predicts a promising future for the minivans market, estimating growth to $132.93 billion by 2027, driven by a steady CAGR of 5.3%.
The minivan market research report is part of a series of reports that provide in-depth statistics, including global market size, regional shares, detailed market segments, trends, and opportunities, equipping businesses with essential data to navigate the competitive landscape.
Technological Advancements Steer Growth
One of the pivotal trends observed in the minivans market is the increasing focus on technological advancements. Major players in the industry are actively developing innovative technologies to secure a competitive edge.
For instance, Toyota, a prominent name in the minivans sector, launched fourth-generation Noah and Voxy minivans in Japan equipped with advanced driving support technologies, including an advanced park with a remote function and advanced drive for traffic congestion support. These innovations are underpinned by Toyota Safety Sense, an active safety package with advanced functionality.
Strategic Partnerships for Electrification
In another notable development, India-based Mahindra & Mahindra partnered with Germany's Volkswagen in May 2022 to leverage MEB electric components, such as battery system components, electric motors, and battery cells, for its Born Electric Platform. This strategic alliance reflects a shared objective to electrify India's automotive market and marks a significant step towards sustainable and eco-friendly transportation solutions.
Asia-Pacific Leads, Electric Vehicles Drive Growth
The Asia-Pacific region emerged as the dominant market for minivans in 2022, showcasing its potential as a hub for industry growth. Notably, the market report encompasses regions like Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa, providing a comprehensive outlook.
Rising environmental concerns and the demand for more sustainable transportation options are boosting the adoption of electric vehicles, and minivans are no exception. The global push towards electric mobility is resulting in an increased demand for electric minivans that offer eco-friendly solutions while accommodating passengers and cargo.
According to the International Energy Agency (IEA), the number of electric vehicles on the road globally surged by 43% in 2020, with 10 million electric vehicles contributing to this surge. This shift towards electric vehicles is expected to drive the growth of the minivans market in the coming years.
Reasons to Invest in the Minivan Market Report
For businesses seeking to stay ahead in this competitive landscape, the minivan market report offers compelling reasons to invest:
- Global Insights: Gain a comprehensive global perspective with in-depth analysis across 50+ geographies.
- COVID-19 Impact Analysis: Understand how the market responded to the pandemic and its aftermath.
- Geopolitical Impact Assessment: Assess the Russia-Ukraine conflict's effects on commodities, energy, and agriculture.
- High Inflation Evaluation: Measure the impact of high global inflation on market growth.
- Strategic Regional Insights: Create tailored regional and country strategies based on localized data and analysis.
- Identify Growth Avenues: Identify growth segments to optimize investments.
- Competitive Edge: Outperform competitors using forecast data and emerging market trends.
- Market Share Insights: Understand customer preferences and benchmark performance against key competitors.
- Informative Presentations: Support internal and external presentations with reliable data and analysis.
Key Questions Answered by the Minivans Market Report
The comprehensive report covers key questions to guide businesses' strategies:
- Market Reach: Where is the largest and fastest-growing market for minivans?
- Market Dynamics: How does the minivan market correlate with the overall economy and demography?
- Future Forces: What factors will shape the minivan market in the coming years?
- Pandemic Response: How did the market respond to the COVID-19 pandemic?
- Geopolitical Impact: What's the impact of the Russia-Ukraine conflict on the market?
- Inflation Analysis: How does high global inflation affect market growth?
- Regional Strategies: How can businesses create effective regional strategies based on local data?
- Investment Insights: Which growth segments should businesses invest in?
- Competitive Edge: How can businesses outperform competitors using forecast data and trends?
Navigating Future Growth
The minivans market research report provides a holistic view of the industry, offering insights into market growth, trends, and strategic opportunities. From technological advancements to shifting consumer preferences, this report equips businesses with the information needed to make informed decisions and navigate future growth.
Major players in the Minivansmarket are
- SAIC Motor Corporation Limited
- Nissan Motor Co. Ltd
- Toyota Motor Corporation
- Honda Motor Co. Ltd
- Ford Motor Company
- Hyundai Motor Company
- Kia Corporation
- General Motors Company
- Daimler AG
- Mahindra Group
- Suzuki Motor Corporation
- Bayerische Motoren Werke AG
- Volkswagenwerk GmbH
- Tata Motors Limited
- Stellantis N.V
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $108.21 billion |
| Forecasted Market Value (USD) by 2027 | $132.93 billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/hfn3u1
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