The global minivans market size is estimated to be valued at USD 112.70 Billion in 2025. It can reach a valuation of USD 141.46 Billion by 2032, by exhibiting a CAGR of 3.3% throughout the forecast period (2025-2032).  

The surge in the elderly population and increasing demand for multi-purpose family vehicles are primary drivers of the market. The integration of hybrid and electric powertrains in the latest minivans is expected to garner significant interest among buyers.

However, the growing competition from passenger vehicles can hamper the market growth.

Key Market Insights

The minivans market is predicted to be shaped by advanced technologies, shared mobility services, and shift to flexible transport options.

• By fuel type, the petrol segment is expected to capture a 19% share of the market in 2025. Petrol-powered minivans can be popular in regions with low electric vehicle (EV) infrastructure or stable petrol prices.
• By application, the personal segment is anticipated to retain 39.9% market share in 2025. The demand for minivans by multi-generational households and families can drive the segment’s growth.
• By geography, the Asia Pacific is projected to lead the market in 2025. This can be attributed to the demand for spacious vehicles, urban expansion, and rising income levels. Government incentives for hybrid minivans in South Korea and China can facilitate regional market growth over the forecast period.

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Minivans Market Report Coverage

Market Dynamics

The production shortage of integrated circuits that stalled the production of SUVs has worked in favor of minivans. Its cargo and passenger space, coupled with the capacity to hold families, can drive the market growth over the forecast period. New launches by reputed brands such as Honda and Toyota, as well as updates on old models, can facilitate sales and aid in growth.

The expansion of ride-hailing fleets is expected to be driven by the procurement of minivans. The rise of self-driving cars as a trend is anticipated to spell good news for the market. On March 21, 2025, Lyft, the ride-hailing service, entered into a partnership with May Mobility to launch self-driving cars in Dallas and Atlanta. The cars will be Toyota Sienna minivans equipped with the latter’s technology and may be operational by 2026.

Market Opportunity: Plush Features to Dissuade SUV Buyers

Minivans are being equipped with flat screen TVs, in-car WiFi, and a refrigerator that can dissuade buyers from SUVs. For instance, minivans like the Zeekr 009 by Geely Automobile Holdings sold luxury minivans consistently in 2023 and 2024 in China. The huge potential for minivans in the U.S., Europe, and South Asian countries like Thailand and Malaysia can drive up production capacities and open new growth opportunities for the market.

Market Challenge: Competition from SUVs

The competition from minivans and SUVs that offer third-row seating and the integration of new features can pose a challenge to the market growth. Crossover SUVs like the Saturn Outlook and Chevrolet Traverse managed to snatch shares from the minivan market in 2006. But the adaptability of minivan manufacturers by offering hybrid modes can overturn their hurdles.

Analyst’s View

• The integration of hybrid and electric powertrains can drive the minivans market growth.
• The personal segment is expected to account for a significant market share in 2025, owing to the presence of multi-generational households and large families.
• Key players are launching luxury minivans or upgraded versions of popular models to keep their market share intact.

Recent Developments

Renault, a France-based automaker, has designed the Emblème, an electric minivan. The vehicle will be due for production at a later date, as revealed at the 2024 Paris Motor Show.

Competitor Insights

• Daimler AG
• Toyota Motor Corporation
• Tata Motors Limited
• Honda Motor Company
• Hyundai Motor Company
• General Motors Company
• Mahindra & Mahindra
• Stellantis N.V.
• Nissan Motor Co. Ltd.
• Suzuki Motor Corporation
• Kia Corporation

Market Segmentation

• By Fuel Type
• Diesel
• Petrol
• Electric
• By Application
• Commercial
• Personal

Regional Insights

• North America
  • U.S.
  • Canada
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America
• Europe
  • Italy
  • Germany
  • U.K.
  • Spain
  • Russia
  • France
  • Rest of Europe
• Asia Pacific
  • South Korea
  • India
  • China
  • Japan
  • Australia
  • ASEAN
  • Rest of Asia Pacific
• Middle East
  • GCC Countries
  • Israel
  • Rest of Middle East
• Africa
  • South Africa
  • North Africa
  • Central Africa