Multi-Purpose Vehicle (MPV) Market Size, Share, and Industry Analysis, By Type (Compact MPV, Mid-size MPV, and Full-size MPV), By Application (Commercial and Personal), By Propulsion (ICE and Electric), and Regional Forecast, 2024-2032

A Multi-Purpose Vehicle (MPV) refers to a type of automobile that is designed to be versatile and capable of serving various purposes. MPVs are also commonly known as minivans or people carriers. These vehicles are characterized by their spacious interiors, typically with multiple seating rows, making them suitable for transporting passengers and cargo.

The automotive industry has seen a strong trend toward Sports Utility Vehicles (SUVs), which often fall under the broader category of multi-purpose vehicles. Consumers have shown a preference for SUVs due to their versatile design, higher driving position, and perceived safety benefits. However, fluctuations in fuel prices can affect the demand for larger vehicles, including MPVs. High fuel prices may lead consumers to consider more fuel-efficient options, such as smaller cars or electric vehicles. Changing consumer lifestyles, such as an increasing focus on outdoor activities, travel, and recreational pursuits, can drive demand for MPVs during the forecast period.

Lockdowns, factory closures, and supply chain disruptions caused by the COVID-19 pandemic led to a significant decline in automotive production globally. Manufacturing plants faced challenges in securing necessary components and dealing with labor shortages, impacting the availability of MPVs in the market. Economic uncertainties and changes in consumer behavior during the pandemic contributed to a decline in overall automotive demand, including for MPVs. Many consumers postpone or cancel vehicle purchases due to financial concerns and uncertainty about the future. Disruptions in the global supply chain, which included the shortages of semiconductor chips and other critical components, affected the production of vehicles, leading to delays and a decrease in the availability of certain models, including MPVs. All these factors affected the market during the COVID-19 pandemic.

Key Insights

The report covers the following key insights:

• Latest Developments


• Porter's Five Forces Analysis.


• Technological Developments


• Impact of COVID-19 on the MPV Market.

Segmentation

Analysis by Type

By type, the market is segmented into compact MPV, mid-size MPV, and full-size MPV.

Compact MPVs, also known as mini MPVs or small MPVs, are designed to offer versatility and practicality in a smaller and more maneuverable package. Compact MPVs are well-suited for navigating through urban environments with limited parking space and narrow streets. Their smaller size makes them more agile and easier to handle in city traffic. On the other hand, Midsize MPVs offer more cabin space compared to compact models, making them suitable for families with children. The additional space allows for more comfortable seating arrangements and often accommodates three rows of seats. Midsize MPVs often come equipped with comfort features such as advanced infotainment systems, enhanced cabin materials, and additional amenities that contribute to a more enjoyable driving experience.

Additionally, full-size MPVs offer ample cabin space with three or more rows of seating, accommodating a larger number of passengers compared to smaller segments. This feature is attractive to families and groups. Full-size MPVs typically provide substantial cargo space, making them suitable for transporting luggage, equipment, or goods. This aspect is appealing to families on extended trips or businesses requiring transportation of bulkier items. All these factors drive the by-type segmental growth in the MPV market.

Regional Analysis

The global market is geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to be the largest market for MPVs during the forecast period owing to changing consumer preferences toward compact cars due to their better fuel economy than large car models available earlier. Moreover, stringent government regulations regarding carbon emissions have reduced sales of diesel-powered vehicles across North America, including MPVs and other commercial trucks & buses.

The market in Asia Pacific is probable to grow rapidly over the forecast period. In developing economies, including India and China, purchasing power and urbanization have increased, increasing the sales of premium cars, including MPVs. Thus boosting demand for these vehicles over the forecast period.

Key Players Covered

The report includes the profiles of key players, such as Toyota Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), Volkswagen Group (Germany), Ford Motor Company (U.S.), General Motors (GM) (U.S.), Hyundai Motor Company (South Korea), Kia Corporation (South Korea), Nissan Motor Co., Ltd. (Japan), Renault Group (France), and Stellantis (Chrysler) (U.S.).

Key Industry Developments

• In November 2023, Volvo Cars introduced a fully electric premium Multi-Purpose Vehicle (MPV) known as the Volvo EM90. According to the CLTC testing cycle, the EM90 boasts an impressive range of up to 738 kilometers. Charging from ten to eighty percent is anticipated to take less than 30 minutes. With a robust e-motor delivering 200 kW of power, the EM90 can accelerate from 0 to 100 km/h in just 8.3 seconds. Similar to the EX90 SUV, the EM90 is designed for bidirectional charging capabilities.


• In September 2023, XPeng unveiled its all-electric multi-purpose vehicle X9. The company designed the vehicle to be camouflaged, provide an aerodynamic look and seat seven people.


• In February 2023, Toyota made history by selling two entirely different MPVs under the Innova brand when it was reintroduced as Innova Crysta.