Global Multi-Purpose Vehicle (MPV) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Multi-Purpose Vehicle (MPV) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Multi-Purpose Vehicle (MPV) evolved from a station wagon. It combines the large passenger space of a station wagon, the comfort of a car, and the functions of a van. Generally, it can seat 5-8 people. Multi-Purpose Vehicle (MPV) for Personal Use is generally used for going to work on weekdays, shopping on weekends, and family outings during holidays.

Market Overview:

The latest research study on the global Multi-Purpose Vehicle (MPV) market finds that the global Multi-Purpose Vehicle (MPV) market reached a value of USD 86254.07 million in 2022. It’s expected that the market will achieve USD 88410.56 million by 2028, exhibiting a CAGR of 0.41% during the forecast period.

The development of the new energy industry

In response to the challenges of energy shortage, environmental pollution, and climate warming, and in response to the proposal to achieve zero emissions in the Paris Agreement, many countries around the world have introduced policies to encourage new energy and limit fossil energy. Among them, the new energy vehicle industry is the direction of energy transformation that countries pay more attention to and develop faster. Major countries and regions such as China, the United States, Japan, and EU member states have successively introduced various support policies, such as tax relief, financial subsidies, and regulations on carbon emission standards, to promote the technological upgrading and market promotion of new energy vehicles. The policy of reducing carbon dioxide emissions and the development of new energy vehicle technology have greatly promoted the development of Multi-Purpose Vehicle (MPV) for Personal Use.

Development of automotive technology

The combination of Multi-Purpose Vehicle (MPV) for Personal Use products and technology industries such as communication industry, electronics industry and artificial intelligence industry will promote the development of Multi-Purpose Vehicle (MPV) for Personal Use industry. Such as automatic driving and smart cockpit are the most common configurations of smart cars. Self-driving cars rely on artificial intelligence, visual computing, radar, monitoring devices, and global positioning systems to work together to allow computers to automatically and safely operate motor vehicles without any active human intervention. It is designed to assist drivers to complete driving tasks safely and conveniently. The main functions of the smart cockpit should include graphic interaction, voice interaction, gesture/facial recognition and biometric detection. A complete system consisting of electronic equipment such as rear display screens. Passengers will realize the interactive experience through various methods such as voice control, face recognition, gesture interaction, and even more advanced biometric identification. In addition, the future smart cockpit will use more personalized and intelligent lighting and sound design to serve the assisted driving function. The integration of these new functions will attract young consumers' interest in purchasing Multi-Purpose Vehicle (MPV) for Personal Use, driving the development of the industry.

Region Overview:

In 2021, the share of the Multi-Purpose Vehicle (MPV) market in China stood at 36.40%.

Company Overview:

Toyota, GM, Honda were the top 3 players in the Multi-Purpose Vehicle (MPV) market in 2022, taking up a market share of 52.20% together.

Toyota being an automobile industry manufactures a diverse lineup of vehicle across the world. The company produces for the different brand which are Daihatsu, Hino, Lexus, and Toyota.

General Motors Company designs, builds, and sells cars, trucks, crossovers, and automobile parts worldwide. The company operates through GM North America, GM Europe, GM International Operations, GM South America, and GM Financial segments.

Segmentation Overview:

Among different product types, Compact MPV segment is anticipated to contribute the largest market share in 2027.

Compact MPV is a vehicle size class for the middle size of MPVs. The Compact MPV size class sits between the mini MPV and large MPV size classes. The number of people that a Compact MPV can carry is generally 6-7 people.

Mini MPV is a vehicle size class for the smallest size of MPVs. The mini MPV size class sits below the compact MPV size class. The number of people that a Mini MPV can carry is generally 5 or more.

Large MPV is a vehicle size class for the Largest size of MPVs. The capacity of Large MPV is generally 6-8 people.

Application Overview:

By application, the Private segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Multi-Purpose Vehicle (MPV) market covered in Chapter 3:

Volkswagen
DongFeng
Nissan
FORD
GAC Group
Geely
Toyota
Stellantis NV
GM
Hyundai
Mercedes-Benz
SGMW
SAIC
Honda
BMW

In Chapter 4 and Chapter 14.2, on the basis of types, the Multi-Purpose Vehicle (MPV) market from 2018 to 2029 is primarily split into:

Compact MPV
Mini MPV
Large MPV

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Multi-Purpose Vehicle (MPV) market from 2018 to 2029 covers:

Private 
Enterprise
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)