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Microvans Market Trends

Report ID: GMI9997
Published Date: Jun 2024
Report Format: PDF

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Microvans Market Trends

The microvans industry is witnessing significant technological advancements. Microvans are being increasingly equipped with telematics systems, infotainment integration, and Advanced Driver Assistance Systems (ADAS), making driving more pleasant, connected, and safe. The increasing availability of hybrid and electric microvans provides considerable fuel efficiency gains, lowering running costs and attracting environmentally concerned buyers. Improvements in battery technology and range extenders are increasing the appeal of electric microvans. Overall, cutting-edge technology has transformed the microvan industry, making these cars more efficient, useful, safe, and appealing to a broader spectrum of buyers.

For instance, in January 2024, Ford unveiled its latest offering, the new Transit Connect, a plug-in hybrid van with an impressive electric-only range of 68 miles. This model combines a 1.5-liter EcoBoost petrol engine with an electric motor, generating 148bhp and 258 lb-ft of torque. Available in both short and long-wheelbase versions, it offers a payload capacity of 770 kg and a maximum towing capability of 1,400 kg. The vehicle comes equipped with Ford's cutting-edge connectivity and driver assistance technologies including the SYNC 4 infotainment system and the Co-Pilot360 suite.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of microvans reached USD 40.5 billion in 2023 and will witness 3.5% CAGR between 2024 and 2032, due to the rising demand for compact and efficient transportation.

The commercial vehicles segment achieved 60% of the microvans industry share in 2023, driven by the rise of e-commerce and last-mile delivery services.

Asia Pacific market accumulated 47% revenue share in 2023, owing to the dense urban populations, burgeoning economies, and increasing demand for affordable transportation solutions across APAC.

Key players operating in the industry are Honda Motor Company, Kia Corporation, Mahindra & Mahindra Ltd., Mercedes-Benz Group AG, Nissan Motor Co., Ltd., Piaggio & C. Spa, Renault S.A., Suzuki Motor Corporation, Toyota Motor Corporation, West Houston Mitsubishi, among others.