Market Overview
| Study Period | 2019 - 2031 |
|---|---|
| Forecast Data Period | 2026 - 2031 |
| Base Year Market Size (2025) | USD 54.33 Billion |
| Market Size (2026) | USD 58.46 Billion |
| Market Size (2031) | USD 84.36 Billion |
| Growth Rate (2026 - 2031) | 7.61 % |
| Market Concentration | High |
Major Players *Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. | |
United States Vans Market Analysis by Mordor Intelligence
The United States vans market size was valued at USD 54.33 billion in 2025 and is estimated to grow from USD 58.46 billion in 2026 to reach USD 84.36 billion by 2031, at a CAGR of 7.61% during the forecast period (2026-2031). Electrification is reshaping competition as federal and state zero-emission mandates prompt fleets to retire older diesel models and lock in battery-electric replacements. Corporate sustainability targets reinforce this pivot because parcel carriers are hedging against volatile fuel prices while complying with tightening emissions rules. California presently accounts for the largest single-state share, yet Texas is expanding fastest, signaling wider geographic adoption and new Sun Belt logistics corridors[1]. Cargo vans dominate current demand, but the passenger segment is accelerating as shuttle services and recreational users embrace extended-range battery packs. Across propulsion types, gasoline retains a slim majority share, but battery-electric platforms are registering double-digit growth as lithium-iron-phosphate cell prices decline.
Key Report Takeaways
- By propulsion type, ICEs held 52.63% of the United States van market share in 2025, while hybrid and electric vehicles are projected to post the fastest CAGR of 17.11% through 2031.
- By vehicle type, cargo variants led with 62.25% revenue share in 2025, whereas passenger vans are forecast to expand at an 11.35% CAGR to 2031.
- By end-user, last-mile delivery commanded 44.53% of the market size in 2025, and recreational conversions are advancing at a 10.76% CAGR during the same period.
- By tonnage capacity, the 3-to-5.5-ton class captured 38.46% of the United States vans market size in 2025, while sub-2-ton models are projected to grow at a 9.04% CAGR by 2031.
- By battery range, the 100-to-200-mile tier accounted for a 56.68% share in 2025 as the above-200-mile cohort accelerates at a 16.81% CAGR through 2031.
- By state, California led with 14.17% of the total market size in 2025, yet Texas records the highest 8.74% CAGR forecast to 2031.
Note: Market size and forecast figures in this report are generated using Mordor Intelligence’s proprietary estimation framework, updated with the latest available data and insights as of January 2026.
United States Vans Market Trends and Insights
Drivers Impact Analysis*
| Driver | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Accelerating Parcel E-Commerce | +1.8% | National, concentrated in California, Texas, Illinois, New York, Florida | Medium term (2-4 years) |
| Zero-Emission Mandates | +1.5% | CARB states (California, New York, Massachusetts, Oregon, Washington), spillover to Northeast and Mid-Atlantic | Long term (≥ 4 years) |
| Declining LFP Battery Costs | +1.2% | Global supply chains affecting all US regions | Medium term (2-4 years) |
| Corporate ESG Procurement Targets | +0.8% | National, early adoption in California, Northeast, Pacific Northwest | Medium term (2-4 years) |
| OEM Electrified Chassis Platforms | +0.7% | National, with manufacturing hubs in Michigan, Tennessee, South Carolina | Short term (≤ 2 years) |
| Van-Life and Remote Work Culture | +0.6% | Western states (California, Colorado, Oregon, Washington), Mountain West | Short term (≤ 2 years) |
| Source: Mordor Intelligence | |||
Accelerating Parcel E Commerce Driving Urban Last Mile Van Demand
E-commerce fulfillment networks continue to raise daily parcel volumes, concentrating deliveries in major metropolitan areas. National parcel carriers now deploy large electric-van fleets to cut operating expenses on stop-and-go routes. Urban idling restrictions further push fleet managers toward zero-emission models that avoid ticketing and access limitations. Competitive pressure for same-day delivery solidifies demand for quick-charge battery systems that keep vans in continuous rotation. The confluence of fuel savings, regulatory compliance, and customer service expectations shortens the payback window for urban electric vans.
Federal and State Zero Emission Mandates for Commercial Vehicles
The Environmental Protection Agency issued progressively stricter medium-duty greenhouse gas limits that take effect in model year 2027[2]. Parallel state regulations, led by the California Air Resources Board, require high-priority fleets to shift new purchases entirely to zero-emission models on a staged timeline. More than a dozen additional states have adopted similar rules, collectively covering roughly 40% of the commercial-vehicle market. Automakers are therefore engineering nationwide compliance solutions rather than region-specific variants. The harmonized push accelerates technology rollouts and broadens electric-van availability even in voluntary-adoption states.
Declining LFP Battery Costs Enabling Larger Van Packs
Lithium-iron-phosphate battery pack prices have fallen below USD 100 per kilowatt hour, more than halving in four years. This drop enables manufacturers to specify larger packs that push real-world van ranges past 200 miles without prohibitive cost. LFP chemistry also improves thermal stability, extending battery life during high-duty-cycle applications. Lower pack costs narrow total-cost-of-ownership gaps versus diesel, particularly for fleets logging high annual mileage. Bigger batteries further mitigate payload reductions by allowing sufficient capacity without resorting to heavier nickel chemistries.
Corporate ESG Procurement Targets Accelerating Fleet Electrification
Large corporations embed van electrification into Scope 3 emissions strategies, empowering fleet managers to act decisively. Technology companies, logistics providers, and utilities now publish zero-emission fleet roadmaps, sending clear volume signals to automakers. Public commitments unlock preferential financing and utility partnerships for depot charging. The reputational upside from meeting bold sustainability goals encourages early adoption despite residual-value uncertainty. Smaller businesses piggyback on these frameworks by leasing electric vans through rental fleets that have already absorbed infrastructure costs.
Restraints Impact Analysis*
| Restraint | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| High Price Premium of EVs | -0.9% | National, acute in rural and Southern states with lower fuel costs | Medium term (2-4 years) |
| Limited Depot DC Fast-Charging | -0.7% | Non-urban areas, Midwest, Mountain West, rural South | Medium term (2-4 years) |
| Payload Penalties | -0.5% | National, critical for construction, utilities, refrigerated transport | Short term (≤ 2 years) |
| Uncertain Residual Values for Used Electric Vans | -0.4% | National, affecting lease rates and fleet resale strategies | Long term (≥ 4 years) |
| Source: Mordor Intelligence | |||
High Up Front Price Premium of Electric Vans Versus ICE Vans
Purchase premiums of roughly one-third above comparable gasoline models continue to deter cost-sensitive buyers. Federal credits offset part of the gap, but eligibility hinges on domestic content rules that exclude some imported chassis. Small businesses often lack the capital or credit lines required for higher sticker prices. Lease programs and battery-as-a-service offerings have emerged, yet remain concentrated among large fleets. Until pack costs fall further, sticker shock will moderate adoption outside urban parcels and corporate fleets.
Limited Availability of Depot DC Fast Charging
Fleet electrification depends on overnight or rapid depot charging, but many sites face utility interconnection delays and costly upstream upgrades. Public infrastructure initiatives prioritize interstate corridors over commercial depots, leaving fleet operators to self-finance installations. Demand-charge structures at certain utilities raise operational costs during peak periods, undermining total-cost-of-ownership benefits. Emerging managed-charging programs show promise but cover only select metropolitan areas. Rural depots and contractor yards remain underserved, slowing penetration beyond major cities.
*Our forecasts treat driver/restraint impacts as directional, not additive. The impact forecasts reflect baseline growth, mix effects, and variable interactions.
Segment Analysis
By Propulsion Type: Battery Electric Vans Gain Momentum
Internal combustion engines accounted for the largest 52.63% share of the United States vans market in 2025. Fleet operators continue to favor these models for rural routes that lack charging infrastructure. Hybrid and electric vans, however, register the fastest 17.11% CAGR to 2031 as falling battery costs and zero-emission rules combine with predictable urban duty cycles. Diesel and alternative fuels remain niche options, but shifting regulatory frameworks steadily erode their long-term prospects.
Hybrid-electric adoption benefits from simplified drivetrains and lower maintenance, while gasoline units rely on ubiquitous refueling and lower entry costs. Fleet procurement strategies increasingly pair electric vans with telematics to monitor utilization, ensuring that high-mileage routes realize rapid payback. Over the forecast window, the propulsion mix gradually shifts toward electricity without fully displacing gasoline in remote territories. Market share realignment will therefore be incremental but consistent.
By Vehicle Type: Cargo Dominates While Passenger Surges
Cargo vans led with 62.25% of the United States vans market share in 2025, as e-commerce logistics and tradespeople require secure storage. Standard body dimensions and modular upfits drive high production volumes and competitive pricing. Passenger vans, though on a smaller scale, are projected to grow at an 11.35% CAGR to 2031 because shuttle services, tourism, and van-life enthusiasts seek flexible seating with extended range capability.
Future growth for cargo variants will remain linked to warehouse expansion and parcel density, while public-transit shuttles and corporate transport spur passenger demand. Upfit ecosystems already adjust to electric chassis for both configurations, supporting smooth transitions. Manufacturers that balance cargo capacity with passenger comfort will seize mixed-use opportunities. The product mix thus broadens without undermining cargo’s leadership.
By End User: Last Mile Delivery Anchors Sales
Last-mile delivery operations accounted for a 44.53% share in 2025, reflecting high van utilization and route predictability. In response to rising customer demands for eco-friendly shipping, major logistics players are increasingly adopting zero-emission fleets. Meanwhile, as remote work fosters flexible travel and social media amplifies its allure, the recreational and van-life segments are witnessing a robust 10.76% CAGR.
While service trades, utilities, and government fleets are actively acquiring vans for niche applications, none rival the scale of parcel delivery operators. Even though recreational van conversions are fewer in number, they present lucrative, high-margin prospects for both automakers and aftermarket businesses. This dynamic landscape sees a harmonious blend of volume-driven delivery demands and the burgeoning appeal of aspirational lifestyles.
By Tonnage Capacity: Mid Weight Leads While Light Vans Accelerate
The 3-to-5.5-ton class captured 38.46% of demand in 2025 due to its payload sweet spot and licensing simplicity. These vans meet the needs of contractors, delivery services, and other businesses without crossing the threshold for requiring a commercial driver's license. Meanwhile, sub-2-ton models are on the rise, boasting a robust 9.04% CAGR, as urban micro-fulfillment prioritizes maneuverability over sheer cargo capacity.
Automakers are fine-tuning chassis designs to maximize payloads, even with the added weight of batteries, ensuring they maintain their lead in the mid-weight segment. Light vans are becoming the go-to choice for urban fleets, offering advantages like easier parking and a lower overall vehicle cost. As urban logistics continue to evolve, we can expect a broader range of tonnage options. However, mid-weight configurations are likely to maintain their appeal across a diverse customer base.
By Battery Range: Mid-Range Prevails but Extended Range Surges
Vans offering 100-to-200-mile range held a dominant 56.68% share in 2025 because their pack sizes align with average daily routes and cost targets. Fleet managers have adopted this mid-range as the standard for urban and suburban operations. Meanwhile, models boasting ranges beyond 200 miles are witnessing the swiftest growth, with a 16.81% CAGR, as operators pursue added buffer capacity for enhanced route flexibility and adaptability to seasonal conditions.
Short-range vans, with capabilities under 100 miles, find their niche solely in densely populated urban settings. While the mid-range continues to dominate, thanks to a careful balance of cost, weight, and capacity, advancements in battery cell technology are making longer-range packs more feasible. As a result, the market's range segmentation is poised to gradually shift towards accommodating longer distances.
Geography Analysis
California leads the United States vans market with a 14.17% share on the strength of the Advanced Clean Trucks sales mandate and state fleet-procurement and voucher programs, following the withdrawal of the Advanced Clean Fleets rule in January 2025. Texas is growing fastest at an 8.74% CAGR as expanding fulfillment hubs in Dallas, Houston, and Austin create new demand across both gasoline and electric models. Seventeen CARB-aligned states across the Northeast and Pacific Northwest collectively shape product allocation decisions for every major automaker. Non-CARB states in the South and Mountain West show rising sales on the back of warehouse construction and migration trends, even though electric penetration remains lower.
Urban areas dominate volume thanks to parcel density and shuttle requirements. Rural regions continue to rely on gasoline vans due to lower electricity availability and longer route distances. State voucher programs vary: California offers the most generous incentives, followed by New York and Massachusetts, while Texas relies solely on federal credits. These policy differences cause fleets with nationwide footprints to adopt split procurement strategies that align vehicles with local compliance frameworks.
Port proximity and manufacturing footprints reinforce coastal leadership in adoption. Midwestern factories retool for electric assembly, anchoring regional employment and encouraging local fleets to buy domestic electric models. Sun Belt states capitalize on central geography to attract distribution centers, offsetting slower charging-network expansion through scale advantages in cargo movement. Overall, regulatory intensity, infrastructure density, and economic concentration dictate the pace and spread of market growth.
Competitive Landscape
The market shows significant concentration, with the top manufacturers collectively controlling the majority of sales. Ford’s E-Transit secures early fleet adoption through familiarity with existing Transit upfits and an extensive dealer service network. General Motors’ BrightDrop forms anchor partnerships with logistics majors, providing stable volumes that underpin its dedicated electric-van facilities. Stellantis leverages the ProMaster’s popularity by introducing an electric variant positioned for both commercial and van-life users, while Mercedes-Benz targets premium fleet segments with the eSprinter.
Rivian supplies thousands of delivery vans under an exclusive contract with a leading online retailer, illustrating how dedicated software integration can differentiate newer entrants. Several venture-backed startups failed to scale production, highlighting the capital intensity of automotive manufacturing. Incumbent automakers deploy established financing arms to offer favorable lease structures, countering the higher sticker prices of electric models. Strategic alliances with charging-infrastructure providers accelerate depot electrification and lock in service revenue streams.
White-space opportunities exist in refrigerated electric vans, extended-range fuel-cell variants, and modular chassis designed for specialty bodies. Automakers race to integrate advanced driver-assistance systems that reduce collision costs and appeal to insurance-conscious fleet managers. Over the forecast horizon, competitive advantage will hinge on balancing unit economics with scalable charging ecosystems and residual-value assurance.
United States Vans Industry Leaders
-
Ford Motor Company
-
General Motors Company
-
Daimler Trucks AG
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Nissan Motor Co. Ltd.
-
Stellantis N.V
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- July 2026: Field Van announced the Field Van Adventure (FAV), a new platform built on the Ford E-Series chassis with 4x4 capability.
- June 2026: Stellantis Pro One launched the Smart Compact Van, a driver-centric vehicle designed for professionals.
- May 2026: Volkswagen Group confirmed the return of the electric ID.Buzz van to the United States for the 2027 model year, featuring a camping-oriented configuration.
United States Vans Market Report Scope
The United States Vans market is segmented by propulsion type, vehicle type, end-user, tonnage capacity, battery range, and state. By Propulsion Type, the market is segmented into Hybrid and Electric Vehicle (BEV, PHEV, HEV, and FCEV) and ICE (Diesel, Gasoline, CNG, and Others). By Vehicle Type, the market is segmented into Cargo Van, Passenger Van, and Specialty Van (Refrigerated). By End-User, the market is segmented into Last-Mile Delivery and Parcel, Field Services and Utilities, Rental and Leasing Fleets, Recreational and Van-Life, Government and Municipal, and Corporate Passenger. By Tonnage Capacity, the market is segmented into Up to 2 Tons, 2-3 Tons, 3-5.5 Tons, and Above 5.5 Tons. By Battery Range, the market is segmented into Up to 100 miles, 100-200 miles, and Above 200 miles. By State, the market is segmented into Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.
Market forecasts are provided in terms of Value (USD) and Volume (Units).
By Propulsion Type
| Hybrid and Electric Vehicles | BEV |
| PHEV | |
| HEV | |
| FCEV | |
| Internal Combustion Engine | Diesel |
| Gasoline | |
| CNG and Others |
By Vehicle Type
| Cargo Van |
| Passenger Van |
| Specialty Van |
By End-User
| Last-Mile Delivery and Parcel |
| Field Services and Utilities |
| Rental and Leasing Fleets |
| Recreational and Van-Life |
| Government and Municipal Fleets |
| Corporate Passenger Transport |
By Tonnage Capacity
| Up to 2 Tons |
| 2 to 3 Tons |
| 3 to 5.5 Tons |
| Above 5.5 Tons |
By Battery Range (EV only)
| Up to 100 miles |
| 100 to 200 miles |
| Above 200 miles |
By State
| Alabama |
| Alaska |
| Arizona |
| Arkansas |
| California |
| Colorado |
| Connecticut |
| Delaware |
| Florida |
| Georgia |
| Hawaii |
| Idaho |
| Illinois |
| Indiana |
| Iowa |
| Kansas |
| Kentucky |
| Louisiana |
| Maine |
| Maryland |
| Massachusetts |
| Michigan |
| Minnesota |
| Mississippi |
| Missouri |
| Montana |
| Nebraska |
| Nevada |
| New Hampshire |
| New Jersey |
| New Mexico |
| New York |
| North Carolina |
| North Dakota |
| Ohio |
| Oklahoma |
| Oregon |
| Pennsylvania |
| Rhode Island |
| South Carolina |
| South Dakota |
| Tennessee |
| Texas |
| Utah |
| Vermont |
| Virginia |
| Washington |
| West Virginia |
| Wisconsin |
| Wyoming |
| By Propulsion Type | Hybrid and Electric Vehicles | BEV |
| PHEV | ||
| HEV | ||
| FCEV | ||
| Internal Combustion Engine | Diesel | |
| Gasoline | ||
| CNG and Others | ||
| By Vehicle Type | Cargo Van | |
| Passenger Van | ||
| Specialty Van | ||
| By End-User | Last-Mile Delivery and Parcel | |
| Field Services and Utilities | ||
| Rental and Leasing Fleets | ||
| Recreational and Van-Life | ||
| Government and Municipal Fleets | ||
| Corporate Passenger Transport | ||
| By Tonnage Capacity | Up to 2 Tons | |
| 2 to 3 Tons | ||
| 3 to 5.5 Tons | ||
| Above 5.5 Tons | ||
| By Battery Range (EV only) | Up to 100 miles | |
| 100 to 200 miles | ||
| Above 200 miles | ||
| By State | Alabama | |
| Alaska | ||
| Arizona | ||
| Arkansas | ||
| California | ||
| Colorado | ||
| Connecticut | ||
| Delaware | ||
| Florida | ||
| Georgia | ||
| Hawaii | ||
| Idaho | ||
| Illinois | ||
| Indiana | ||
| Iowa | ||
| Kansas | ||
| Kentucky | ||
| Louisiana | ||
| Maine | ||
| Maryland | ||
| Massachusetts | ||
| Michigan | ||
| Minnesota | ||
| Mississippi | ||
| Missouri | ||
| Montana | ||
| Nebraska | ||
| Nevada | ||
| New Hampshire | ||
| New Jersey | ||
| New Mexico | ||
| New York | ||
| North Carolina | ||
| North Dakota | ||
| Ohio | ||
| Oklahoma | ||
| Oregon | ||
| Pennsylvania | ||
| Rhode Island | ||
| South Carolina | ||
| South Dakota | ||
| Tennessee | ||
| Texas | ||
| Utah | ||
| Vermont | ||
| Virginia | ||
| Washington | ||
| West Virginia | ||
| Wisconsin | ||
| Wyoming | ||
Market Definition
- Vehicle Type - The category includes Light Commercial Vehicle.
- Vehicle Body Type - This include Light Commercial Vans category.
- Fuel Category - The category exclusively covers electric propulsion systems, including various types such as HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles).
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
