In two years, that is, in 2015, MPV sales soared to 2.2 million units, up 14.2 percent over 2014, accounting for 10.49 percent of the overall passenger vehicle market, and becoming the fourth largest segment, just shy of the third place.
Industry insiders predict that by the end of this year, MPVs would overtake mid-size cars to become the third best-selling auto segment in China, just behind compact cars and sports utility vehicles. So, automakers are optimistic about MPVs' future in China.
"We see great potential for high-end MPVs like the V-Class," said Guido Krupinski, CEO of Fujian Benz Automotive Co, a three-way joint venture of Daimler Vans Hong Kong Ltd, BAIC Motor Corp and Fujian Motor Industry Group Co.
"With the economy as well as individual incomes growing, domestic elites will have more diversified and individual demands for trips. So, the market for high-end MPVs that can satisfy both the family and business demands will continue to grow."
Krupinski said the second-child policy, in particular, will have an impact on the population structure, family structure and economic development in the decades to come. He believes that a bigger family size will create a need for bigger cars.
Hiroji Onishi, head of Toyota Motor's China operations, told Reuters that "MPVs have good prospects in China. Given the changing life-stage needs, we think what's going to be popular are smaller, more affordable MPVs like the (Toyota) Noah Voxy, a compact minivan which we market in Japan".
