Introduction of MPV

MPV (multi-purpose Vehicles), multi-purpose vehicles, is evolved from the touring car, which combines the wide passenger space of a station wagon, the comfort of a sedan, and the functions of a van in one, generally for the two-compartment structure, can sit 7-8 people.

Strictly speaking, MPV is a model mainly for family users, Wisdom Research Data Research Centre, with the changes in the family structure and the increase in fuel prices, MPV-type multi-purpose vehicles have become a new type of car family-style consumption. This increase in family-style consumption will greatly accelerate the MPV into the family car market, and family car purchase has become a new focus of the MPV market car purchase.

MPV expectations

New energy vehicles have set the whole MPV market on fire, of course, the hottest is still the middle and high-end MPV models, the main reason is that the new energy technology has solved the problem of MPV high-end, such as the power system, user experience and intelligent applications, etc., so the emergence of Denza D9, Voyah dreamer and Xpeng X9 and other outstanding models, and the main market in China’s first-tier and second-tier cities at present. Cities in China.

China’s MPV market reached a sales peak of 2.5 million units in 2016, but it is dominated by low- and mid-range passenger and business models in the A0 and A classes.

How much will the MPV market change in 2023?

Over the past few years, this market has continued to shrink to around 1 million units due to fuel vehicle technology upgrades and consumer upgrades. The large space advantage of MPVs is a very clear and well-defined user demand, but only due to the fact that there is not yet a good supply of technology and products.

Now look, electrification intelligent technology to redefine MPV, take the lead in the high-end new energy MPV market to achieve a breakthrough, will activate the entire MPV market, and not only in the middle and high-end market, maybe in the middle and lower end of the market will have more space for development and value.

We believe that MPVs at this stage will first break through the high-end and then move to the low-end market through technological affirmative action, which will bring the user’s demand for large space back to the third-tier and following cities.

The MPV market will enter into a phase of rapid development in 2023; in the past, impressions of MPV models were dull, giving people a common feeling but no desire to buy. But from 2023, MPV models injected with new energy technology after the appearance of the design have changed a lot.

Observed that the market in the middle and high-end new energy MPV, the overall design is obviously free from the shackles of fuel vehicles, in the appearance of the design above the change into a simple front face shape, such as Xpeng X9 mecha wind design, Zeekr 009 luxury front air grille.

Innovative design can undoubtedly inject more vitality and freshness into MPV models, which will naturally attract more attention. At the same time, the new energy MPV also pays close attention to the inherent functionality and technology. Li MEGA and Xpeng X9 are both equipped with the 800V super-charging platform, and even the high-end MPV model also adopts the integrated die-casting technology, which is only found in sedans and SUVs before.

MPV car sales in 2023

With the arrival of 2024, various car companies have released their 2023 final “report card.” 2023 MPV, in the first place, which car company?

Denza brand is also BYD’s pioneering model in laying out the mid-to-high-end MPV market, and the Denza D9 has shown a high degree of enthusiasm since it entered the market.

Denza Automotive’s December 2023 sales have been announced, and Denza D9 has emerged as the top seller in the domestic full-category MPV market in 2023, with cumulative sales of 119,182 units from January to December.

Next is the Xpeng X9, which was recently launched and also announced the order book as exceeding 30,000 units.

The third is the BUICK brand, with overall sales of 131,258 BUICK MPVs in 2023.

Another strong player in the MPV segment is the GAC Trumpchi, with sales of 164,159 GAC Trumpchi MPVs in 2023, a 59 per cent increase. To achieve such a result, GAC has naturally relied on the full force of a number of MPV models, including the Trumpchi M8, M6, E8 and E9.

What will be the MPV market trend in 2024?

The increasing popularity of new energy MPVs is a fact, as can be seen through the market results of hot-selling MPVs such as Denza D9, Buick GL8 and Trumpchi M8.

Judging from the market results of major models in the MPV market, it is estimated that the overall architecture of the MPV market will not change much in 2024. The bigger change is the model design; maybe it will be more sci-fi or smarter. But no matter what, the market play will not change, only the strength of the models in place to attract consumers.

Summary

2023 Autonomous new energy MPVs have been slowly invading the market share of traditional fuel MPVs, but fuel MPVs are still firmly dominant in the market thanks to years of cultivation.It is expected that all major car companies will learn from the market experience of these models and bring more hybrid MPVs in the future.