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I doubt the AvenSIS will be anywhere near the size of our current Camry, the American midsized market is growing in size every time a new car hits the market.
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I don't think the Avensis would be, just like in the case of the European Accord, they are rehashing the old platform once again. That said:
CAMRY
Wheelbase - 2776 mm
Length - 4805 mm
Width - 1820 mm
Height - 1470 mm
MALIBU
Wheelbase - 2852 mm
Length - 4872 mm
Width - 1786 mm
Height - 1450 mm
ACCORD (USDM)
Wheelbase - 2799 mm
Length - 4930 mm
Width - 1847 mm
Height - 1476 mm
MONDEO
Wheelbase - 2850 mm
Length - 4884 mm
Width - 1886 mm
Height - 1500 mm
C5
Wheelbase - 2815 mm
Length - 4779 mm
Width - 1860 mm
Height - 1451 mm
INSIGNIA
Wheelbase - 2737 mm
Length - 4830 mm
Width - 1856 mm
Height - 1498 mm
As you can see, apart from the overlong Accord body, the dimensions of new-gen European and American-market midsizers are comparable, and both could perhaps compete with each other on that basis alone. Moreover, I don't think either will grow that much anymore for fuel efficiency concerns, and also because there isn't much more room needed.
I guess it would be a good time for automakers to reap the obvious savings and start building "global" midsize cars, and I understand Toyota's decision, as there are other factors, but still, it would have been sensbile.