Minibus Market to Reach $15.5 billion, Globally, by 2032 at 4.7% CAGR: Allied Market Research

Wilmington, Delaware, Jan. 22, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Minibus Market by Propulsion (IC engine, Electric), End user (Schools, Tourism, and Others) and Seating Capacity (Less than 20 seats, and More than 20 seats): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global minibus market size was valued at $9,913.69 million in 2022, and is projected to reach $15,579.01 million by 2032, registering a CAGR of 4.7% from 2023 to 2032.

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  • 122 – Tables
  • 80 – Charts
  • 396 – Pages

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Prime determinants of growth

The global minibus market has experienced significant growth and transformation, driven by urbanization, and growth in tourism and recreational activities. However, license restrictions and competition from faster modes of public transport restricts the market growth. Moreover, advancement in safety features, and government regulations presents new opportunities in the coming years.

Minibus Industry Report Coverage & Details:

Report Coverage Details
Forecast Period 2023–2032
Base Year 2022
Market Size In 2022 $9.9 Billion
Market Size In 2032 $15.5 Billion
CAGR 4.7%
No. Of Pages in Report 396
Segments Covered Propulsion, End User, Seating Capacity, And Region.
Drivers Urbanization

Growth In Tourism and Recreational Activities

Opportunities Advancement In Safety Features

Government Regulations

Restraints License Restrictions

Competition From Faster Modes of Public Transport

Impact of Recession

  • The minibus market faces significant challenges as consumer and business spending contracts. In an economic downturn, businesses reduce non-essential travel, leading to decreased demand for minibus services for corporate events, team outings, and employee transportation.
  • The recession limits the financial capacity of minibus operators to invest in fleet expansion or maintenance, potentially leading to a decrease in vehicle purchases and overall market activity. However, amidst the challenges, there could be opportunities for minibuses to serve as cost-effective alternatives to individual car ownership and larger public transit systems.

The IC engine segment to maintain its leadership status throughout the forecast period

By Propulsion, the IC engine segment held the highest market share in 2022, and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to its reliability, raw power produced by the engine, and the availability of the fuel. However, the electric segment is projected to the highest CAGR of 5.4% from 2023 to 2032, owing to its ability to provide emission free mobility and an alternative for conventional petrol and diesel.

Minibus Industry Key Developments:

Leading companies are bolstering their market positions through strategic initiatives such as acquisitions, agreements, expansions, partnerships, contracts, and product launches. Here are noteworthy developments:

  • Tata Motors achieved CMVR certification for its hydrogen fuel cell Starbus in December 2023, streamlining road authorization for the bus.
  • Marcopolo, in collaboration with Lume Robotics, is actively developing an autonomous minibus, signaling a shift toward autonomous vehicles and aiming to attract a new customer base.
  • Ford Motor Company expanded its e-minibus Transit to the UK in May 2023, anticipating increased customer engagement in the UK and nearby regions.
  • Hyundai introduced updates to its County minibus in May 2023, featuring a new dashboard and available in two variants—long body with 29 seats and extra-long body with increased length and seating for up to 32 passengers. This enhancement aims to diversify the portfolio and attract new customers.Top of Form

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The tourism segment to maintain its leadership status throughout the forecast period

By end user, the tourism segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to the tourism industry as they offer travelers flexible, convenient, and customized transportation choices, enabling them to discover and take in the beauty of rural areas and local landmarks while enhancing entire trip experience. However, the others segment is projected to manifest the highest CAGR of 5.1% from 2023 to 2032, owing to its ability serve as an ambulette. The service often operated using minibuses, serve as a lifeline for individuals with mobility challenges, ensuring their safe and comfortable transportation to medical appointments, therapy sessions, and other essential destinations.

The more than 20 seats segment to maintain its lead position during the forecast period

By seating capacity, the more than 20 seats segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 5.2% from 2023 to 2032 owing to its ability to accommodate larger groups of passengers. These minibuses are commonly available for rental and offer amenities such as air conditioning, comfortable seating, storage space, and climate-controlled cabins. They are an ideal transportation option for groups needing to travel together in comfort and convenience.

Asia-Pacific to maintain its dominance by 2032

By region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 6.0% from 2023 to 2032, as minibuses play a significant role in providing mobility, particularly in urban areas, villages, and cities. It is one of the diverse modes of transport that coexist to meet the different region’s transportation needs. These modes include mass transit options such as trains, trams, Bus Rapid Transit, and ordinary buses, as well as private modes such as cars, motorcycles, bicycles, and e-bikes. Minibuses are essential for people living in highly populated metropolitan areas, serving as a means of transport for urban mobility needs.

Minibus Industry Key Report Highlights:

  • Our study spans North America, LAMEA, Europe, and Asia-Pacific, offering in-depth regional and segment analysis for each country, projecting values ($million) from 2023 to 2032.
  • With a fusion of high-quality data, expert opinions, and critical perspectives, our research approach provides a well-rounded view of global minibus markets. This empowers stakeholders to make informed decisions, driving them towards ambitious growth objectives.
  • Our analysis delves into over 3,700 product literatures, annual reports, industry statements, and comparable materials from major industry players. This comprehensive review enhances our market understanding for a more insightful report.

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Leading Market Players: –

  • Mercedes-Benz Group AG
  • Ford Motor Company Ltd
  • Hyundai motor company
  • MAN
  • TATA motors
  • Marcopolo SA
  • Volkswagen Group
  • Karsan Otomotiv Sanayii ve Ticaret A.Ş.
  • IVECO S.p.A.

The report provides a detailed analysis of these key players in the global minibus market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

Similar Reports We Have on Bus Industry:

Electric Bus Market Research Report 2023-2032

Semi-Autonomous & Autonomous Bus Market Research Report 2023-2032

Luxury Shuttle Bus Market Research Report 2023-2032

Self-Driving Bus Market Research Report 2023-2032

Recreational Vehicle Market Research Report 2023-2032

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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