Minibus Market Report 2024

This Minibus market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The minibus market size has grown steadily in recent years. It will grow from $9.34 billion in 2023 to $9.79 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth during the historical period can be attributed to several factors such as rising travel demand, increasing need for minibuses, expanding transportation infrastructure, growing popularity of tourism, and heightened demand for flexible transportation solutions.

The minibus market size is expected to see steady growth in the next few years. It will grow to $11.88 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth during the forecast period can be attributed to factors such as the expansion of the transportation business, increased growth in tourism and recreational vehicles, urbanization within the minibus industry, government regulations and safety standards, and upgrades to corporate and institutional fleets. Key trends expected during this period include customization and versatility, electrification and sustainability, electric and hybrid powertrains, connectivity and smart features, and integration with urban mobility solutions.

The growing demand for tourism is expected to drive the growth of the minibus market in the future. Tourism involves traveling away from one's usual place of residence for leisure, business, or other purposes. Factors contributing to the rise in tourism include increasing disposable incomes, better accessibility through improved transportation, heightened cultural curiosity, social media influence, event tourism, business and educational travel, and more leisure time. Minibuses are used in tourism to provide efficient and comfortable transportation for small groups, offering flexibility and convenience for sightseeing and guided tours. For example, the Office for National Statistics reported in May 2024 that UK tourists took 86.2 million trips abroad in 2023, up from 71 million trips in 2022. This growing demand for tourism is fueling the expansion of the minibus market.

Leading companies in the minibus market are focusing on developing advanced solutions, such as autonomous minibuses, to enhance passenger convenience and safety. Autonomous minibuses are self-driving vehicles equipped with advanced technology that allows them to navigate and operate without human intervention. For instance, in May 2024, Renault Group, a France-based automobile manufacturer, introduced an autonomous minibus for public transportation. This vehicle features Level 4 autonomy, enabling self-driving capabilities within designated areas. This development supports the demand for low-carbon mobility solutions as European cities transition to low-emission zones. The minibus is designed to operate around the clock with minimal remote supervision, potentially lowering automation costs and providing a cost-effective, zero-emission alternative to traditional public transport.

In September 2023, Altas Auto, a US-based manufacturer of lightweight electric vehicles, partnered with Zhongtong Bus Holding Co. Ltd. to produce electric minibuses for the European market. This partnership combines Altas Auto's expertise in the European minibus sector with Zhongtong's extensive experience in electric bus manufacturing. Zhongtong Bus Holding Co., Ltd., based in China, specializes in electric minibuses.

Major companies operating in the minibus market are Volkswagen Group, TOYOTA MOTOR CORPORATION, Stellantis N.V., Ford Motor Company, General Motors Company, Hyundai Motor Company, Nissan Motor Co Ltd., BYD Motors Inc., AB Volvo, Tata Motors Limited, Dongfeng Motor Corporation, Iveco Group NV., MAN Truck & Bus SE, Ashok Leyland Limited, Marcopolo SA, Anhui Ankai Automobile Co Ltd., Force Motors Limited, Thomas Built Buses Inc, Woodall Nicholson Limited (Mellor Coachcraft), Karsan Otomotiv Sanayii ve Ticaret A.Ş., Rosero - P S.R.O., Kingstar Bus Co Ltd., Integralia Movilidad S.L.

North America was the largest region in the minibus market in 2023. The regions covered in the minibus market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the minibus market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A minibus is a small passenger vehicle designed to transport more people than a typical car but fewer than a full-sized bus, typically accommodating between 9 and 30 passengers. Minibuses are frequently used for public transportation, shuttle services, and group travel due to their compact size and versatility.

Minibuses come in three main types such as basic minibuses, luxury minibuses, and eco-friendly minibuses. Basic minibuses are simple, small buses intended to transport a moderate number of passengers with minimal features and amenities. They are available with various fuel options, including diesel, gasoline or petrol, electric, and hybrid, and have seating capacities of 9 to 15, 16 to 25, and 26 to 35 passengers. Minibuses are used for a range of applications such as tourism, event management, shuttle services, field trips, and more. They are employed by various entities, including businesses, healthcare facilities, non-profit organizations, construction companies, and educational institutions.

The minibus market research report is one of a series of new reports that provides minibus market statistics, including the minibus industry's global market size, regional shares, competitors with a minibus market share, detailed minibus market segments, market trends and opportunities, and any further data you may need to thrive in the minibus industry. This minibus market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The minibus market consists of sales of standard minibus, school minibus, accessible minibus, convertible minibus, high roof minibus, electric minibus, and camper minibus. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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