Global Minibus Market to Exhibit Growth at a Value CAGR of 4% Through 2029
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According to the research, an increasing center of attention on new developments and the demand for various types of commuter vehicles such as shared taxis are likely to fuel the growth of the minibus market by the end of 2029. Rise in vehicle sales and increasing level of consumer’s demand for hybrid and electric vehicles will continue to prove profitable for the global market for minibus in the coming future.
Rise in Demand for Electric Vehicles Creating Opportunities for Key Market Players
The global automotive industry is witnessing rapid growth and consumer’s demand for vehicle electrification is an emerging trend gaining widespread momentum in urban, traffic planning, and power system studies. Government authorities, particularly in developed countries, are mandating the shift from internal combustion to fully electric vehicles. Diffusion of electric vehicles significantly affects the power system’s operations, however it paves the way for a wide range of opportunities for future system developments, such as curtailing the fossil fuel dependency and emissions of environment pollutants. These benefits will continue to drive the trend of vehicle electrification in the near future, which indirectly forces manufacturers to reshape the dynamics of the global minibus market.
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According to the Fact.MR, 26-35 passenger capacity minibuses are expected to account for the largest revenue share in the global minibus market, with the global value poised to reach ~ US $ 3.6 Bn by the end of 2019. Among various applications, minibuses for recreational purposes is projected to remain the most sought-after among passengers. Revenue generation for taxicab type minibus services and school minibus services is likely to remain highly attractive in the forecast period.
Key Segments Covered in Minibus Report:
On the Basis of Body, the Global Minibus Market Can Be Segmented into:
• Body Build
• Purpose Build
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On the Basis of Seating Capacity, the Global Minibus Market Can Be Segmented into:
• 9 – 15
• 16 – 25
• 26 – 35
South Asia Foreseen to Witness More Demand for Minibuses and is Growing with ~4.8% Value CAGR over the Forecast Period.
Increasing traffic densities across the globe have resulted in an acceleration in demand for passenger vehicles. The continuous rise in the economic strength of Asia Pacific countries has made consumers in the region capable of spending more on various automotive products. North America minibus market incorporates the analysis for US and Canada, owing to the requirement for higher public transportation thus holding a significant share in the minibus market.
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School minibus holds almost 20% value share due to better suitability for school purposes. Moreover, advanced technology, robust design, and electrification in minibus is foreseen to showcase ample opportunities for new sales and helps market players amp up revenue generation in developed and developing economies.
This study underlines the key future prospects in the minibus market and finds that the market would exhibit growth at a value CAGR of ~4% in the forecast period.
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