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Growing Demand For Tourism Is Driving The Growth Of Minibus Market: An Emerging Driver Transforming The Minibus Market Landscape
Minibus
What Is the Projected Growth of the Minibus Market?
The minibus market size will grow from $9.79 billion in 2024 to $10.29 billion in 2025, at a CAGR of 5.1%. This growth is supported by rising demand for minibuses, increasing transportation infrastructure, growing popularity of tourism, and the need for flexible transportation options.
The minibus market will grow to $12.44 billion by 2029, at a CAGR of 4.8%. This growth is attributed to the expanding transportation sector, growth in tourism and recreational vehicles, urbanization, government regulations, and fleet upgrades. Trends include customization, electrification, hybrid powertrains, connectivity, and integration with urban mobility solutions.
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What Are the Different Minibus Market Segments?
The minibusmarket covered in this report is segmented -
1) By Types: Basic Minibuses, Luxury Minibuses, Eco-friendly Minibuses
2) By Fuel Types: Diesel, Gasoline or Petrol, Electric, Hybrid
3) By Seating Capacity: 9 To 15, 16 To 25, 26 To 35
4) By Applications: Tourism, Event Management, Shuttle Services, Field Trips, Other Applications
5) By End Users: Business Entities, Healthcare Facilities, Non-profit Organizations, Construction Companies, Educational Institutions, Other End Users
Subsegments:
1) By Basic Minibuses: Standard Minibuses, Economy Minibuses, Compact Minibuses
2) By Luxury Minibuses: Executive Minibuses, Premium Minibuses, VIP Minibuses, Customizable Luxury Minibuses
3) By Eco-friendly Minibuses: Electric Minibuses, Hybrid Minibuses, Compressed Natural Gas (CNG) Minibuses, Solar-powered Minibuses
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What Are the Primary Drivers Shaping the Minibus Market?
The growing demand for tourism is expected to propel the growth of the minibus market. Tourism is rising due to higher disposable incomes, improved transportation, and cultural curiosity, increasing the need for minibuses for small group transportation. For example, UK tourists took 86.2 million trips abroad in 2023, up from 71.0 million in 2022, driving demand for minibuses in tourism.
Which Companies Are Leading in the Minibus Market?
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.S., Rosero - P S.R.O., Kingstar Bus Co Ltd., Integralia Movilidad S.L.
What Are the Latest Developing Trends in the Minibus Market?
In the minibus market, companies are developing advanced solutions like autonomous minibuses to improve passenger convenience and safety. Autonomous minibuses are self-driving vehicles designed for public transport. In May 2024, Renault Group, a France-based automobile company, introduced an autonomous minibus with Level 4 autonomy. This vehicle operates without an onboard operator within defined areas, supporting low-carbon mobility in European cities with low-emission zones and offering a cost-effective public transport alternative.
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What Are the Top Revenue-Generating Geographies in the Minibus Market?
North America was the largest region in the minibus market in 2024. The regions covered in the minibus market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Minibus Market?
2. What is the CAGR expected in the Minibus Market?
3. What Are the Key Innovations Transforming the Minibus Industry?
4. Which Region Is Leading the Minibus Market?
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