Growing Demand For Tourism: Key Driver Transforming the Minibus Market in 2024
Minibus Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What is the Current Scenario of the Minibus Market?
The minibus market size has shown steady growth in recent years. It is slated to witness an increase from $9.34 billion in 2023 to $9.79 billion in 2024 at a compound annual growth rate CAGR of 4.8%. This growth during the historic period can be attributed to factors like the growing inclination of travelers towards minibuses, an increase in global transportation infrastructure, growing popularity of tourism, and a rising demand for flexible transportation.
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What does the Future Hold for the Minibus Market?
The minibus market size is anticipated to experience steady growth in the coming years. An increase to $11.88 billion is projected by 2028, with a CAGR of 4.9%. This growth during the forecast period can be ascribed to the expanding transportation business, growth in tourism and recreational vehicles, urbanization in the minibus industry, government regulations and safety standards, and corporate and institutional fleet upgrades. Major trends likely to dictate the forecast period include customization and versatility, electrification and sustainability, electric and hybrid powertrains, connectivity and smart features, and integration with urban mobility solutions.
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What Drives the Growth of this Market?
The growing demand for tourism is expected to significantly drive the growth of the minibus market going forward. Tourism entails the activities and services associated with traveling away from one's usual place of residence for leisure, business, or other purposes. The boom in tourism is a result of increasing disposable incomes, greater accessibility due to improved transportation, increased cultural curiosity, social media influence, event tourism, business and educational travel, and more leisure time. Minibuses are utilized in tourism to provide efficient and comfortable transportation for small groups, offering flexibility and convenience for sightseeing and guided tours. For instance, in May 2024, the Office for National Statistics, a UK-based national statistical institute, reported that UK tourists took 86.2 million trips abroad in 2023, a significant rise from 71.0 million trips in 2022. Therefore, the surging demand for tourism serves as a potent catalyst propelling the growth of the minibus market.
Who are the Key Players 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.Ş., Rosero - P S.R.O., Kingstar Bus Co Ltd., Integralia Movilidad S.L.
What are the Emerging Trends in the Minibus Market?
Major companies operating in the minibus market are focusing on developing advanced solutions such as autonomous minibuses to enhance passenger convenience and safety. Autonomous minibuses, or self-driving minibuses, are equipped with advanced technology to navigate and operate without human intervention. For instance, in May 2024, Renault Group, a France-based automobile manufacturing company, launched an autonomous minibus for public transportation, specifically featuring Level 4 autonomy. This initiative supports the increasing demand for low-carbon mobility solutions as European cities transition towards low-emission zones. The minibus, designed to operate 24/7 without onboard operators, requires only simple remote supervision, which can potentially reduce automation costs and offer a cost-effective, zero-emission alternative to traditional public transport options.
How is the Global Minibus Market Segmented?
The minibus market, thoroughly examined in this report, is segmented as follows:
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
Where Does the Minibus Market Stand Regionally?
North America was the largest geographical region for the minibus market in 2023. The regions touched upon in the minibus market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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