Minibus Market

Minibus Market Study by ICE, EV, and Hybrid Propulsion for School Buses and Recreational Purpose from 2024 to 2034

Analysis of Minibus Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Minibus Market Outlook (2024 to 2034)

The global minibus market is calculated to reach US$ 9.92 billion in 2024. Worldwide revenue from the sales of minibusses is estimated to increase at a 3.6% CAGR to reach US$ 14.27 billion by the end of 2034.

An increasing trend among corporations for moving a larger group of people economically without any sacrifice of reliability is pushing them to adopt minibus services. Increasing transportation requirements for complex road networks are estimated to generate demand for minibuses globally. The rising worldwide population is stimulating demand for reliable and affordable transportation facilities, which is anticipated to contribute to the sales of minibuses in the coming 10 years. The customizability of minibuses is expected to attract a larger base of end users, which is further widening the scope for respective market players.

The growing trend of spending more on leisure and sports activities along with involvement in touring activities are set to spur requirements for minibuses for the commute. Rising demand for high-performance and low-emission vehicles with use in adverse environmental conditions and rough terrains is contributing to an increased concentration of various manufacturers on developing sustainable technologies and designs.

  • Global demand for body-build minibuses is projected to increase at a CAGR of 4.4% and reach a market value of US$ 10.19 billion by the end of 2034.
  • North America is forecast to account for 25.4% of the global minibus market share by 2034.
  • Sales of minibuses in Japan are forecast to climb at a 4.1% CAGR from 2024 to 2034.

Minibuses for urban and suburban transportation offer maneuverability and fit well through congested urban streets. It is comparatively easy for minibuses to pass through spaces that are otherwise difficult for giant vehicles to access. In the tourism industry, these buses are used for guided tours and provide tourists with a comfortable and convenient way to explore scenic locations and popular attractions.

Report Attributes Details
Minibus Market Size (2024E) US$ 9.92 Billion
Forecasted Market Value (2034F) US$ 14.27 Billion
Global Market Growth Rate (2024 to 2034) 3.6% CAGR
East Asia Market Share (2034F) 28.6%
Market Share of ICE Propulsion Minibuses (2034F) 58.5%
South Korea Market Growth Rate (2024 to 2034) 5.6% CAGR
Key Companies Profiled Brian Noone Limited; Anhui Ankai Automobile Co., Ltd.; Woodall Nicholson Limited (Mellor Coachcraft); ASHOK LEYLAND; BARBI COACH & BUS srl; Carrocerias Ferqui Sl; BYD Motors; D'Auria Group; Ford Motor Company Ltd.; Integralia Movilidad S.L.;; Mitsubishi Fuso Truck and Bus Corporation; Mussa & Graziano srl; Tata Motors; Rosero - P S.R.O.

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Why is Global Interest in Minibuses Increasing Steadily?

“Expansion of Tourism Sector and Increasing Recreational Activities”

Continuously expanding tourism sector is estimated to positively impact minibus market growth. Furthermore, the rising involvement of more individuals in recreational activities is anticipated to generate demand for these vehicles to match the transportation requirements of outdoor enthusiasts and tourists. The increasing popularity of tourist destinations and recreational activities is stimulating demand for efficient and convenient transportation solutions.

Minibuses, due to their ability to accommodate a medium-sized people’s group, are becoming ideal choices for recreational facilities, adventure companies, and tour operators. Various tour operators are providing cultural excursions and group transportation to events, which is set to contribute to the rising minibus sales. The practicality and versatility of minibuses are projected to make them a pivotal asset for businesses, looking to match the increasing requirements for recreational experiences and tourism, thus contributing to the expanding minibus market size.

What Do Minibus Manufacturers Need to Watch Out for?

“Competition from Various Faster Transportation Modes and License Restrictions”

Manufacturers of minibuses are encountering competition from various faster modes of public transportation, which is estimated to limit their adoption. In addition, license restrictions are expected to impose challenges against market growth in the coming 10 years.

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Which Key Minibus Market Trends are Creating Growth Prospects for Startups?

“Advancements in Safety Features of Minibuses”

Startups are expected to invest more in R&D activities targeting the development of advanced technologies for improving vehicle safety. Moreover, supportive government initiatives in the form of incentives are also forecasted to widen opportunities for these new market players going forward.

Country-wise Insights

East Asia is evaluated to hold 28.6% share of the global market by the end of 2034, as mentioned in the recently updated report by Fact.MR, a market research and competitive intelligence provider. An expansion of the transportation industry in some of the regional countries, including China, Japan, etc., is estimated to stimulate demand for minibuses.

Why is the United States a Key Market for Minibus Companies?

“Rising Use of Environment-friendly Transportation Services”

Attribute United States
Market Value (2024E) US$ 1.95 Billion
Growth Rate (2024 to 2034) 3.7% CAGR
Projected Value (2034F) US$ 2.8 Billion

The United States is estimated to account for 77.2% share of the North American market revenue by 2034. More Americans are giving preference to environment-friendly transportation sources to comply with stringent emission regulations. Large seating capacities and advancements in safety features are projected to lead to a rising preference for minibuses in the automotive sector.

Will China be a profitable Market for Suppliers of Minibuses?

“Expanding Transportation Business Generating Application Scope for Minibuses”

Attribute China
Market Value (2024E) US$ 1.08 Billion
Growth Rate (2024 to 2034) 6% CAGR
Projected Value (2034F) US$ 1.93 Billion

China is anticipated to contribute 47.3% of the East Asian market revenue share by the end of 2034. The country is expected to hold prominence in the region owing to constant improvement in the transportation business. In addition, various measures are taken by the government in the country for the growth of the transportation sector, such as rising spending, etc., which creates prospects for market players.

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Category-wise Insights

This research report by Fact.MR opines that increasing trend of spending more on sports and leisure activities is expected to generate requirements for minibuses for recreational purposes. Growing demand for high-performance and low-emission vehicles, which are used in adverse environmental conditions and rough terrains is set to create prospects for market players. More manufacturers of minibuses are focusing on sustainable technologies and designs for recreational purposes.

Why are ICE Propulsion Minibuses Expected to Bring Higher Profit Margins for Manufacturers?

“Accessibility and Convenience of ICE Propulsion-based Minibuses”

Attribute ICE
Segment Value (2024E) US$ 6.8 Billion
Growth Rate (2024 to 2034) 2.1% CAGR
Projected Value (2034F) US$ 8.35 Billion

ICE propulsion-based minibuses are calculated to hold a 58.3% share of the global market by the end of 2034. ICE minibuses are generally more economical than hybrid or electric vehicles. The monetary aspect is one of the pivotal considerations for various firms, especially smaller operators or those with cost-conscious areas. Comparatively less initial spending enables greater return on investment and faster fleet deployment.

Gas stations are easily accessible and widely distributed compared to charging facilities used for electric minibuses. This factor is estimated to add to the convenience of ICE minibuses, particularly in areas with inadequate EV infrastructure or on lengthy travels. Moreover, the wide availability of mechanics with adequate skills for repairing ICE engines is contributing to their increased preference.

Which Body Type is Preferred More in Minibuses?

“Customization Features Making Body Build Minibuses Popular”

Attribute Body Build
Segment Value (2024E) US$ 6.63 Billion
Growth Rate (2024 to 2034) 4.4% CAGR
Projected Value (2034F) US$ 10.19 Billion

Body build minibuses are forecast to account for 71.4% share of global market revenue by 2034-end. Increasing demand for these types of buses is attributed to their customization features. Various automobile bodybuilders are manufacturing minibuses according to the requirements of their respective customers and specifications.

Competitive Landscape

A competitive assessment of the global market offers intuitive figures and facts related to the leading manufacturers along with their business approaches and reach. The presence of global as well as regional market players is anticipated to make the global market highly competitive. Management of supply chain systems, offering quality products, new product development, etc., are some strategies adopted by market players to get a competitive edge.

For instance

  • In December 2023, Tata Motors got certification for its Starbus based on hydrogen fuel cells. This is anticipated to assist the company in facilitating road authorization of this bus.
  • Ford Motor in May 2023, expanded its e-Minibus transit in the market in the United Kingdom. This expansion is forecasted to help the company generate new leads in the region and nearby areas.

Key players in the minibus industry are Brian Noone Limited, Anhui Ankai Automobile Co., Ltd., Woodall Nicholson Limited (Mellor Coachcraft), ASHOK LEYLAND, BARBI COACH & BUS srl, Carrocerias Ferqui Sl, BYD Motors, D'Auria Group, Ford Motor Company Ltd., Integralia Movilidad S.L.,, Mitsubishi Fuso Truck and Bus Corporation, Mussa & Graziano srl, Tata Motors, and Rosero - P S.R.O.

Fact.MR provides detailed information about the price points of key manufacturers of minibuses positioned across the world, sales growth, production capacity, and speculative technological expansion, in the recently updated market report.

Segmentation of Minibus Market Research

  • By Propulsion:

    • ICE
    • EV
    • Hybrid
  • By Body:

    • Body Build
    • Purpose Build
  • By Seating Capacity:

    • 9 to 15
    • 16 to 25
    • 26 to 35
  • By End Use:

    • School Bus
    • Recreational Purpose
    • Others
  • By Region:

    • North America
    • Latin America
    • Western Europe
    • Eastern Europe
    • East Asia
    • South Asia & Pacific
    • MEA

- FAQs -

How big is the minibus market in 2024?

The global minibus market is set to reach a value of US$ 9.92 billion in 2024.

What is the projected demand value for minibuses by 2034?

Global sales of minibuses are approximated to reach US$ 14.27 billion by 2034.

At what rate are the sales of minibuses expected to increase?

The global market is evaluated to advance at a CAGR of 3.6% from 2024 to 2034.

What is the forecasted contribution of East Asia to global market revenue?

East Asia is calculated to capture 28.6% share of global market revenue by 2034.

At what CAGR is the demand for minibuses expected to increase in South Korea?

Demand for minibuses in South Korea is forecasted to increase at 5.6% CAGR from 2024 to 2034.

What is the market scenario for ICE propulsion minibuses?

Worldwide demand for ICE propulsion minibuses is expected to increase at 2.1% CAGR and reach a valuation of US$ 8.35 billion by 2034.

What are minibuses mostly used for?

Minibuses are used commonly for transportation in a wide variety of settings, such as schools, sports teams, public transportation, and group outings.

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