Minibus Market to Hit $3,758.1 Million with CAGR of 3.7%: Fact.MR Report

The increasing demand for last-mile connectivity solutions in urban areas is a major driver boosting the market growth during the forecast period

Rockville , Dec. 15, 2023 (GLOBE NEWSWIRE) — As per Fact.MR, a provider of market research and competitive intelligence, the global Minibus Market is projected to expand at a CAGR of 3.7% to reach a US value of $3,758.1 Mn by 2029.

Minibuses are compact passenger vehicles designed to carry a moderate number of people, fitting between standard cars and full-sized buses. They excel in manoeuvrability, navigating narrow urban streets with ease, and are cost-effective with lower operating expenses compared to larger buses. Minibuses also boast better fuel efficiency, contributing to reduced environmental impact. Their adaptability makes them suitable for diverse purposes, from shuttle services to corporate transportation. Particularly effective in addressing the last-mile connectivity challenge in urban areas, minibuses offer flexibility in routes and schedules, enhancing efficiency.

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The market is experiencing significant growth driven by the rising demand for last-mile connectivity solutions in urban areas. The adoption of minibuses for efficient and flexible transportation plays a crucial role in addressing this need. Furthermore, the market is expanding due to the increasing emphasis on sustainable and eco-friendly options, with a focus on electric and alternative fuel-powered minibuses.

Inadequate or underdeveloped infrastructure, such as a lack of dedicated minibus lanes or charging stations for electric minibuses, can pose a serious challenge. Additionally, electric minibuses face a challenge due to their limited range compared to traditional fuel-powered counterparts. This limitation makes them less suitable for routes without enough charging stations.

Key Takeaways:

• The purpose-built minibus segment is anticipated to attain a value of US $878.3 Mn in the global minibus market by the end of the forecast period. This category is increasingly popular among diverse end users, primarily attributed to its cost-effective pricing and the heightened level of customization.
• The recreational purpose segment is expected to achieve a value of US $280 Mn by the conclusion of 2029. This is due to the increasing popularity of touring activities and a growing trend of higher spending on leisure and sports.
• The 26-35 seating segment is expected to reach a US value of $1,731.8 Mn by the end of 2029, making it the most lucrative segment in the market.

The increasing demand for last-mile connectivity solutions, a growing emphasis on sustainable transportation options, and the versatility and adaptability of minibuses for diverse transportation needs are the key drivers contributing to market growth – Says FACTMR Expert

Key Companies Profiled in This Report

• Woodall Nicholson Limited (Mellor Coachcraft),
• Carrocerias Ferqui Sl,
• Unidad de Vehículos Industriales, SA,
• Integralia Movilidad S.L.,
• Car-bus.net,
• CaetanoBus,
• Mussa & Graziano srl,
• Al Fahim Group (Erduman Automotive),
• Komvek Karoser Limited.

Market Competition

Leading companies in this competitive market often focus on innovation, product development, and strategic partnerships to gain a competitive edge.

• In 2020, the multinational automotive manufacturer Hyundai Motor Company introduced an electric minibus named “County Electric.” This 7,710-mm-long vehicle is powered by a high-efficiency, high-power 128-kWh lithium-ion-polymer battery, offering a range of 250 km on a full charge. Hyundai Motor provides the minibus in configurations ranging from 15 to 33 seats.

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Winning strategies

Key players in the market are investing heavily in developing electric minibuses to meet the growing demand for eco-friendly transportation and address environmental concerns, staying competitive and innovative in the ever-changing industry landscape.

Companies should focus on offering flexible and on-demand transportation services, known as micro-transit solutions, especially in urban areas. This approach caters to changing commuter preferences, providing more personalized and adaptable transit options.

Market leaders are adapting their vehicles to suit urban challenges. They’re focusing on features like improved manoeuvrability, smaller sizes, and advanced connectivity options.

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About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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