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[197+ Pages Report] According to a Facts and Factors market research report, the global minibus market is projected to reach USD 11.57 Billion by 2026, from USD 8.89 Billion in 2020, and is anticipated to register a CAGR of 4.5% between 2021 and 2026.
A minibus is a vehicle that is commonly used to pick up and drop off school children, office workers, hospital employees, and other individuals. The seating capacity of these buses is usually between 9 and 25 persons. Each bus is designed and built with the intention of being used for a certain function. It can be powered by an internal combustion engine or by a battery. Minibusses are commonly used as public transportation.
Increase in tourism all around the globe, the demand for vehicles with minimum seating capacity and improved features is expected to grow the global market demand. In addition, government mandates regarding environmental concerns are also increasing market growth.
According to World Bank data, 54.37 percent of the world's population lived in cities in 2016, and this number is expected to grow at 56.15% by 2020. According to the forecasts, the steady movement in human population from rural to urban regions, combined with global population growth, could add another 2.5 billion people to urban areas by 2050, with Asia and Africa accounting for about 90% of this increase. By 2030, the globe is expected to contain 43 megacities with populations of more than 10 million people, the majority of which will be in developing countries. According to the United Nations, India would have gained 416 million urban people by 2050, while China will have added 255 million. Rapid population growth is more common in undeveloped and emerging countries, particularly in Asia and Africa, necessitating increased transportation infrastructure. As a result of the growing urban population, there is a greater demand for transportation, which has fueled the rise of the worldwide bus industry in recent years. The government is spending heavily in the public sector in order to reduce the number of private automobiles and thereby reduce pollution and enhance air quality. For example, during the presentation of the Union Budget 2021-22 in February 2021, the Indian government proposed a USD 2.43 billion scheme to improve public transportation in urban areas. The administration has indicated that it will endeavor to increase the use of public transportation in metropolitan areas by expanding the city bus service. In 2021, China invested USD 29.52 billion in fixed assets in the transportation sector, which is likely to boost the market growth in the next years.
The global minibus market is segmented into the engine, seating capacity, end-use, and transmission type. The engine segment is categorized into electric motor and IC engine. Based on seating capacity, the market is segmented into up to 10 seats, 11 - 25 seats, and 26 - 35. On this basis, the end-user segment is bifurcated into a school bus, recreational purpose, and others. Based on transmission type, the market is classified into manual and automatic.
|Market Size in 2020||USD 8.89 Billion|
|Projected Market Size in 2026||USD 11.57 Billion|
|CAGR Growth Rate||4.5%|
|Key Market Players||Daimler AG, Fiat, Ford, Hyundai, Force, Iveco, MAN Truck and Bus, Marcopolo, Renault, Tata Motors, Toyota, Volvo and Others|
|Key Segments||Engine, Seating Capacity, End Use, Transmission Type, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
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China has been seen gaining a significant revenue share of the industry and is predicted to continue to do so in the coming years. In addition, rising market revenues in India and Japan are likely to fuel expansion. Several technical improvements in the transportation business, together with several innovation methods, will help the bus market gain traction in the Asia Pacific area. Furthermore, several government measures implemented in emerging countries to manage rising pollution levels, as well as increased spending on transportation industry developments, are likely to aid the Asia Pacific market's growth in the coming years.
Some of the key players in the global minibus market are Daimler AG, Fiat, Ford, Hyundai, Force, Iveco, MAN Truck and Bus, Marcopolo, Renault, Tata Motors, Toyota, Volvo, Kingstar, Ashok Leyland, Thomas Built Buses, Dongfeng, Ankai, Zhongtong, Sunlong, Nissan, Peugeot and Citroen among others.
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