Investments in the development of urban centers, with smart city projects and research into automobile electrification are key trends that are creating a solid foundation for minibus manufacturers.
NEW YORK, NY / ACCESSWIRE / April 9, 2021 / The global minibus market will exhibit moderate growth rate over the forecast period, 2021-2031, finds Fact MR in a new study. While rapidly rising expenditure on urban construction & public transportation infrastructure remains a key growth drivers, the introduction of smart city projects and advances in automotive technologies are spurring the adoption of minibuses globally. Further, minibuses are finding growing use in recreational applications, wherein seating and accessorizing customizations are gaining interest.
"Minibuses are a highly preferred mode of public transport as several million people are reliant on them for daily commutes. The demand has risen strongly in recent years with substantial impetus from China, India, Mexico and Brazil, owing to relatively faster population growth in these countries and government initiatives to improve transit between rural regions and cities," says Fact.MR in its recent study.
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Minibus Market: Key Findings
- Recreational applications will reflect faster growth on the back of significant growth in the global tourism sector.
- 26-to-35-seater minibuses will witness an upsurge in adoption with growth in public transport investments.
- China and India are emerging as high demand markets owing to a vast population and major public transport requirements.
Minibus Market - Key Driving Factors
- Low costs of transportation associated with minibuses are bolstering sales and application.
- High levels of customization in terms of design and seating are supporting sales prospects.
- Increased investments on leisure and tourism activities are boosting the demand for minibuses.
Minibus Market - Key Restraints
- Competition from other modes of public transport including multi-axle buses is limiting profitability.
- Issues with road accidents and safety remain a concern for vehicle owners, hurting sales prospects.
Anticipated Impact of Coronavirus Pandemic
The global covid-19 pandemic has negatively impacted the demand for minibuses on a global scale. Governments and regulatory bodies have strictly pushed for restrictions on the use of public transport. Social distancing guidelines have forced travelers to make use of alternative transportation options to minimize contact with strangers.
Recovery is expected to gradual through 2021 and beyond as the pandemic subsides and regulations imposed in 2019 and 2020 are relaxed over time. Further, private purchases are likely to recover faster, aiding market growth in the long-term.
Competitive Landscape
Key players in the minibus market covered in the report are Carrocerias Ferqui Sl, Woodall Nicholson Limited, Integralia Movilidad S.L., Unidad de Vehículos Industriales, SA, CaetanoBus, Mussa & Graziano srl, Car-bus.net, Komvek Karoser Limited Sirketi, Al Fahim Group, Dypety Srl, Brian Noone Limited, AS DOMŽALE D.O.O., Rosero - P S.R.O., Feniksbus D.O.O., Otokar Otomotiv ve Savunma Sanayi AS, D'Auria Group, Irmaos Mota, Auto-CUBY Sp. z o.o., BARBI COACH & BUS srl, and Sitcar Italia Srl.
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Major players in the global minibus market are invested in product development and launch strategies, with a focus on connectivity and autonomous driving functionalities, leveraging 5G and AI technologies.
The Taiwan Automotive Research & Testing Center in January 2021 developed and launched WinBus a self-driving, pure electric minibus, which will be tested for a year before being released to the public.
In April 2021, Renault unveiled details about its Trafic Passenger minibus with driver aids and safety systems such as active emergency braking and adaptive cruise control.
In September 2020, Telia partnered with Ericsson to test the viability of 5G-enabled electric minibuses for operations in Stockholm, with the aim of bolstering digitalization for multi-industry applications.
About the Report
This 170-page report covers an extensive market analysis on the minibus market. The research study provides compelling and actionable insights on the minibus market on the basis of body type (body build and purpose build), seating capacity (9 to 15, 16 to 25, and 26 to 35), and end use (school bus, recreational purposes, and others), across key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa (MEA)).
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SOURCE: Fact.MR
View source version on accesswire.com:
https://www.accesswire.com/639652/Minibus-Market-to-Register-Stable-Growth-through-2031-Recreation-and-Public-Transport-Applications-to-Gain-Ground-FactMR
