Dublin, May 11, 2023 (GLOBE NEWSWIRE) -- The "Asia Pacific Minibus Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Propulsion" report has been added to ResearchAndMarkets.com's offering.
The Asia Pacific minibus market is expected to grow from US$ 30,870.82 million in 2023 to US$ 43,690.33 million by 2028; it is estimated to register a CAGR of 7.2% from 2023 to 2028.
APAC has a few of the most rapidly growing economies in the world, including China, India, Thailand, Vietnam, the Philippines, Malaysia, and Indonesia. These countries are experiencing massive infrastructural developments such as hotels, airports, and schools.
Hotels and airports use minibuses to offer pick-up and drop services to their customers and passengers to enhance their overall stay and traveling experience. Thus, the construction of several hotels and airports across the region is expected to increase the demand for minibuses, contributing to the APAC minibus market growth over the forecast period.
Asia Pacific is experiencing an increased investment in infrastructure development of airports, hotels, and corporate offices by both private and public organizations. Several countries across APAC such as China, India, South Korea, and Thailand are increasing the construction and expansion of several new and existing airports.
The Thailand Ministry of Transportation announced its expansion plans for Suvarnabhumi Airport with an investment of US$ 236 million in January 2022.
Minibuses are used across airports for passenger travel from one point to another. Thus, the increase in the number of airports across the region, coupled with the existing airport expansion plan to increase their passenger capacity, is driving the demand for minibuses from the airports, thereby contributing to the growth of the market.
However, minibus manufacturers such as Tata Motors experienced a 23% decline in their commercial vehicle sales in FY 2020. The automobile industry in Asia Pacific is highly dependent on immigrant workers. Thus, the shortage of labor across manufacturing plants due to social distancing norms hampered the production of minibus.
Australia is one of the developed countries in APAC. The country has been observing several infrastructural developments over the years.
For instance, the Ministry of Transportation announced the renovation project of the Melbourne Airport with an investment of US$ 220.3 million in 2021. Similarly, the Western Sydney international airport terminal construction started in November 2021. These projects are expected to increase the airport's passenger capacities, thereby growing the demand for buses across the airports.
The Australian government is promoting tourism across the country. Tourism also plays a significant role in the country's GDP. For instance, according to the Australian Trade & Investment Commission, the visitor economy across the country accounted for US$ 166 billion in 2019. Thus, the growing tourism industry is further expected to increase the demand for minibuses among tour and travel agencies for offering enhanced inter and intracity travel for a group of tourists in the coming years, thereby contributing to the minibus market growth in APAC.
The Asia Pacific minibus market size is bifurcated on the basis of propulsion and country. Based on propulsion, the Asia Pacific minibus market is bifurcated into electric and internal combustion engine (ICE). By country, the Asia Pacific minibus market is segmented into Australia, China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Taiwan, Thailand, Philippines, Vietnam, New Zealand, Laos, Cambodia, and the Rest of Asia Pacific.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 217 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $30870.82 Million |
| Forecasted Market Value (USD) by 2028 | $43690.33 Million |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Asia Pacific |
Market Dynamics
Drivers
- Increase in Shuttle Services Across APAC
- Rise in Tourism in APAC
Restraints
- Availability of Substitute Modes of Transportation
Opportunities
- Rise in New Infrastructure Construction
Future Trends
- Government Initiatives to Promote Adoption of Electric Vehicles
Companies Mentioned
- Toyota Motor Corp
- Hyundai Motor Co
- BYD Co Ltd
- Zhongtong Bus Holding Co Ltd
- Higer Bus Co Ltd
- Jiangling Motors Corp Ltd
- Yutong Bus Co Ltd
- Mitsubishi Fuso Truck and Bus Corp
- Tata Motors Ltd
- Force Motors Ltd
For more information about this report visit https://www.researchandmarkets.com/r/cykn5u
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