Global Minibus Market Trends, Forecast Report 2025-2037
Minibus Market size was over USD 10.75 billion in 2024 and is anticipated to cross USD 18.58 billion by 2037, witnessing more than 4.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of minibus is estimated at USD 11.17 billion.
Observed a 10% rise in the same year, as per the International Organization of Motor Vehicle Manufacturers (OICA) statistics. This has led to a subsequent rise in overall energy consumption. The U.S. Department of Transportation states that the 2023 energy consumption in transportation amounted to 27.96 quadrillion British thermal units (Btu), signifying an increase from 24.45 quadrillion Btu in 2020.
The alarming rise in passenger vehicle tailpipe emissions of 8,887 grams of CO2/gallon and a yearly footprint of 4.6 metric tons of CO2 per vehicle has resulted in a shift toward PHEV minibuses in the CPV segment. Several governments across the world are implementing strict regulations on carbon emissions, which is driving the adoption of electric vehicles including minibuses. E-buses are emerging as the most eco-friendly mode of mobility for public transportation, which substantially aids in mitigating carbon footprint. European countries such as Norway, Belgium, Switzerland, and China are witnessing high adoption of city bus electrification.
For instance, the International Energy Agency (IEA) revealed that in 2023, China, Norway, Belgium, and Switzerland collectively accounted for 50% of electric bus sales. Also, in Chile, the Netherlands, Finland, Portugal, Poland, Sweden, and Canada over one-fifth of sales were of electric buses. These statistics highlight the increasing adoption of electric buses for transportation, which also aids in estimating how lucrative opportunities are present for e-minibus manufacturers.
