Asia Pacific Minibus Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Propulsion [Electric and Internal Combustion Engine (ICE)]

Asia Pacific Minibus Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Propulsion [Electric and Internal Combustion Engine (ICE)]

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. A few of the development projects are mentioned below:

India, Indonesia, Thailand, Japan, and Vietnam account for 62% of the hotel construction pipeline in 2023. India is leading with 352 hotels, followed by Indonesia, Vietnam, Thailand, and Japan, with the construction of 252, 233, 174, and 163 projects, respectively.
In 2018, China announced the development of 400 airports by 2035, with the construction of 160 new airports over the next 12 years. Similarly, in 2021, the Indian Ministry of Civil Aviation announced its plans to build 21 new airports nationwide. In line with the announcement, the Airport Authority of India (AAI) has taken up an airport development project for US$ 3,167.32 million over the next 4–5 years.

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. For instance, in 2018, The Ministry of Transport of the People's Republic of China announced the construction of an additional 160 airports by 2035. Similarly, 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.

The Asia Pacific minibus market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Asia Pacific minibus market. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the Asia Pacific minibus market. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the Asia Pacific minibus market.

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