Bus Market Size, Trends, Revenue, Analysis Report 2024-2032

Bus Industry: Key Statistics and Insights in 2024-2032

Summary:

• The global bus market size reached USD 50.3 Billion in 2023.

• The market is expected to reach USD 86.9 Billion by 2032, exhibiting a growth rate (CAGR) of 6.1% during 2024-2032.

• Asia Pacific leads the market, accounting for the largest bus market share.

• Diesel represents the largest segment due to its widespread availability and cost-effectiveness.

• Transit bus accounts for the majority of the market share, driven by the rising demand for public transportation services in urban areas.

• The increasing focus on lowering carbon emissions and promoting sustainable transportation is leading to the development of electric and hybrid buses.

• Buses are a favored mode of transportation for tourists due to their cost-effectiveness and the ability to accommodate groups.

Industry Trends and Drivers:

Factors Affecting the Growth of the Bus Industry:

• Increasing Demand for Eco-Friendly Transportation:

The increasing focus on lowering carbon emissions and promoting sustainable transportation is leading to the development of electric and hybrid buses. Governments worldwide are implementing stringent emission standards and offering incentives for electric vehicle (EV) adoption, propelling the shift from traditional diesel buses to eco-friendly alternatives. This is not only driven by environmental concerns but also by the long-term economic benefits of lower operating costs associated with electric buses. Companies are investing in research operations to enhance battery technology, improve charging infrastructure, and increase the range and efficiency of these vehicles.

• Tourism and Private Fleet:

Buses are a favored mode of transportation for tourists due to their cost-effectiveness and the ability to accommodate groups. The increasing number of travel and tour companies investing in comfortable and luxurious buses for sightseeing and long-distance travel is strengthening the market growth. Moreover, private players are increasing their fleet of buses to cater to corporate needs, educational institutions, and private events. This diversification in usage, from city tours to inter-city travel, necessitates various types of buses, such as minibuses and luxury coaches.

• Government Initiatives and Public-Private Partnerships (PPPs):

Many governments are actively promoting public transportation to reduce traffic congestion and environmental pollution. This includes substantial investments in public transit infrastructure and subsidies for bus procurement, especially for low-emission and electric buses. In addition, public-private partnerships (PPPs) are becoming common in the transportation sector. These partnerships often involve the government working with private companies to finance, build, and operate bus services, leading to better management, service quality, and technological integration. These collaborative efforts not only ease the financial burden on public sectors but also encourage innovation and efficiency in bus services.

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Bus Market Report Segmentation:

By Type:

• Single Deck

• Double Deck

Single deck exhibits a clear dominance in the market attributed to its versatility and widespread use in various transportation applications.

By Fuel Type:

• Diesel

• Electric and Hybrid

• Others

Diesel represents the largest segment due to its widespread availability and cost-effectiveness.

By Seat Capacity:

• 15-30 Seats

• 31-50 Seats

• More than 50 Seats

Based on the seat capacity, the market has been classified into 15-30 seats, 31-50 seats, and more than 50 seats.

By Application:

• Transit Bus

• Intercity/Coaches

• Others

Transit bus accounts for the majority of the market share, driven by the rising demand for public transportation services in urban areas.

Regional Insights:

• North America (United States, Canada)

• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)

• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)

• Latin America (Brazil, Mexico, Others)

• Middle East and Africa

Asia Pacific dominates the market, owing to its growing population and increasing investment in public transportation infrastructure.

Top Bus Market Leaders: The bus market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

• AB Volvo

• Anhui Ankai Automobile Co. Ltd.

• Ashok Leyland (Hinduja Group)

• BYD Company Ltd.

• IVECO S.p.A

• Mercedes-Benz Group AG

• NFI Group

• Solaris Bus & Coach sp. z o.o. (Construcciones y Auxiliar de Ferrocarriles S.A.)

• Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd

• Tata Motors Limited

• Traton Group (Volkswagen AG)

• Xiamen King Long United Automotive Industry Co. Ltd.

• Zhengzhou Yutong Bus Co. Ltd.

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