IMARC Group, a leading market research company, has recently releases report titled "Bus Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The global bus market size reached US$ 47.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 71.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.8% during 2023-2028.

A bus represents a type of motor vehicle that is specifically designed for facilitating the movement of individuals within a city or to remote locations, along with a fixed route and schedule. It minimizes air pollution levels and requires less fuel to move passengers and minimal investments to launch new lines or paths. Consequently, a bus is widely used for travel purposes. It is also utilized for the transportation of goods and brand or product promotions. As such, a bus finds extensive applications among corporate offices, hospitals, educational institutions, etc., across the globe.

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What are the growth prospects and trends in the bus industry?

The increasing number of individuals who are opting for public transport systems, as they are relatively cheaper than private and personal vehicles, is primarily driving the bus market. Additionally, continuous technological advancements, such as the introduction of digital ticketing and live tracking solutions, are further bolstering the market growth. Besides this, the launch of various favorable policies by government bodies across countries to promote the usage of electric-powered buses, on account of the growing levels of air pollution, is acting as another significant growth-inducing factor. Moreover, the development of smart traffic lights (STL) management systems to reduce road congestion is positively influencing the global market. Apart from this, the escalating demand for intelligent communication technology (ICT) that is equipped with buses and the inflating need for connecting rural areas to cities are also stimulating the market growth. Furthermore, the emerging trend of automation in the transportation industry and the rising adoption of Big Data to optimize routes are anticipated to fuel the bus market over the forecasted period.

Who are the Key Players Operating in the Industry?

Some of these key players include:

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

• Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd.

• Tata Motors Limited

• AB Volvo

• Anhui Ankai Automobile Co. Ltd.

• Ashok Leyland (Hinduja Group)

• BYD Company Ltd.

• IVECO S.p.A

• Mercedes-Benz Group AG

• NFI Group

• Traton Group (Volkswagen AG)

• Xiamen King Long United Automotive Industry Co. Ltd.

• Zhengzhou Yutong Bus Co. Ltd.

Key Market Segmentation:

The report has segmented the global bus market based on type, fuel type, seat capacity, application and region.

Breakup by type:
• Single Deck
• Double Deck

Breakup by Fuel Type:
• Diesel
• Electric and Hybrid
• Others

Breakup by Seat Capacity:
• 15-30 Seats
• 31-50 Seats
• More than 50 Seats

Breakup by Application:
• Transit Bus
• Intercity/Coaches
• Others

Breakup by Region:
• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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