06-Jun-2022 | Facts and Factors
According to Facts and Factors, the global bus market was valued at USD 42.15 billion in 2021 and is predicted to increase at a CAGR of 6.08 % to USD 61.41 billion by 2028. The study examines the market in terms of revenue in each of the major regions, which are classified into countries.
People are increasingly using public transportation as a result of growing environmental concerns. This is one of the most important reasons for boosting industry expansion. Additionally, buses assist persons in social inclusion and access to advantages such as education, work, and healthcare. They are also utilized for product advertising as well as political and public awareness campaigns. Moreover, since buses are driven by expert drivers, they have a lower accident rate than other types of vehicles. This, along with the implementation of smart traffic light (STL) management systems to alleviate road congestion, is propelling the industry. Aside from that, important firms are concentrating on strategic developments and mergers and acquisitions (M&A) to broaden their regional reach.
Browse the full “Bus Market By Application (Transit, Motor Coaches, School Buses, Others), By Type (Single Decker, Double Decker, Articulated Bus), By Fuel Type (Diesel, Petrol, Electric, CNG, Bio-fuel, Others), By Seating Capacity (15-30 Seats,31-55 Seats, More Than 55 Seats), By Body Built (Fully Built, Customizable), and By Region - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast 2022 – 2028" report at https://www.fnfresearch.com/bus-market
Furthermore, governments in a number of countries are pushing the usage of electric buses in order to minimize greenhouse gas emissions, which is favorably influencing the market. Other factors promoting market expansion include discounted travel bus passes, expanding automation in the transportation business, rapid urbanization, and the increasing use of big data to optimize routes, vehicle dispatch, and scheduling.
In terms of Type, rising demand for Double-Decker Buses for long-distance travel to support market growth. In certain locations, the rising demand for branded buses for long-distance journeys is boosting the market growth. With the rise of the middle class, there is a greater desire for comfortable travel, which is increasing the usage of intercity buses. In the aftermath of the COVID-19 outbreak, demand for double-decker buses that may provide greater safety and cleanliness is increasing, providing additional impetus to the industry's expansion. The introduction of consumer-oriented services and solutions to improve public transit and mobility services is raising demand for buses, driving the market growth. Furthermore, increased demand for buses equipped with contactless payment systems, particularly in the aftermath of the COVID-19 outbreak, is boosting industry growth.
In terms of Fuel, the growing popularity of Electric Buses supports market growth. The growing popularity of electric buses is contributing considerably to industry growth. Due to the different steps implemented by governments to reduce pollution levels. Furthermore, the region's widespread availability of charging stations is spurring the deployment of electric buses, bolstering industry growth. Furthermore, the growing need for environmentally friendly and energy-efficient public transportation is propelling the bus sector forward. The electrification of public transportation in different nations is also causing a boom in demand for electric buses, increasing the bus industry's total growth.
Due to rising demand and population, the APAC region dominates the industry with a major market share. Top Chinese businesses have concentrated their efforts on seizing transit growth, and the market has grown as a result. APAC countries with fast-rising populations, such as China and India, are likely to rise further throughout the forecast period. This, in turn, will boost the need for public transportation, particularly double-decker and articulated buses. In addition, increased demand for services to create a healthy environment, thereby driving bus replacement and modernization.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 42.15 Billion |
Projected Market Size in 2028 |
USD 61.41 Billion |
CAGR Growth Rate |
6.08% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
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., and Others |
Key Segment |
By Application, Type, Fuel Type, Seating Capacity, Body Built, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Some of the main competitors dominating the global bus 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.
The global bus market is segmented as follows:
By Application
- Transit
- Motor Coaches
- School Buses
- Others
By Type
- Single Decker
- Double Decker
- Articulated Bus
By Fuel Type
- Diesel
- Petrol
- Electric
- CNG
- Bio-fuel
- Others
By Seating Capacity
- 15-30 Seats
- 31-55 Seats
- More than 55 Seats
By Body Built
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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