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Bus Market Size, Share Global Analysis Report, 2022 – 2028
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
Industry Insights
[214+ Pages Report] 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. The report analyses the global bus market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the bus market.
Market Overview
A bus is a big motor vehicle meant to transport people inside a city or to outlying regions along a predetermined route and schedule. It is one of the most extensively utilized modes of public transportation around the world since it minimizes air pollution, uses less fuel to convey passengers, and requires little investment to establish new lines or routes.
However, even though E-buses are both environmentally benign and low-maintenance. The initial cost of these vehicles, however, is more than that of regular buses. This is a key impediment to the introduction of e-buses in the public transportation sector by numerous governments and administrations.
Growth Drivers
The growing urban population has raised the need for buses. Increasing pollution and emission levels have prompted many bus companies to change to electric buses in their fleets. In addition, the government's measures to improve public transportation, as well as the expansion of on-demand bus services, are likely to drive market growth. Vehicle innovation and production have aided the industry's growth into a successful one. The demand for various bus models, particularly double-decker and articulated buses is also expanding.
These factors are expected to drive the growth of the Bus market during the forecast period. Furthermore, the introduction of mobile wallets and remote payments in growing markets such as India, South Africa, and Brazil, among others, is fuelling a spike in digital ticketing, driving up demand in the bus business.
COVID – 19 Impact
The global bus market suffered as a result of the COVID-19 outbreak. Transportation was significantly impacted as a result of the epidemic, which resulted in lockdowns in most parts of the planet. In addition, the manufacturing of the buses was hampered by the closure of enterprises and a labor shortage. People are now avoiding taking public transportation due to concerns about the spread of COVID-19. People who buy a private automobile will use it more frequently, whereas others who used to rely on public transportation may convert to another mode, such as biking or walking.
In many places throughout the world, private cars, walking, and biking have increased in popularity since the epidemic began, while bus ridership has decreased. As a result, the bus sector is experiencing low demand. The decreasing demand for the usage of public buses is expected to last for at least a couple of years, negatively impacting the worldwide bus business.
Segmentation Analysis
The global bus market is segregated based on Application, Type, Fuel type, Seating Capacity, and Body Built.
In terms of type, the Transit Bus segment holds a significant share. The expanding need for modes of transportation, as well as the rising population in metropolitan areas, can be contributed to the market's rise. Transit buses are efficiently built to transport passengers inside cities as well as for other purposes. Private transportation companies use these buses. The general public relies on buses to meet their transit needs, which drives the demand for these buses. This is propelling the industry, particularly for double-decker and articulated buses.
In terms of fuel type, during the projection period, the diesel sector is expected to have the largest market share. The expansion of the diesel segment is primarily due to the conventions associated with diesel buses, as well as the unwillingness of local authorities in developing nations to accept them. Moreover, the significant cost and investment associated with electric buses encourage small local agencies to stay with diesel buses. However, the electric segment is predicted to increase rapidly as a result of rules enacted in both developing and developed countries, as well as government funding. Technical issues such as battery optimization also contribute to the desire for electric buses.
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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Regional Landscape
During the estimated period, the Asia Pacific area is expected to keep a major proportion. The region is dominated by low and middle-income households, the majority of which cannot afford a private automobile. As a result, consumers prefer to commute via public transit. This increases the demand for public transportation and, as a result, the need for buses.
Additionally, the presence of the market leader BYD is supporting the market's growth in this region. Moreover, the rapidly expanding charging infrastructure in this region bodes well for the electric bus regional market.
Competitive Landscape
The report contains qualitative and quantitative research on the global Bus Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
List of Key Players in the Bus Market:
- 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 Segment Analysis
- Transit
- Motor Coaches
- School Buses
- Others
By Type Segment Analysis
- Single Decker
- Double Decker
- Articulated Bus
By Fuel Type Segment Analysis
- Diesel
- Petrol
- Electric
- CNG
- Bio-fuel
- Others
By Seating Capacity Segment Analysis
- 15-30 Seats
- 31-55 Seats
- More than 55 Seats
By Body Built Segment Analysis
- Fully Built
- Customizable
By Regional Segment Analysis
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Sweden
- Norway
- 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
Table of Content
Industry Major 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.
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