IMARC Group, a leading market research company, has recently releases report titled “Bus Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” The global bus market size reached US$ 50.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 86.9 Billion by 2032, exhibiting a growth rate (CAGR) of 6.1% during 2024-2032.
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Factors Affecting the Growth of the Bus Industry:
- Increasing Demand for Eco-Friendly Transportation:
The rising 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 norms 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 for catering 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.
Top Companies Operating in Global Bus Industry:
- 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.
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.
Global Bus Market Trends:
The rising focus on passenger comfort and accessibility is propelling the market growth. Modern buses are being designed with ergonomic seating, climate control, wireless fidelity (Wi-Fi) connectivity, and universal serial bus (USB) charging ports to enhance the passenger experience. This is not only prevalent in long-distance coaches but also in urban transit buses. Furthermore, the growing emphasis on making buses more accessible to people with disabilities is positively influencing the market. Features like low-floor designs, wheelchair ramps, and audible announcements are becoming standard. This shift towards passenger-centric design is a response to the rising user expectations for comfort and convenience in public transportation, aiming to make bus travel more appealing to a broader demographic.
Other Key Points Covered in the Report:
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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