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The global bus market value was around USD 52.37 billion in 2023. The market is further estimated to grow in the forecast period of 2024-2032 at a CAGR of 7.9%, to reach nearly USD 103.29 billion by 2032.
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The bus market is a vital and constantly developing segment of the transportation industry, capable of meeting a wide range of passenger transit requirements in a variety of settings and uses. For transcontinental travel, urban tourism, school commuting, and other purposes, buses are a cost-effective and efficient means of transportation. Effective and sustainable public transportation networks are becoming more and more important as cities grow and urbanization increases. Buses become essential in fulfilling this demand since they offer an affordable mass transit option. The market is expanding due to the rise in demand for school buses, which are utilized to safely transport kids between educational facilities while adhering to strict safety regulations to protect the safety of passengers.
The market is continually evolving, integrating advanced technology into existing transportation systems. Some of the crucial bus market trends include innovations like real-time tracking, GPS navigation, electronic ticketing, and autonomous driving technology, which help improve operational efficiency and passenger experience.
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The major types of buses are:
The demand for single-deck buses in the market is substantial, showing promising growth. In densely populated urban areas, the need for efficient and frequent public transportation is high. Single-deck buses are often preferred in cities due to their manoeuvrability and suitability for routes with varying passenger volumes. There is a growing emphasis on reducing carbon emissions and improving air quality, which is driving the demand for more environmentally friendly buses. Single-deck buses, especially those powered by electric or hybrid systems, are seen as a solution to reduce emissions in urban transport.
Single-deck buses are generally more cost-effective in terms of both purchase and operation, compared to their double-decker counterparts. This makes them a favourable option, especially in regions where budget constraints are a significant concern. There have been aggressive investments globally to enhance the road transportation network, increasing the accessibility and usage of single-deck buses for interstate travel and passenger convenience.
The market can be broadly categorised on the basis of its application segments into:
Transit buses hold a significant market share. The growing urbanisation, marked by an influx of people into cities, is significantly propelling the market size. Transit buses provide a practical solution for commuting in densely populated areas, making them a preferred choice for urban dwellers. This segment benefits from government initiatives promoting eco-friendly transport, which is driving the demand for electric buses and contributing to the transit bus market growth. For example, in 2023, the U.S. and India collaborated to introduce approximately 10,000 electric buses on Indian roads.
Intercity/coaches play a vital role in connecting different cities and towns and are important for long-distance travel. They often feature more comfortable seating and amenities compared to transit buses, catering to the needs of passengers travelling over longer distances.
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By fuel type, the market is divided into:
Diesel buses hold a substantial market share. The increased preference for diesel buses can be attributed to their lower operating costs and perceived reliability and safety. Diesel engines power a majority of school buses, and with the increasing focus on sustainable development, vehicle manufacturers have been focusing on offering low-emission diesel engine technology.
However, there is a growing shift towards electrification of public transportation, including buses. This shift is driven by increased environmental awareness and government initiatives aimed at reducing carbon emissions. Hybrid & electric buses are gaining market share due to the continued electrification of public fleets and the aggressive adoption of hybrid buses by public fleet operators.
Based on seating capacity, the market is segmented into:
Buses with a seating capacity of 31-50 seats hold the largest bus market share. Buses in this category are widely used for various purposes including scheduled travel, tourism, and student transportation. Their size makes them a preferred choice in scenarios where moderate to high passenger capacity is required, such as in urban and suburban transit systems.
The popularity of this segment is influenced by factors like traffic congestion, which makes these buses a more efficient alternative to public transport compared to buses with more seating space. Additionally, the ongoing trend of electrification in the market is particularly noticeable in this segment, with several initiatives being introduced to replace older buses with new, zero-emission models.
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The report also covers major regional markets for buses, which are as follows:
Rising use of public transport for long commutes to augment the market growth
The increasing demand for buses for long commutes, especially by the middle class, in several countries is augmenting the market growth. With the emergence of the middle class, the demand for comfortable travel is considerably surging, consequently increasing the use of intercity bus travel. The demand for double-decker buses that can provide enhanced safety and hygiene is also escalating in the wake of the COVID-19 outbreak, which is providing a further impetus to the growth of the bus market.
The initiation of consumer-oriented services and solutions to enhance public transportation and mobility services are increasing the demand for buses. Moreover, the rising demand for buses integrated with contactless payment methods, especially after the COVID-19 pandemic, is augmenting the market growth. The potential use of big data to optimise routes, vehicle dispatch, and schedules while increasing automation is estimated to surge transportation by buses, which is projected to propel the market growth. With the development of well-positioned bus stops, the convenience offered by buses is escalating. In addition, the introduction of bus lanes and smart traffic light management to prevent congestion is anticipated to surge the deployment of buses in the upcoming years.
Advancements and innovations in public transportation invigorating the market growth
The buses market is being driven by the rising demand for innovations and advancements in public transportation. As online presence is increasingly becoming integral to all businesses, various small and medium-sized bus owners are developing their websites to expand their distribution networks. Hence, the growing popularity of online channels is invigorating the market growth. In addition, the advent of mobile wallets and remote payments in emerging regions, such as India, South Africa, and Brazil, among others, is leading to a surge in digital ticketing, consequently surging their demand in the market.
The Asia Pacific to lead the global market, supported by increased demand for efficient public transportation systems due to massive population growth
The Asia Pacific bus transportation market is a significant and rapidly growing segment of the global transportation sector. The region is home to some of the world's most densely populated cities, with countries like China and India experiencing rapid urbanisation. This urbanisation drives the need for efficient and reliable public transportation systems, with buses playing a crucial role in catering to the commuting needs of the urban population.
Many countries in the Asia Pacific region are experiencing robust economic growth, leading to improved living standards, and increased disposable incomes. This economic progress is contributing to a rise in demand for both personal and public transportation systems, aiding the market for buses.
Rising popularity of electric buses in Europe to bolster the market growth
The rising popularity of electric buses in the region is significantly contributing to the bus market demand. Europe is one of the most significant markets for electric buses owing to the introduction of various measures by governments to curb pollution levels. Moreover, the wide availability of charging stations in the region is surging the deployment of electric buses, hence strengthening the market growth. In addition, the growing demand for sustainable and energy-efficient public transport is further fuelling the growth of the market. The electrification of public transport in various countries such as Switzerland is leading to a surge in the demand for electric buses.
The global bus market report by EMR offers a detailed analysis of the following key players in the market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
The comprehensive EMR report looks into the macro and micro aspects of the market. The report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Application |
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Breakup by Fuel Type |
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Breakup by Seat Capacity |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market attained a value of nearly USD 52.37 billion.
The market is projected to grow at a CAGR of 7.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 103.29 billion by 2032.
The major market drivers include the growing popularity of online ticketing platforms, the rising trend of digital ticketing, and the surging deployment of electric buses.
The key trends guiding the market growth are the integration of the latest technologies such as Big Data in buses, the rising demand for branded buses, and the improvements in public transportation.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major types of bus in the market are single deck and double deck.
The significant applications of bus are transit bus and intercity/coaches, among others.
The various fuel types considered in the market report are diesel and electric and hybrid, among others.
The different segments based on the seat capacity of buses included in the market report are 15-30 seats, 31-50 seats, and more than 50 seats.
The major players in the market are Anhui Ankai Automobile Company, Daimler Truck Holding AG, NFI Group Inc., AB Volvo, and Solaris Bus & Coach sp. z o.o., among others.
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