Latin America Bus Market Report and Forecast 2024-2032

Latin America Bus Market Outlook

The market size for buses in Latin America reached a volume of more than 51.77 thousand units in 2023. The Latin America bus market is expected to grow at a CAGR of 4.40% between 2024 and 2032, reaching a volume of 76.39 thousand units by 2032.

Key Trends in the Market

A bus is a large vehicle used to carry passengers on a fixed route based on a schedule. It stops at designated locations to pick up and drop off people travelling from one location to another. A small bus is usually known as microbus, commuter, minibus or a minicoach, and is used to carry fewer passengers less than a full sized bus. A bus is sometimes also known as coach because of its functional resemblance to horse-drawn carriages from older times. 

• Growing population specially in the urban areas increases the demand for public transport infrastructure such as buses, to help in the smooth movement of people between locations.

• Development of electric bus helps in reducing carbon emissions along with controlling air pollution, increasing the use and demand for electric buses marking a key trend of the overall Latin America bus market.

• Purchase of buses has increased with the support of the initiatives and schemes by various governments in the region. Chile, Columbia and few other nations have shown support to buses by increasing fleet sizes, frequency of buses, and routes.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Market Analysis

Based on fuel type, the Latin America bus market can be segmented into diesel, electric/hybrid, CNG, and fuel cell, among others. By bus type, the market is bifurcated into intercity bus and intracity bus. On the basis of length, the market is divided into up to 6 meter, 6-8 meter, 8-10 meter, 12 meter, and 18 meter. Based on body type, the market is categorised into fully built and customisable body. By region, the market is divided into Brazil, Mexico, Argentina, and Columbia, among others. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Latin America bus market covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Daimler Truck AG

• AB Volvo

• MAN SE

• Marcopolo S.A.

• IVECO S.p.A.

• Scania AB

• Agrale SA

• Ford Motor Company

• Toyota Motor Company

• BYD Co. Ltd.

• Others

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Market Share by Bus Type

Intercity buses, travelling between two or more cities, are expected to have a sizable share in the Latin America bus market because of growing number of cities in the Latin America region. With some of the highest rates of urbanisation, there are a plethora of cities in Latin America that are increasingly connected by intercity buses to support smooth movement. Increase in tourism has fuelled the growth of the intercity bus segment even more in the market. 

Meanwhile, intracity buses, that travel within city, are projected to witness rapid growth in the Latin America bus market over the coming years. As more workers are moving to cities for employment opportunities, as well as students for higher education, there is an increased demand for transportation for daily commuting. Governments in the region are encouraging bus usage to reduce traffic and pollution while supporting easy movement. 

Market Share by Body Type

Fully built buses are preferred by buyers and more widely used by the general public due to their lower costs. Accordingly, the fully built bus body type is expected to have a leading share in the Latin America bus market. Fully built buses are often mass produced resulting in lower production costs, and buyers can purchase buses in larger numbers. These buses are typically used for intracity travel. 

For intercity travel with generally more expensive tickets, customisable body buses are popular, as buyers can add custom features to differentiate their brand and gain more customers. Since the driving distances are longer, passengers spend more time in the buses and are ready to pay more for their tickets. Customisable body buses can include features such as specialised seats and dedicated space for luggage storage. 

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Competitive Landscape

Daimler Truck AG manufactures and provides commercial vehicles including cars, buses, and trucks globally. It has its headquarter in Germany and was founded in 2019. It is involved in providing electric, efficient, automated, safe, connected, and reliable vehicles and services to its customers. It also provides financial services along with other services. 

AB Volvo was established in 1927 and is headquartered in Gothenburg, Sweden. It is a financial services company that produces and distributes buses, trucks, and construction equipment. It also provides industrial and marine drive systems and financial services. It works with an aim to create a sustainable future by reducing the impact of climate and providing fossil fuel-free solutions. 

MAN SE was founded in 1898 and is based in Munich, Germany. It is an engineering company that manufactures and sells diesel engines and commercial vehicles. It mainly focuses on smart and sustainable transport solutions. The company also provides services linked to the transport sector for the movement of goods or passengers.  

Other market players include Marcopolo S.A., IVECO S.p.A., Scania AB, Agrale SA, Ford Motor Company, Toyota Motor Company, and BYD Co. Ltd., among others.

Key Highlights of the Report