Global Bus Market Outlook
According to a new report by Expert Market Research titled “Global Bus Market Size, Share, Analysis, Report, Demand, Forecast 2024-2032″, the global market for buses reached a valuation of approximately USD 52.37 billion in 2023. Projections indicate further growth in the forecast period of 2024-2032, with a compound annual growth rate (CAGR) of 7.9%, expected to propel the market to nearly USD 103.29 billion by 2032.
A bus, a staple of public transportation, is a four-wheeled motor vehicle designated to transport passengers along fixed routes. Its utility extends to scheduled transport, tourism, and school transport. While standard city buses typically accommodate 30 to 50 passengers, larger articulated or double-decker buses can host more individuals.
The bus market continually evolves, integrating advanced technologies to enhance operational efficiency and passenger experience. Key trends include real-time tracking, electronic ticketing, and advancements in autonomous driving technology. Modern buses boast features like low floors for easy boarding, wheelchair ramps, air conditioning, Wi-Fi, and CCTV cameras for enhanced safety.
Traditionally fueled by diesel, buses now witness a shift towards sustainability, with electric, hybrid, and alternative fuel options gaining prominence to curb emissions. Electric and hybrid buses, alongside those powered by natural gas, contribute to environmental conservation efforts.
Bus Market Segmentation
Bus Types: Single Deck, Double Deck
Application Segments: Transit Bus, Intercity/Coaches, Others
Fuel Types: Diesel, Electric and Hybrid, Others
Seating Capacity: 15-30 Seats, 31-50 Seats, More than 50 Seats
The demand for single-deck buses is notable, particularly in densely populated urban areas where efficient and frequent public transportation is essential. Single-deck buses, especially those embracing electric or hybrid systems, are favored for their emission-reducing capabilities.
Transit buses, catering to urban commuting needs, witness substantial demand, supported by government initiatives promoting eco-friendly transport. Intercity/coaches, offering comfortable long-distance travel, are crucial for connecting cities and towns.
Diesel buses, known for their lower operating costs and perceived reliability, dominate the market, yet electric and hybrid buses gain traction due to environmental awareness and governmental incentives. Buses with a seating capacity of 31-50 seats are popular for various purposes, from scheduled travel to student transportation.
Regional Insights
Asia Pacific: The region leads the global market, driven by the demand for efficient public transportation systems amid massive population growth.
Europe: Rising popularity of electric buses and stringent pollution control measures contribute to market growth.
North America: Witnessing increasing demand for buses for long commutes, especially post-COVID-19, with emphasis on safety and hygiene.
Key Players in the Market
Major players include Anhui Ankai Automobile Company, Daimler Truck Holding AG, NFI Group Inc., AB Volvo, and Solaris Bus & Coach sp. z o.o., among others. The comprehensive report by EMR provides detailed insights into market dynamics, player strategies, and regional trends, aiding stakeholders in informed decision-making.
Frequently Asked Questions
Global Market Size: What was the global bus market size in 2023?
- The market size was nearly USD 52.37 billion.
Market Growth Rate: What is the projected growth rate of the global bus market?
- The market is expected to grow at a CAGR of 7.9% between 2024 and 2032.
Market Forecast: What is the expected market size by 2032?
- By 2032, the market is estimated to reach nearly USD 103.29 billion.
Major Market Drivers: What are the primary drivers of market growth?
- Key drivers include increasing demand for online ticketing, digital ticketing trends, and the rise of electric buses.
Key Market Trends: What are some notable trends in the market?
- Trends include technological innovations, advancements in public transportation, and the shift towards sustainable practices.
Regional Markets: Which regions are significant in the global bus market?
- Major regions include North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Bus Types: What are the different types of buses available in the market?
- Bus types include single deck and double deck configurations.
Market Players: Who are the key players in the bus market?
- Major players include Anhui Ankai Automobile Company, Daimler Truck Holding AG, NFI Group Inc., and others.
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