Dublin, Dec. 13, 2024 (GLOBE NEWSWIRE) — The “Bus Market by Type (Single Deck, Double Deck), Fuel Type (Diesel, Electric and Hybrid, Others), Seat Capacity (15-30 Seats, 31-50 Seats, More than 50 Seats), Application (Transit Bus, Intercity/Coaches, Others), and Region 2024-2032” report has been added to ResearchAndMarkets.com’s offering.
The global bus market size reached US$ 50.3 billion in 2023. Looking forward, the market is forecast to reach US$ 86.9 billion by 2032, exhibiting a growth rate (CAGR) of 6.3% during 2023-2032. The growing availability of electric autonomous buses, rising focus on passenger comfort in public transportation, and increasing emphasis on sustainable and eco-friendly transportation solutions to reduce emissions and air pollution are some of the major factors propelling the market.
At present, the increasing demand for school buses to safely transport students to and from educational institutions by maintaining stringent safety standards to ensure the well-being of young passengers is impelling the growth of the market. Also, the rising utilization of tour buses to provide guided excursions, showcasing the cultural, historical, and natural attractions of a region to travelers, is contributing to the growth of the market. In addition, the growing employment of freight buses or cargo buses to transport goods, mail, and packages efficiently is offering a favorable market outlook.
The increasing emphasis on sustainable and eco-friendly transportation solutions, driven by rising environmental concerns and stringent emissions regulations imposed by governing agencies of various countries, is supporting the growth of the market. Additionally, the rising popularity of buses among individuals as a cost-effective method of commuting long and short distances is strengthening the growth of the market.
Asia-Pacific held the biggest market share due to the rising demand for public transportation mediums to effortlessly travel long and short distances. Besides this, increasing investments in improving the existing public transportation infrastructure are contributing to the growth of the market. Apart from this, the rising awareness about the importance of sustainable and efficient transportation networks for economic development and environmental reasons is supporting the growth of the market.
North America is estimated to expand further in this domain due to the increasing introduction of electric buses to reduce air pollution and greenhouse gas emissions. Moreover, the rising adoption of minimal lifestyle habits among the masses is strengthening the market growth.
Bus Market Trends and Drivers:
- Growing availability of electric autonomous buses
- Rising focus on passenger comfort in public transportation
- Increasing popularity of mobility-as-a-service (MaaS)
Bus Industry Segmentation
This report provides an analysis of the key trends in each segment of the market report, along with forecasts at the global, regional and country levels from 2024-2032. The report has categorized the market based on type, fuel type, seat capacity and application.
Breakup by Type:
Single deck dominates the market.
Breakup by Fuel Type:
- Diesel
- Electric and Hybrid
- Others
Diesel holds the largest share in the market.
Breakup by Seat Capacity:
- 15-30 Seats
- 31-50 Seats
- More than 50 Seats
Breakup by Application:
- Transit Bus
- Intercity/Coaches
- Others
Transit bus holds the maximum share in the market.
Breakup by Region:
- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Asia Pacific exhibits a clear dominance, accounting for the largest bus market share.
Competitive Landscape
This report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided.
Key market players are investing in electric buses to meet the growing need for eco-friendly and sustainable transportation. They are also developing electric bus models and infrastructure for charging to reduce emissions and operating costs. Top companies are researching and testing autonomous buses to improve safety, reduce labor costs, and enhance overall transportation efficiency. They are also developing more fuel-efficient engines, lightweight materials, and aerodynamic designs to lessen fuel consumption and emissions.
Leading companies are integrating advanced safety features, such as collision avoidance systems, adaptive cruise control, and pedestrian detection, in bus models to enhance passenger safety. They are also focusing on passenger comfort and convenience by upgrading interior designs, providing universal serial bus (USB) charging ports, and improving accessibility for people with disabilities.
Some of the key players in the market include:
- 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 SA)
- 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.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 146 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $50.3 Billion |
| Forecasted Market Value (USD) by 2032 | $86.9 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/d8uas6
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