Authored By: Sarah
11 Jul 2024

 Buses Market Size to grow by USD 19073.9 million between 2024-2028

According to a research report “ Buses Market” by Type (Single deck, Double deck) Fuel Type (Diesel, Electric and hybrid, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 19073.9 million, at a CAGR of  6.73% during the forecast period. The global buses market is experiencing significant growth due to the increasing urbanization trend in various countries, such as the US, China, and India. The demand for efficient and eco-friendly public transportation systems, particularly buses, is escalating as cities like Mumbai and Bangalore expand and populations become more densely concentrated in urban areas. In response, governments, including China's, are investing heavily in public transportation infrastructure, with a focus on Bus Rapid Transit (BRT) networks. By 2020, over 40 BRT lines were operational in China, catering to millions of passengers daily. This infrastructure development is a crucial response to the pressing need to address the transit requirements of expanding metropolitan populations.

Browse market data tables, figures, and in-depth TOC on “Buses Market” by Type (Single deck, Double deck) Fuel Type (Diesel, Electric and hybrid, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Type, the Single deck segment is projected to dominate the market size in 2024

The global buses market predominantly utilizes diesel fuel, accounting for a substantial market share for diesel engines. Factors such as the expanding tourism industry, increasing demand for fuel-efficient vehicles, and the growing necessity for public transit have driven market growth. Notable industry players, including Volvo, are investing in research and development to enhance diesel engine fuel efficiency and lower emissions. Government initiatives to promote greener options and decrease diesel emissions are also influencing the market trend, with a predicted eventual shift towards electric and hybrid buses.

By Fuel Type, Diesel  segment is expected to hold the largest market size for the year 2024

The single deck bus segment holds a prominent position in the global buses market, accounting for a substantial market share. These buses, characterized by their compact and agile design, have gained widespread popularity for addressing the transportation needs of urban and suburban areas worldwide. Capable of accommodating 30 to 50 passengers, single deck buses offer versatility and practicality for various public transportation applications. Their cost-effective nature, efficiency, and ease of maneuverability through congested city streets and narrow roads make them an attractive choice for both developed and developing regions experiencing increasing demand for sustainable and efficient public transportation solutions.

APAC is forecasted to hold the largest market size by region in 2024

The Buses Market is a significant sector in the transportation industry, characterized by the production, sale, and operation of buses for various applications. Key players in this market focus on enhancing efficiency, reducing emissions, and improving passenger comfort to gain a competitive edge. Technological advancements, such as electric and hybrid buses, are driving innovation and growth in this market. Additionally, increasing urbanization and population growth are fueling demand for public transportation solutions, creating opportunities for market expansion.

The Buses Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • AB Volvo
  • Anhui Jianghuai Automobile Group Co. Ltd.
  • Ashok Leyland Ltd.
  • BYD Co. Ltd.
  • FirstGroup plc
  • Go Ahead Group Plc
  • Mahindra and Mahindra Ltd.
  • Mercedes Benz Group AG
  • Mobico Group
  • MTR Corp. Ltd.
  • NFI Group Inc.
  • Proterra Inc.
  • RegioJet A.S.
  • SNCF Group.
  • Stagecoach Group Plc
  • Tata Motors Ltd.
  • Transdev Group SA
  • Xiamen King Long United Automotive Industry Co. Ltd.
  • Zhengzhou Yutong Group Co. Ltd.
  • Zhongtong Bus Holding Co. Ltd.
.

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Research Analysis Overview

Title: The Evolution of the Buses Market: From Traditional Coaches to Electric Vehicles and Digital Solutions The buses market encompasses various types of vehicles, including luxury coaches, tour buses, school buses, transit buses, and coaches. Machine Learning (ML) is increasingly being used to optimize bus fleet management, route planning, and passenger experience. In the tourism sector, luxury coaches and tour buses offer comfort and convenience to travelers. However, environmental concerns have led to the adoption of electric buses and hybrid vehicles. Fossil fuel prices and fuel expenditures have influenced the shift towards electric buses, which have lower operating costs and reduced maintenance compared to diesel transit vehicles. Digital technology has transformed the buses market with online ticketing, real-time passenger information, and contactless payments. The road network's expansion and improvements have also contributed to the growth of the buses market. Electric buses, as a part of the shift towards sustainable transportation, are gaining popularity due to their environmental benefits. However, challenges such as charging infrastructure and battery technology remain. The future of the buses market lies in the integration of digital technology, electric and hybrid vehicles, and a focus on reducing environmental pollution. The industry's success will depend on its ability to adapt to changing consumer preferences and government regulations. Passenger revenue, fuel category, vehicle configuration, and fuel expenditures are essential factors influencing the buses market's growth. Air travel's impact on the market is also a significant consideration. Overall, the buses market is poised for growth as it adapts to the changing transportation landscape.

Market Research Overview

Title: Buses Market: Machine Learning, Electric Buses, and the Future of Sustainable Public Transport The buses market encompasses various segments, including luxury coaches, tour buses, school buses, intercity/coaches, transit buses, and double/single decker buses. With the increasing focus on environmental sustainability and carbon neutrality goals, the automotive sector is witnessing a shift towards electric and hybrid buses. Machine Learning (ML) and Artificial Intelligence (AI) are being integrated into buses for smart transportation, improving operational efficiency and passenger experience. Environmental pollution from diesel buses is a significant concern. To address this, electric buses are gaining popularity due to their zero-emission capabilities. Digital technology, such as online ticketing, is revolutionizing the bus industry, making it more accessible and convenient for passengers. The tourism sector and road network expansion are driving the demand for luxury coaches and tour buses. Fuel costs, maintenance costs, and pollution emissions are major factors influencing the transition to electric buses. The global electric vehicle sales are on the rise, with electric passenger cars leading the way. However, the operating costs of electric buses are still higher than diesel transit vehicles. Electric mobility strategies, battery technology advancements, and vehicle electrification are key trends shaping the buses market. The future of public transport sectors lies in the integration of digital technology, electric buses, and sustainable fuel sources. The fossil fuel prices, fuel expenditures, and pollution emissions are expected to continue influencing the market dynamics.

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Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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