IMARC Group, a leading market research company, has recently releases report titled “Bus Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” The global bus market size reached US$ 50.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 86.9 Billion by 2032, exhibiting a growth rate (CAGR) of 6.1% during 2024-2032.
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Factors Affecting the Growth of the Bus Industry:
- Increasing Environmental Concerns:
The growing adoption of eco-friendly transportation solutions due to the rising awareness about climate change and air pollution is positively influencing the market. People are increasingly becoming aware of the harmful impacts of pollution on health. They are adopting electric and hybrid buses, which produce lower emissions and have a reduced environmental footprint as compared to traditional diesel-powered buses. Moreover, key manufacturers are investing in the development of electric and hybrid bus models to meet sustainability goals, which is bolstering the market growth.
- Favorable Government Initiatives:
Governing agencies of numerous countries are encouraging the adoption of sustainable public transportation solutions. They are implementing stringent emissions standards to curb greenhouse gas (GHG) emissions in the environment. They are also offering numerous subsidies and tax incentives to encourage the purchase of electric buses, which is contributing to the growth of the market. Apart from this, there is a rise in awareness about the importance of public transportation in reducing traffic congestion, improving air quality, and promoting sustainable urban development. Furthermore, these initiatives assist in promoting a cleaner environment and reduce the risk of respiratory issues related to pollution among people.
- Technological Innovations:
Innovations in materials, design, and manufacturing processes assist in offering improved efficiency, sustainability, and passenger experience. Key manufacturers are integrating advanced safety technologies, such as collision avoidance systems, lane departure warnings, and adaptive cruise control, that provide improved passenger safety and reduce the risk of accidents. In line with this, they are incorporating advanced connectivity features, including wireless fidelity (Wi-Fi), global positioning system (GPS) tracking, and real-time passenger information system to improve passenger convenience and enable efficient fleet management. Moreover, improvements in battery technology, such as extended lifespan, are impelling the market growth.
Leading Companies Operating in the Bus Market:
- 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 S.A.)
- 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.
Bus Market Report Segmentation:
By Type:
- Single Deck
- Double Deck
Single deck represented the largest segment as it is smaller and maneuverable compared to double-decker bus, which makes it suitable for congested traffic.
By Fuel Type:
- Diesel
- Electric Bus
- Hybrid Bus
- Others
Diesel accounted for the largest market share due to its enhanced fuel efficiency.
By Seat Capacity:
- 15-30 Seats
- 31-50 Seats
- More than 50 Seats
On the basis of seat capacity, the market has been classified into 15-30 seats, 31-50 seats, and more than 50 seats.
By Application:
- Transit Bus
- Intercity/Coaches
- Others
Transit bus holds the biggest market share as it can transport multiple passengers from one place to another within the town or a city.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Global Bus Market Trends:
The growing need for mobility solutions due to rapid urbanization is offering a positive market outlook. In line with this, people are adopting public transportation solutions to commute from one place to another.
The rising number of bus rapid transit (BRT) systems and bus lanes are enhancing the efficiency of bus transportation, which is propelling the market growth. In addition, BRT systems provide a cost-effective alternative to traditional rail-based transit and offer rapid and reliable services. They typically feature level boarding, prepaid fare collection, and high-capacity vehicles, that benefit in reducing boarding times and congestion.
Other Key Points Covered in the Report:
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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